Thursday, April 25, 2019

Acosta v. City National Corporation

An ERISA plan sponsor and administrator engaged in prohibited self-dealing by setting and approving its own fees from plan assets for serving as its own recordkeeper. The "reasonable compensation" exemption does not apply to prohibited self-dealing, including where a self-dealing fiduciary seeks the exemption for actual and legitimate services rendered. Where a fiduciary has engaged in self-dealing, the entire cost is the total amount of the illegal compensation that the fiduciary paid itself.

Acosta v. City National Corporation - filed April 23, 2019 
Cite as 2019 S.O.S. 17-55421

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