H.R. 10703
Protecting Workers’ Benefits Act
Summary:
• The "Protecting Workers' Benefits Act" amends ERISA to allow plan participants or beneficiaries to bring lawsuits as assignees on behalf of their retirement plan to seek relief for breaches of fiduciary duty.
• Any money recovered through such lawsuits or settlements is treated as a plan asset, and the participant/beneficiary who brought the action receives between 0.5% and 1% of the recovered amount plus potential costs and expenses.
• If multiple participants bring similar actions, courts must distribute the recovery share equitably among plaintiffs, and participants must consolidate their cases if substantially similar litigation is already pending.
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• Any money recovered through such lawsuits or settlements is treated as a plan asset, and the participant/beneficiary who brought the action receives between 0.5% and 1% of the recovered amount plus potential costs and expenses.
• If multiple participants bring similar actions, courts must distribute the recovery share equitably among plaintiffs, and participants must consolidate their cases if substantially similar litigation is already pending.
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