The DOL's complaint against BCBSM, as well as the series of lawsuits against other TPAs and insurers, may redefine the landscape of fiduciary responsibilities and the role of TPAs in plan administration.
A House Committee alleges the PBGC allowed over $127 million to flow to deceased pension-plan participants; the PBGC asserts funds were not "improperly" paid.
The conglomerate announced its plan to halt pensions for non-union workers shortly after IBM's announcement that it will resurrect defined-benefit plans.
The lawsuit alleges that CFO John Rex interfered, for "commercial" reasons, with a decision by the company's investment committee to drop a set of target-date funds.