|May 26, 2017 | https:www.fisherphillips.com|
A recent decision by a U.S. Court of Appeals allowed a company to retroactively correct a scrivener's error in their cash balance plan document and avoid having to pay out a whopping $1.67 billion in extra benefits to plan participants. In its decision, the court stated: "People make mistakes. Even administrators of ERISA Plans." Young v. Verizon's Bell Atlantic Cash Balance Plan.