Commercial Mortgage Insurance v. Citizens National Bank

MEMORANDUM OPINION

SANDERS, District Judge.

On September 2,1974, following almost a decade of study of private pension plans, Congress enacted the Employee Retirement Income Security Act of 1974 (ERISA), 29 U.S.C. § 1001, et seq. As the Supreme Court recently observed, ERISA is a “comprehensive and reticulated statute”, Nachman Corp. v. Pension Benefit Guaranty Corp., 446 U.S. 359, 361, 100 S.Ct. 1723, 1726, 64 L.Ed.2d 354 (1980), which was designed to protect “interstate commerce and the interests of participants in employee benefit plans and their beneficiaries ... . ” ERISA § 2(b), 29 U.S.C.…