William Pender v. Bank of America Corporation
Court of Appeals for the Fourth Circuit
1Opinion of the Court
Reversed in part, vacated in part, and remanded by published opinion. Judge WYNN wrote the opinion, in which Judge KEENAN and Judge FLOYD joined.
WYNN, Circuit Judge:
In this Employee Retirement Income Security Act of 1974 (“ERISA”) case, an employer was deemed to have wrongly transferred assets from a pension plan that enjoyed a separate account feature to a pension plan that lacked one. Although the transfers were voluntary and the employer guaranteed that the value of the transferred assets would not fall below the pre-transfer amount, an Internal Revenue Service audit resulted in a…
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