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Expert Analysis

It's A Trap!: Poorly Worded Pension Plans Cost Employers

Law360, New York ( August 6, 2014, 10:29 AM EDT) -- The importance of careful plan drafting can never be overemphasized or overestimated. Plan sponsors — generally employers — frequently underestimate the need for plan language precision and, therefore, overlook whether the plan provisions as drafted specifically embodies their intent with regard to the operation of the plan. This situation could be attributed at least in part to a sponsor's over reliance on the ubiquitous plan provision that gives administrators discretion to interpret plan terms in a favorable manner so long as such an interpretation is reasonable....

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