The Corner

Re: Bleg — Pension Plan Regulator

Many thanks to all who have responded. The sense of the meeting is that

(a) It’s a matter for the feds, most precisely for EBSA

(b) My ex-employer has a duty under relevant legislation (ERISA — the

Employee Retirement Income Security Act) to respond “prudently and in the

interest of [me] and other plan participants and beneficiaries” when

operating my plan, so there is likely some sort of technical violation

here — especially in their having taken three months to notice that my

forms were not completed correctly. However, this is one of those

violations nobody is going to do anything about unless I file a case in

Federal court.

(c) Even then, my ex-employer has all sorts of outs and excuses she can

deploy. The feds regard all this as basically market transactions,

self-regulated by competition. I shouldn’t have signed up to their stupid

401K plan in the first place. (But how was I supposed to know they are

incompetent plan fiduciaries?) Since I have a full paper trail on this, and

since I have said nothing untrue, and since I am seriously ticked off, I’ll

tell you that the employer is A & Z Software Shop of New Hyde Park, New

York, run by a certain A. Kay Silverstein, and advise you to have nothing to

do with their pension arrangements if you can possibly help it.

My only real option here is to file a Federal case, which would at least

inconvenience them, though it might end up costing me money. Anyway, for

the time being, I have put in a call to my local EBSA office & left a

message. (Yes! Can you believe it? A government office that doesn’t pick

up their phone!) I shall report any further developments.

John Derbyshire — Mr. Derbyshire is a former contributing editor of National Review.

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