A group of former Morgan Stanley financial advisers filed a lawsuit against the U.S. Department of Labor, challenging an advisory opinion issued by the agency. The advisory opinion declares that Morgan Stanley’s deferred compensation plans do not qualify as employee benefit pension plans under the Employee Retirement Income Security Act (ERISA).
From the article:
In a complaint filed on Tuesday in Manhattan federal court, the plaintiffs said the Labor Department's finding that Morgan Stanley's deferred incentive compensation plan wasn't an employee benefit pension plan under the federal law known as ERISA, contradicted two court decisions that said the opposite.Read the Full Article on Reuters