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In so ruling, the court rejected arguments by the insurer (1) that payment through the retained asset account was the equivalent of a lump sum payment and (2) that the breach of fiduciary duty claim was precluded by ERISA's guaranteed benefit contract provision. BISYS leverages its ABA-endorsed* banking platform and almost 40-year industry experience to provide innovative account processing and customer care services that support Health Savings Accounts (HSAs), corporate money market accounts (CMMAs), retained asset accounts (RAAs) for insurance companies, insured deposit solutions for brokerage firms, and diverse other initiatives requiring banking capabilities. For example, since June 2001, JFB has serviced an increasing amount of retained asset accounts -- nearly 16,000 -- for its parent company, |
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