According to a news release from the DoL, the “premium holiday” will remain in effect until the company spends $636,363.64 for the coverage.
The suit charged that Premark collected excess contributions from participating employees for supplemental life insurance between January 1992 and December 1995 – with the excess amounts reverting to the company’s group benefit trust.
The lawsuit also alleged that the company did not monitor the actions of the management committee in its handling of the supplemental plan nor did it require an accounting to determine the cost of providing coverage on a yearly basis.
– Camilla Klein email@example.com
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