ERISA STATUTE OF LIMITATIONS

Because ERISA claims may be brought a substantial number of years after an alleged breach occurs, record keeping relating to plan management, administration and benefit denials is critical. The statute of limitations for breach of fiduciary duty claims is six years from the date of the last action which constituted a breach or six years from the latest date the fiduciary could have cured a breach of omission. If the claimant had actual knowledge of the breach, the statute of limitations runs three years from the date of the claimant had actual knowledge. In the case of fraud or concealment, the statute of limitations runs six years from the date the breach was discovered. For claims other than breach of fiduciary duty, the applicable statute of limitations depends on the most analogous state statute of limitations and, for benefits claims, begins running on the date benefits were denied.