Labels:book | reckoner | sky OCR: The Use of the Term "Benefit" in 5401(b)(2} Supports the Second Circuit': Reading Hancock seek5 to find significance in Congress's use of the term "benefits." Because the term "benefit" refers only individual benefits paid to beneficiaries, Hancock claims ERISA's fiduciary rules are applicable only when benefits payable to plan participants and beneficiaries from insurance company general accounts #re variable. Based on this flawed reasoning. Hancock concludes that the variable nature J0 GAC 50*s investment return to the Plan is irrelevant because benefit payments to retirees and beneficiaries already established under GAC 50 will not yary However, $40l{b}{2} is not structured in the way that Han- cock suggests. 45 the court below observed the only funds en- titled to safe harbor treatnent ...
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