Jesse T. Foley

1 month ago | lexology.com | Martin Hamilton |Adam Scoll |Jesse T. Foley

In late October 2024, the United States Court of Appeals for the Eleventh Circuit ruled in Romano v. Hancock Life Insurance Company, F.4th 729 (11th Cir. 2024) that certain foreign tax credits that were generated as a result of 401(k) plan investments in separate accounts owned by John Hancock Life Insurance Company (“JHLIC”) were not “plan assets” for purposes of the U.S. Employee Retirement Income Security Act of 1974, as amended (“ERISA”).