CT Passes Law to Apply Fiduciary Standards to non-ERISA 403(b)s
The law applies to Connecticut K-12 school districts.
Compliance
Mandate Issued by 5th Circuit to Officially Vacate DOL Fiduciary Rule
While the deadline had already technically passed for the DOL to appeal the circuit court ruling vacating its fiduciary rule reforms, this highly anticipated move by the court...
Tips for Establishing and Maintaining Plan Documents
Plan sponsors have a fiduciary duty to operate in accordance with the plan document, but an ERISA attorney shares common cases when mistakes are made.
Custodians Need Help Cleaning Out Abandoned Plans
Metropolitan Life Insurance Company and Brighthouse Life Insurance Company have agreed to work with the DOL to determine whether more than 2,000 retirement plans in their custody are...
Non-ERISA 403(b)s Should Pay Attention to SEC Proposed Conflict of Interest Rule
Participants in non-ERISA 403(b) plans could be considered "retail customers" under a section of the SEC's proposal, a law alert warns.
Lessons from Litigation: Process Matters Most
When it comes to fiduciary liability insurance, having the broadest possible statement of coverage is generally best; this is because it is a functional test for determining whether...
Joint Committee Hears Testimony on Solvency of Multiemployer Pension Plans
Senator Sherrod Brown calls it imperative "to find a bipartisan solution to the crisis threatening 1.3 million Americans."
Selecting the Optimal QDIA
How Hearst Corp. followed a prudent process to choose its qualified default investment alternative.
More Sponsors Search Out Fiduciary Services and Support
When thinking about fiduciary support services and outsourcing, really the important considerations should be about process and time management, more than fiduciary risk transfer.
Reflections on a Dramatic Year for Retirement Plan Regulation
From the unexpected derailment of the DOL fiduciary rule to the expanding debate about so-called ‘open MEPs,’ your plan sponsor clients face a tremendous amount of uncertainty in...
SEC Charges Merrill Lynch for Failing to Supervise RMBS Traders
The brokerage firm will pay more than $15 million in settlement.
DC Plan Loans Require Diligent Management
“Because the Department of Labor views plan loans as investments, they should be treated with the same level of care and scrutiny as any other investment,” says Rob...
4th Circuit Agrees Bank of America Cash Balance Participants Are Not Due More Relief
The appellate court found Bank of America did not profit from transferring participants' 401(k) accounts to a cash balance plans and noted that previously the bank entered into...
Partial Summary Judgement in Deutsche Bank Self-Dealing ERISA Suit
In a detailed ruling, the Deutsche Bank defendants’ motion for summary judgment is granted with respect to certain prohibited transaction claims, but denied with respect to other breach...
SEC Modernizes Delivery of Fund Reports
The Commission is also seeking public feedback on fund disclosure and the fees that intermediaries charge funds for delivering fund reports.
Vanderbilt University Faces New Claim Over Product Marketing to 403(b) Participants
The new claim in the 403(b) plan lawsuit says the defendants should have protected participant data as plan assets and not allowed TIAA to use it to market...
Social Security Board Revises Depletion Date, Calls for Congressional Action
The Social Security OASI Trust Fund is projected to become depleted in late 2034, as compared to last year’s estimate of early 2035.
Invesco Latest Target of ERISA Self-Dealing Lawsuit
In a complicated complaint filed in federal district court, participants in Invesco’s retirement plan say they have been subject to disloyal and imprudent decisions made by conflicted plan...
Plaintiff Loses Second Attempt at Stock Drop Suit Against Edison
A federal judge is allowing the plaintiff one last chance to make more context-specific arguments in her case.
PBGC Multiemployer Insurance Program May Fold Within the Decade
Over the next decade, the financial condition of PBGC’s Multiemployer Insurance Program is expected to steadily worsen, leaving very little chance that the program will remain solvent beyond...