A blueprint from the Insured Retirement Institute offers a guide for its dialogue with Congress and the Administration about improving Americans’ retirement outlook.
Under a new bill in the California legislature, the state’s Human Resources Department would administer and oversee a defined contribution-type program for state employees, redirecting matching contributions that otherwise would be paid into the state pension system.
The 1st U.S. Circuit Court of Appeals found that Fidelity’s decision to obtain more secure wrap coverage for the stable value fund was reasonable.
However, the deadlines for creating a liquidity risk management program and to limit illiquid investments to 15% of a fund’s portfolio remain unchanged: December 1, 2018, for larger fund groups and June 1, 2019, for smaller fund groups.
One point the appellate court clearly noted is that the plaintiff did not allege that the new company failed to pay him any benefits he was owed.
Complaints against individual defendants, however, were not dropped.
Citing other courts, an appellate court agreed that “Congress could not have intended ERISA to allow one spouse to recover benefits after intentionally killing the other spouse.”
A district court found plaintiffs met the requirements of ERISA Rule 23(a) and the class is maintainable under at least one of the subdivisions of ERISA Rule 23(b).
U.S. Fiduciary Services and three of its subsidiaries agreed to provide payment of more than $7 million to 42 retirement plans.
The bill would permit high-deductible health plans (HDHPs) to provide chronic disease prevention and treatment—which some say is critical to reducing health care costs—prior to participants having met their deductible.
Among other things, the bill allows for hardship withdrawals from more contribution types.
The court found participant claims did not meet standards set forth in Fifth Third Bank v. Dudenhoeffer.
The law would have the committee introduce legislation to address the pension crisis by this December.
A former office manager of New England Anesthesiologists, Inc. has been sentenced to 37 months in federal prison and to pay restitution to his victims.
During a webcast sponsored by Mercer, implications of the AARP v. EEOC lawsuit ruling were discussed.
The Employee Benefits Security Administration (EBSA) restored more than $1.1 billion to retirement plans, health plans and other welfare benefit plans in 2017.
However, a federal judge certified subclasses on the imprudent investment claims because class representatives were not all invested in the 401(k) funds challenged.
The complaint alleges fiduciaries of Mutual of Omaha’s 401(k) plan violated their fiduciary duties by selecting numerous investment options because they paid fees to Mutual of Omaha or its subsidiaries.
A beneficiary of a deceased pension plan participant has filed both a fiduciary violation claim and a claim for benefits, which she argues present distinct injuries and should both be considered.
The firm’s lawyers noted that the plaintiff signed an agreement not to pursue any class action claims, but a Supreme Court case allowed him to pursue a claim on behalf of himself.