An excessive fee lawsuit has been filed against fiduciaries of the Novitex Enterprise Solutions Retirement Savings Plan, a 401(k) plan which had more than $157 million in assets as of the end of 2015.
A federal district court ruled the plaintiffs did not meet all the pleading standards set forth by the U.S. Supreme Court.
A federal court judge basically found many of the allegations stated normal business practices and the plaintiff did not offer enough arguments to support her claims.
The EEOC's district director in Chicago, says, "Our investigation revealed Mr. Rascher was fully cleared to return to work, but that S&C insisted he 'retire' instead."
The complaint states that Gucci America was “particularly egregious” in regards to offering proprietary funds from its service provider Transamerica.
The court granted summary judgment to the plaintiffs and ordered their benefits be paid along with prejudgment interest.
Participants allege the company should have allowed a single recordkeeper to service its traditional DC plan and its 403(b) plan—and that it permitted excessive fees by paying for distinct administrative services for each.
A lawsuit alleges that asset-based fees led to the plan paying $1,819 per participant for recordkeeping services in 2015.
According to plaintiffs, Ruane’s flagship fund, the Sequoia Fund, contained more than $25 billion in assets until the firm “engaged in a misguided and reckless investment strategy.”
The agency is proposing two modifications for multiemployer plans and one modification for single-employer plans.
“In terms of the legislative agenda going forward, there is definitely a discussion of a pivot to tax reform,” said Elisabeth Bell, tax counsel for Senator Ben Cardin; she also warned the potential for health care reform is far from settled.
The relief regards verification procedures for plan loans and distributions, participant contributions and loan payments, blackout notices, and group health plan compliance.
The PBGC and DOL also are providing relief similar to that provided to Hurricane Harvey victims.
The SEC says Envoy Securities received at least $24,893.26 in 12b-1 fees in connection with investments in higher-fee share classes.
In a new publication, the IRS lists rules for 403(b) compliance and resources from the agency to help plan sponsors.
The 11th U.S. Circuit Court of Appeals ultimately determined there is no explicit restriction saying a critical-status multiemployer plan’s board of trustees cannot charge withdrawing employers for their share of the plan’s accumulated funding deficiency.
The ERISA lawsuit has gained class certification after the plaintiffs successfully established numerosity, typicality and commonality.
Ascension has agreed to pay of the first $29.5 million of benefits that are distributable to settlement class members in the event trust assets attributable to the plan become insufficient to pay such benefits.
The relief is available for plan years beginning before 2019.
The agency says the financial assistance, together with benefit reductions that are required as a condition for receiving PBGC assistance, will help the United Furniture Workers Pension Fund A to avoid insolvency and to pay benefits to participants.