In a decision granting victory to New York University, a federal judge noted “deficiencies in the Committee’s processes—including that several members displayed a concerning lack of knowledge relevant to the Committee’s mandate.” She has now been asked to amend the decision to remove committee members.
Comments to the ERISA Advisory Council mention lack of utilization among plan participants and other ways DC plan participants can create sustainable retirement income.
Among other things, the Main Street Employee Ownership Act focuses on increasing the role of the Small Business Administration (SBA) in facilitating ESOPs by allowing the SBA to make loans to companies that they can then reloan to ESOPs.
A provision in a union contract limits the salary increases of teachers who are within ten years of retirement eligibility to no more than 6% above their previous year's salary, which prevents the school district from having to make contributions to the Teacher’s Retirement System.
Fiduciaries of the Sacred Heart Hospital Profit-Sharing 401(k) Plan failed to administer the plan after the hospital operations ceased in 2013, according to the DOL.
“The school has been deemed non-compliant with its contractual obligations regarding financial management as identified in the charter operating agreement,” a letter sent to school officials says.
PIMCO has requested that a number of documents remain sealed and not be open to the public by the court.
The California Supreme Court has asked an appellate court to review a proposal approved by voters in 2012 to place new hires in a defined contribution (DC) plan rather than the city’s defined benefit (DB) plan.
The financial firm will pay $6,900,000 in settlement.
The agency accuses the system of passing over a 53-year-old with 25 years’ experience to hire a 23-year-old with less than two years’ experience.
A multi-agency investigation found that from approximately May 2011 through August 2012, the business owner unlawfully embezzled and converted approximately $31,403 in deferred contributions from employees.
For one thing, the appellate court noted that the plaintiff did not use a sufficient benchmark to show that Wells Fargo’s TDFs were an imprudent investment for its 401(k) plan.
Plaintiffs seek government compensation for participants “prevented from accessing their own financial property.”
ERIC asks that employers with ERISA plans be exempt from the city program—also that the city council change the program’s eligibility criteria.
In the first university 403(b) plans case to go to trial, a federal district court found the plaintiffs have not proven that the NYU retirement plans committee acted imprudently or that the plans suffered losses as a result.
One interesting question addressed is whether spinning off a separate plan during the plan year is a way to reduce PBGC premiums.
The new ruling in Barrett vs. Pioneer does little to resolve the fundamental issues at hand, offering some points of victory to both sides and implying a new amended version of the complaint is welcome and likely.
In an open letter asking for more detailed guidance, the ERISA Industry Committee spells out what it says are “examples of missteps” by the DOL, including “issuing letters asserting breaches of fiduciary duty when there is no applicable legal guidance.”
If plan sponsors have suggestions and or would like to express support for health savings accounts, now is a good time to let members of Congress know, or to work through employer advocacy groups in Washington.
The concept is being reintroduced through the American Savings Act