The decision out of the 8th Circuit ties together the influential Supreme Court decisions known as Fifth Third v. Dudenhoeffer and Tibble v. Edison.
The central objective of the Statement 84, Fiduciary Activities, is to enhance the consistency and comparability of fiduciary activity reporting by state and local governments.
A federal court found plan fiduciaries acted with loyalty and prudence, and that plaintiffs failed to show the failure to have an investment policy in place, standing alone, proves imprudence.
ERISA allows plan participants to sue to remedy demonstrable harms they have suffered as a result of fiduciary breaches. Less clear is how to apply ERISA’s remedies when a breach is alleged to have occurred within a well-funded pension plan.
MFS has also agreed to pay $6,875,000 into a qualified settlement fund to resolve the claims of the court-approved class.
Rachel Leiser Levy, from Groom Law Group, explains changes from the proposed HRA regulation in the final regulation, and says it remains to be seen how this will affect the employer health benefits market.
Both chambers of the State Assembly have passed legislation that would require religious organizations that manage pension plans to send regular updates on the financial health of the pensions to plan participants.
Starting next January, employers can give their workers tax-deferred funds to go shopping for a health plan, thanks to individual coverage health reimbursement arrangements.
Some players in the K-12 403(b) plan marketplace say the multiple-provider model leaves plan sponsors with an unworkable number of providers and costs to participants are higher, while others say elements of this model work best for employees.
The investment committee for two Intel Corporation retirement plans asked the court to determine whether the provision of plan documents, in itself, creates for participants “actual knowledge” of an alleged fiduciary breach under the Employee Retirement Income Security Act (ERISA).
Good candidates for outsourcing include plan sponsors who want to spend more time focused on plan design innovation and tracking outcomes of investment management and administrative oversight.
The initiatives build on the Securities and Exchange Commission's (SEC’s) past efforts and focus additional enforcement and investor education on these groups.
A district court determined the plaintiffs did not plausibly plead a violation of ERISA’s duty of prudence, because a prudent fiduciary could have concluded that earlier corrective disclosure would have done more harm than good, mirroring many stock drop decisions handed down after the Supreme Court’s decision in Fifth Third Bancorp v. Dudenhoeffer.
Importantly, the updated rulemaking will apply a best-interest standard to account recommendations, including rollovers from retirement plans into individual retirement accounts (IRAs).
Eight organizations associated with defined contribution (DC) plans submitted a letter to the Employee Benefits Security Administration of the Department of Labor (DOL) asking it to propose regulations that would permit plan sponsors to make electronic delivery the default method of delivery for retirement plan disclosures and notices.