The case against the $500 million 401(k) plan was also settled for a “small” amount—$500,000.
After a complex set of motions and rulings, the parties have now opted to settle the ERISA self-dealing lawsuit rather than proceed to the full trial.
A newly filed complaint takes issue with the way MetLife calculates the actuarial equivalence of different types of annuity benefit options available in the firm’s pension plan.
Details of the settlement agreement are forthcoming.
The 9th U.S. Circuit Court of Appeals found that the facts alleged are insufficient to support a plausible inference of breach of the duty of loyalty, breach of the duty of prudence, or that a prohibited transaction took place.
Industry comment letters argued that many 403(b) plan sponsors were unaware of the rule that once a part-time employee is eligible to make elective deferrals, he cannot be excluded from the plan in subsequent years.
One plan type for which coverage determinations are most frequently requested is church plans, according to the agency.
In general, the Required Amendments List includes statutory and administrative changes in qualification requirements for individually designed retirement plans that are first effective during the plan year in which the list is published.
The docket reports for two lawsuits filed against the university say counsel for the plaintiffs and counsel for the university have reported the cases settled.
The long-running litigation appears to be heading for a mediated conclusion, after a contentious discovery process that produced over 260,000 pages of documents and more than 20 depositions.
Proposed in April 2017, the Statement on Auditing Standards addresses the auditor’s responsibilities to form an opinion and report on the financial statements of Employee Retirement Income Security Act (ERISA) plans, and the form and content of such reporting.
According to the docket report for the case, the parties report they have resolved the case.
The 9th U.S. Circuit Court of Appeals previously concluded that the challenge to the management of the University of Southern California’s retirement plans fell outside the scope of the arbitration agreements because the claims were brought on behalf of the plans, not the individuals.
The Pension Analytics Group says the only solution is to reduce benefits across the board, or many of these plans will become insolvent and participants will end up with only pennies on the dollar of the benefits they have accrued.
Senators and co-chairmen Orrin Hatch and Sherrod Brown said they missed their stated deadline for voting on a package of solutions, but the Joint Select Committee on the Solvency of Multiemployer Pension Plans will continue its work during the new session of Congress.
Maximum Benefit/Contribution Limit for 2009 through 2019.
"The new legislation contains language addressing key IRI concerns including providing retirement plan participants with an illustration of how current savings would translate into an income stream in retirement and enhancements to automatic enrollment and contribution escalation features in retirement plans,” says Cathy Weatherford, president and CEO of the Insured Retirement Institute.
The relief relates to the verification procedures for retirement plan hardships and loans, timely remittance of contributions and loan repayments, and blackout notices, as well as the processing of benefit claims.
The lawsuit accused Matrix Trust Company of violating its fiduciary duties by making unauthorized transfers of participants’ accounts to a bank account maintained by Vantage Benefits Administrators.
In addition to a large payment to participants, the firm agreed to have an independent investment adviser assist in making decisions about the plan and its investments for at least three years.
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