PBGC Multiemployer Program Continues Move Toward Insolvency
PBGC Director Gordon Hartogensis says if Congress fails to act soon then after year 2025, any future revenue to the program would be sourced from premiums.
Compliance
Pension Plan Sponsor Dupes Employees Out of ‘TPA Fee’
A business owner who sponsored pension plans for his employees pleaded guilty of charges that he deducted a “third-party administrator fee” from employees’ pay, but used the money...
State Laws Prevent Single Provider for Some K-12 403(b)s
Yet another law requiring multiple providers for K-12 403(b) plans is reigniting the debate over whether more choice is good or bad for participants.
Final ARP Rule Opens Door for More Employers to Offer Retirement Plans
Industry sources discuss the positives from the final association retirement plan (ARP) rule, but the industry will still have to wait for progress on offering plans for employers...
DOL Exemption Paves Way for Auto Portability
Now that participants’ small balances may be automatically transferred to their new 401(k) account, Retirement Clearinghouse expects to see a lot of business.
Retirement Plan Excessive Fee Cases Continue to Move Down-Market
TriHealth Inc. has been accused of carrying high fees in its 401(k) plan, benchmarked against peer plans with an asset range of $250 million to $500 million.
The Retirement Industry Needs a Top Cop’s Guidance
All of the President’s cabinet secretaries have substantial authority to promulgate, interpret and enforce regulations. The DOL Secretary, in particular, can have a big influence on employer decisions...
SEI Investments Agrees to Settle ERISA Self-Dealing Suit
In addition to a $6.8 million payment, defendants in the lawsuit agreed to certain procedures for plan management, including that the plan committee will be trained on Employee...
DOL Offers Relief to MEPs That Did Not File Correct Form 5500s
The Department of Labor (DOL) found more than 100 multiple employer plans (MEPs) in violation of a requirement to include on the Form 5500 a list of participating...
Court Decides Medical Center Plan is a Church Plan Under ERISA
Citing the Supreme Court decision regarding church plan cases and using a three-part test, a federal judge found the St. Elizabeth Medical Center Employees’ Pension Plan falls under...
DOL Releases Final Rule on ‘Association Retirement Plans’
The rule will permit employers to connect with associations of employers in a city, county, state, or a multi-state metropolitan area, or in a particular industry nationwide, as...
A Court and the DOL Weigh In on Cross-Plan Offsetting for Health Benefits
An appellate court decision and an amicus brief filed in the case by the Department of Labor (DOL) emphasize plan sponsors’ duty to monitor what health plan providers...
Mercer Talks Legislative and Regulatory Changes
Sources say Congress may try to tack the SECURE Act onto other moving legislation this fall, and they recount the many changes in health care regulations driven by...
Maryland State Pension Now Required to Report Carried Interest on Assets
The new bill, combined with existing state law, means the State Retirement and Pension System must now report all fees paid to outside investment managers.
Lawsuit Says Money Market Fund Was Like ‘Stuffing Cash Into a Mattress’
BBVA Compass Bancshares is accused of failing to monitor investments and remove imprudent ones.
SECURE Act Passage May Hinge on Budget, Debt Ceiling Negotiations
The House is scheduled to leave Washington on Friday and the Senate is expected to start its recess a week later, after which federal budget and debt ceiling...
Trump to Nominate Son of Late Antonin Scalia as Labor Secretary
The son of late Assistant Supreme Court Justice Antonin Scalia failed to get confirmation from the Senate for the position of Department of Labor Solicitor when President George...
Court Rules for SunTrust Defense on Fiduciaries’ ‘Actual Knowledge’ Question
The district court found "the mere fact that the plan included the affiliated funds—and defendants were aware of that fact—is not sufficient to charge them with constructive knowledge...
Yale Sued Over Wellness Program ‘Penalty’
The lawsuit says the so-called “incentive” Yale offers for participating in the wellness program are in fact a “penalty” that violates non-participants’ rights, and it notes that the...
Even With No CBA, Withdrawing Employer May Have to Pay Multiemployer Plan
A multiemployer plan was found to have brought a viable claim for a withdrawal contribution required in its trust documents.