Nondiscrimination Testing Part II: Test Methods and Corrections
Retirement plan sponsors need to understand what nondiscrimination tests compare and how to correct failed tests.
Compliance
PBGC Makes Pilot Mediation Program Permanent, Adds Fiduciary Disputes
The Pension Benefit Guaranty Corporation has added fiduciary breach cases to the categories of disputes covered by the mediation program.
Failure to Remit Contributions Cost Retirement Plan Fiduciaries Over $500,000
In addition, a federal district court has ordered the trustee of the plans not to serve in a fiduciary capacity to any Employee Retirement Income Security Act (ERISA)...
University of Rochester Excessive Fee Suit Voluntarily Dismissed
According to the complaint, TIAA has been able to extract “grossly excessive fees” because its fees are tethered not to any actual services it provides to the plan,...
Churches Seek Clarification for Which Entities Can Adopt Pre-Approved Plans
An informal position taken by the IRS is indicated by it excluding mention of non-qualified church-controlled organizations (non-QCCOs) from the ability to rely on pre-approved plans.
American Century Defeats Self-Dealing ERISA Lawsuit
The district court had several times ruled against the firm in summary dismissal and discovery decisions—but the firm has prevailed against ERISA fiduciary breach claims after an 11...
Society of Actuaries Releases Public Retirement Plan Mortality Tables
It developed the new tables to give pension actuaries and plan sponsors current information to assist in setting mortality assumptions once it was determined that public pensions have...
Bill Provides Retirement Plan Withdrawal Relief for Employees Affected by Government Shutdown
Federal employees and contractors would be able to take retirement account distributions without penalty and be able to repay the distributions to their accounts.
Putnam Supreme Court Petition Asks About Comparisons to Index Funds
In addition to asking the high court to weigh in on whether the plaintiff or the defendant bears the burden of proof on loss causation under ERISA, Putnam...
PBGC to Take on Sears/Kmart Pension Plans
PBGC has worked with Sears for several years to improve funding for the company’s plans.
Nondiscrimination Testing Part I: Required Testing and Due Dates
Sponsors of all retirement plan types need to know what nondiscrimination testing is required for their plan and what information needs to be gathered to correctly perform these...
Details Available About Duke University 403(b) Lawsuits Settlement
The settlement agreement calls for a gross monetary payment of $10.65 million to a settlement fund and other non-monetary actions by Duke University.
Best Practices for Managing ERISA Litigation Risk in 2019
Three Mayer Brown ERISA attorneys discuss the current litigation landscape and offer practical strategies for promoting compliance in 2019.
2019 Could Be Banner Year for ESG in ERISA Plans
Plan sponsors voice concern about a lack of uniform ESG data reporting and lingering regulatory uncertainty—but more and more continue to embrace the use of environmental, social and...
Plaintiffs Agree to Drop Empower ERISA Revenue-Sharing Lawsuit
Both parties agreed to dismiss the litigation under Federal Rule of Civil Procedure 41(a), and each party will bear its own attorneys’ fees and expenses.
2019 ERISA Plan Compliance Calendar
A schedule to help plan sponsors track important due dates for their plan
Lawmaker Introduces Legislation to Address Multiemployer Pensions Crisis
The bill would establish a Pension Rehabilitation Administration (PRA)—an entirely new agency within the Department of the Treasury authorized to issue bonds in order to finance loans to...
Judge Rules to Dismiss Georgetown University 403(b) ERISA Lawsuit
The colorfully worded opinion chides plaintiffs for failing to acknowledge the unique character of 403(b) retirement plans—including their common use of annuities and multiple recordkeepers.
2019 Contribution/Benefit Limits Updated for Puerto Rico Employers
The Puerto Rico Department of the Treasury has published its 2019 limits on qualified retirement plan contributions and benefits.
ConAgra Brands Faces ERISA Suit Over Interpretation of Plan Document
The complaint argues defendants violated ERISA duties by reinterpreting plan language in a conflicted manner aimed at reducing employer costs.