MassMutual Wins Lawsuit Over Stable Value Fund Spread
A judge found the plaintiff in the lawsuit was bound by a prior settlement agreement and that MassMutual did not violate that settlement agreement.
Compliance
Will Changes to Hardship Withdrawal Rules Lead to More Plan Leakage?
Some industry sources believe the availability of more funds for hardship withdrawals and the elimination of the requirement to first take plan loans before hardship withdrawals will lead...
DOL Announces Fiduciary Responsibilities Seminar in San Diego
In addition, the agency has announced a “Getting It Right – Know Your Fiduciary Responsibilities” three-day webcast series.
Senators Introduce SIMPLE Plan Modernization Act
It aims to make SIMPLE plans more accessible among small businesses and would raise the contribution and catch-up limits.
Retirement Security Act of 2019 Introduced
The bipartisan legislation is designed to help close the $7.7 trillion retirement savings gap.
Anthem 401(k) Fiduciaries Denied Summary Judgment in Fee Case
A federal judge found that the plaintiffs provided more than enough evidence to support excessive fee claims, noting that, “Plaintiffs cite deposition testimony of Anthem employees and Pension...
ERISA Stock Drop Lawsuit Filed Against Johnson and Johnson
Details in the text of the complaint explain that the stock price drop that plaintiffs say unduly harmed participants is tied to revelations that certain Johnson and Johnson...
Stadion, United of Omaha Face Lawsuit Over Managed Account Offering
According to the lawsuit, Stadion directed participants’ accounts into investments that would better benefit itself and Mutual of Omaha, and Mutual of Omaha retained revenue sharing knowing of...
DOL Invites Correction for Failure to Timely Remit Contributions
An update from law firm Masuda, Funai, Eifert & Mitchell, Ltd. says that based on reviews of Form 5500s, the DOL’s Employee Benefit Security Administration (EBSA) is sending...
Nondiscrimination Testing Part II: Test Methods and Corrections
Retirement plan sponsors need to understand what nondiscrimination tests compare and how to correct failed tests.
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...