Annuity Selection Safe Harbor Tacked Onto Retirement Bill
The House Ways and Means Committee Chairman submitted an amendment to the Family Savings Act.
Compliance
EEOC Cracks Down on Age Discrimination With a New Lawsuit
The agency is accusing an internet-based auto parts seller of violating federal law when it refused to hire a 64-year-old job applicant.
KRS Wins Lawsuit While Another Suit Over Hedge Fund Investments Is Ongoing
A court agreed that the Kentucky Retirement System board of trustees were permitted by law to choose alternative investments one city claimed produced small returns and high fees.
Divisions Remain in Courts Regarding the Burden of Proof
A case set to go to the U.S. Supreme Court for a decision about who bears the burden of proof when fiduciary harm is alleged in ERISA cases...
IRS Modifies Safe Harbor Explanations for Rollovers
The modifications take into consideration changes related to qualified plan loan offsets and other statutory changes.
ERISA Section 404(c): Back to Basics
To be 404(c) compliant, a plan must offer a broad range of investment options and make it possible for participants to view and control their investments; the prescription...
Sanctions Called for Workers and Attorneys in Sacerdote et al. v. NYU
There are several bases on which the court could impose sanctions.
Protecting the Rights of Alternate QDRO Payees, When it Comes to Divorce
Senator Patty Murray (D-WA) sent a letter to Government Accountability Office (GAO) requesting a study on the QDRO process.
Business Owner Gets Prison for Benefit Plan Embezzlement
A DOL investigation found the business owner used benefit plan contributions for corporate and personal expenses.
Senator Murray Reintroduces ‘Women’s Pension Protection Act’
The legislation would strengthen consumer protections, improve access to retirement savings plans for part-time workers, help increase women’s financial literacy, and give specific support to low-income women and...
Frontier Communications Stock Drop Lawsuit Alleges Imprudent Telecom Concentration
The DC plan trust of Frontier Communications was 219-times more concentrated in Verizon stock than defendants felt was appropriate for the pension plan for which the company bore...
Former Church Employees Awarded Retirement Benefits
Evidence was presented that showed supplemental retirement benefits were placed in the church's building campaign.
Judge Moves Forward Some Claims in M&T Bank Proprietary Funds Suit
Several defendants, including M&T Bank and certain Wilmington Trust subsidiaries were found not to be fiduciaries and dismissed from the case; however excessive fee allegations and a prohibited...
New PBGC Rules Aimed at Facilitating Multiemployer Plan Mergers
The Pension Benefit Guaranty Corporation says that mergers can protect the benefits earned by workers and retirees and extend the solvency of troubled plans.
Congressional Democrats Continue Butch Lewis Act Advocacy
The Butch Lewis Act offers a way to preserve union retiree pension benefits through an emergency loan program funded with proceeds from Treasury bonds; the legislation this week...
Testing of SEC Adviser Relationship Summary Form Yields Troubling Results
A group of investor advocacy organizations is calling on the Securities and Exchange Commission to significantly revise its adviser customer relationship summary form requirements within its broader Regulation...
Many RESA Provisions Included in ‘Tax Reform 2.0’
One of three bills introduced this week as part of “Tax Reform 2.0,” the Family Savings Act includes many of the provisions written into the popular RESA legislation.
Another Hit to Retirement Plan Investors: Financial Transaction Tax
An analysis shows a new bill introduced in the Senate would result in a significant financial hit to retirement plan investors. Modern Markets Initiative is pushing back on...
Whole Foods Again Defeats Stock Drop Litigation on Appeal
As in other recent stock drop litigation decisions, the plaintiff here ultimately failed to jump the high hurdle for standing set by Fifth-Third vs. Dudenhoeffer.
PBGC Makes Available 2018 Premium Filing Instructions
The PBGC expanded the examples about how to determine premiums in a year when a plan is involved with a spinoff, merger or consolidation, and it expanded the...