SEC Secures Fee Rebates for Faith-Based 403(b) Plan Sponsors
The SEC says Envoy Securities received at least $24,893.26 in 12b-1 fees in connection with investments in higher-fee share classes.
Compliance
IRS Reminds 403(b) Plan Sponsors of Common Plan Errors
In a new publication, the IRS lists rules for 403(b) compliance and resources from the agency to help plan sponsors.
Court Finds Multiemployer Plans Can Impose More Than Withdrawal Liability on Employer
The 11th U.S. Circuit Court of Appeals ultimately determined there is no explicit restriction saying a critical-status multiemployer plan’s board of trustees cannot charge withdrawing employers for their...
District Court Approves Class Certification in Deutsche Bank Challenge
The ERISA lawsuit has gained class certification after the plaintiffs successfully established numerosity, typicality and commonality.
Ascension Reaches Settlement With Acquired Entity’s Church Plan
Ascension has agreed to pay the first $29.5 million of benefits that are distributable to settlement class members in the event trust assets attributable to the plan become...
IRS Again Extends Closed DB Plan Nondiscrimination Relief
The relief is available for plan years beginning before 2019.
PBGC Offers Financial Assistance to Union Plan Approved for Benefits Reductions
The agency says the financial assistance, together with benefit reductions that are required as a condition for receiving PBGC assistance, will help the United Furniture Workers Pension Fund...
PBGC Provides Premium, Filings Relief for Hurricane Harvey Victims
If IRS adds additional disaster areas in connection with its own filing extensions, any person responsible for meeting a PBGC deadline that is located in those additional areas...
Regulators Provide Relief for Hurricane Harvey Victims
The IRS is loosening hardship withdrawal and loan rules, and the DOL announced postponed deadlines for Form 5500 filing, among other things.
Fiduciary Rule Transition Period Extended by One Year
As the DOL lays out, the primary purpose of the proposed delay of full enforcement is to give the department the time necessary to consider possible changes and...
BB&T Self-Dealing Suit Gets Class Certification
A court certified a class in the consolidated lawsuit after first rejecting BB&T’s arguments that the class did not meet commonality and typicality requirements.
Court Moves Forward Few Claims in NYU 403(b) Plans Case
A federal court judge found most claims were not plausibly alleged by the plaintiffs.
Participant Challenges Prudential and Morningstar Allocation Solution
The lead plaintiff suggests the providers created an asset allocation solution designed to seed high-fee funds over lower-cost options—charges the firms flatly deny.
District Court Permits Most of Plaintiff’s Case in ERISA Challenge
The underlying complaint challenges the process and motivation surrounding the termination of a group annuity contract.
Combating Common and Unfamiliar Fiduciary Mishaps
Two fiduciary compliance experts highlight the mistakes plan sponsors are making that can land them in hot water under ERISA—some common and others more obscure.
‘Rothification’ of DC Plans Could Harm Participants
Tax-reform may target the incentives to save in DC plans.
EEOC Wellness Program Rule Lawsuit Decided in Favor of AARP
The district court had previously ruled against the plaintiffs’ motion for a preliminary injunction, finding AARP did not prove irreparable harm to its members was likely; yet in...
ERISA Challenge Targets Minnesota Hospital System
The latest retirement industry class action challenge, filed in the U.S. District Court for the District of Minnesota, names as defendants the Allina Health System and a sizable...
IRS Issues Amendments for Bifurcated DB Distribution
The amendment suggests language a defined benefit sponsor might want to use.
Federal Pensions Challenge Big Banks’ Securities Lending Practices
Large banks are accused by the federal pension funds of working together behind the scenes to protect their interests as middle men in the securities lending marketplace.