Adviser Dismissed From BB&T Self-Dealing Litigation
While the advisory firm has now been dismissed from the pool of defendants, the wider case itself will still apparently move forward.
Compliance
DOL Investigation Results in Plan Restorations
Department of Labor investigators secured a judgement restoring more than $40,000 to plan participants working for a Michigan tire manufacturer.
Retirement Industry and Congress Talk Retirement Tax Reform
President Trump has pledged to introduce his tax reform proposals on or around April 26, adding to speculation about how tax-deferred retirement assets may be treated.
Judge Moves Forward J.P. Morgan Stable Value Fund Litigation
The plaintiffs seek to represent participants in more than 300 retirement plans which were invested in 78 stable value funds, according to the court’s order.
Board Proposes New Standards for ERISA Plan Audits
The proposal addresses the auditor’s responsibilities to form an opinion and report on the financial statements of ERISA plans, and the form and content of such reporting.
Court Rules For CVS In Stable Value ERISA Challenge
Summarizing its decision, the court observes, “It is well established that the test of prudence ... is one of conduct, and not a test of the result of...
IRS Examiners Told to Look at Cash Balance Plan Benefit Formulas
A memo offers examples and would be a helpful guide for cash balance plan sponsors to assess whether their plan offers definitely determinable benefits.
DC Plan Sponsors Have Until May 1 to Adopt Pre-Approved Plan
Plan sponsors with individually designed plan documents may want to adopt a pre-approved plan since the end of the IRS determination letter program.
House Passes Bill Encouraging Employee Stock Ownership
The Encouraging Employee Ownership Act would increase the cap on the amount of stock closely held companies can award employees before triggering certain SEC reporting requirements.
Fiduciary Caused ESOP Participants To Overpay for Company Stock
A New Jersey District Court judge awarded more than $9.4 million to the plan.
Fujitsu’s Motions to Dismiss 401(k) Excessive Fee Suit Denied
A federal court judge has found the plaintiff’s claims plausible.
Trump Signature Overturns DOL Rule for Government-Run Auto-IRAs
The president signed a resolution overturning a DOL rule regarding city and municipality retirement plans for private-sector employees.
Court Asked to Compel Arbitration of Schwab Self-Dealing Suit
According to the motion filed by attorneys, the fact that the plaintiff’s claims are brought pursuant to ERISA’s civil enforcement provisions does not in any way impede or...
Peabody Energy Stock Drop Suit Dismissed
A judge concluded plaintiffs did not allege special circumstances or offer plausible alternatives according to standards set forth in the Supreme Court’s Dudenhoeffer ruling.
DATAIR Gets Approval of 403(b) Pre-Approved Plan
The document can help plan sponsors ensure their 403(b) plan is compliant with IRS requirements in absence of the Determination Letter Program.
BlackRock Faces 401(k) Excessive Fee Case
The complaint specifically calls out the use of BlackRock target-date funds which it says use excessive fund layering, subjecting participants to higher fees.
Judge Deals Blow to Vanguard Fund Comparison in Self-Dealing Case
Ultimately, Putnam Investments prevailed in a lawsuit claiming it and its retirement plan fiduciaries engaged in prohibited transactions by offering proprietary funds in its plan.
Lifetime Income Disclosure Act Reaches Congress
The bill would require employers to help participants understand how their savings would translate to lifetime income.
Lawmakers Reintroduce Bill About DB Plan Nondiscrimination Rules
The bill would amend the nondiscrimination rules that apply to DB plans that have been closed or frozen.
EEOC, Orion Reach Agreement on Wellness Program Challenge
Orion agreed it won't maintain any wellness program in the future that poses disability-related inquiries or seeks a medical examination that is not voluntary within the meaning of...