Agencies File Brief in Support of Church Plans
In a brief filed in the U.S. Supreme Court, several federal agencies argue that their longstanding interpretation of the definition of church plan reflects the natural reading of...
Compliance
Edward Jones’ Attempt to Dismiss Self-Dealing Suit Denied
A federal judge denied defendants’ motions in part because the plaintiff’s complaint states viable claims.
DOL Fiduciary Reform Effort Losing Steam
Advisers and service providers to defined contribution plans have spent millions of dollars pushing toward compliance with conflict of interest reforms that are now expected to be halted...
Self-Dealing Suit Challenges Fees and Fund Monitoring
An employee at JPMorgan Chase argues the firm's retirement plan fees were not properly controlled and that conflicts of interest damaged performance.
Court Refuses to Decide Statutory Issues in EEOC Wellness Program Case
An appellate court said neither party in the case has a serious stake in its outcome anymore, so the statutory issues should be decided by a court in...
Legislators Introduce Bill to Repeal ACA Cadillac Tax
The American Benefits Council issued a letter of support for the bill.
Fiduciary Ordered to Give Up Cars to Restore Plan Losses
A federal court found that no amount of judgements from previous decisions had been satisfied.
Schwab Faces Excessive Fee, Self-Dealing Lawsuit
The lawsuit calls out Schwab’s use of its own proprietary funds as well as the use of unallocated plan cash.
Peering Through the Fiduciary Rule Uncertainty
A direct order from President Trump regarding the fiduciary rule could be forthcoming imminently, and that is likely what it would take for the fiduciary rulemaking to truly...
Recordkeepers Preparing for New Fiduciary Era
Even if the DOL fiduciary rule is halted, working in clients' best interest is a "no-brainer," says Joe Ready of Wells Fargo.
Court Refuses to Dismiss Suit Against Franklin Templeton
Among other things, a federal court determined that, although the plaintiff signed a release of claims when terminated, the claims on behalf of the plan could not be...
Supreme Court May Hear Case About Co-fiduciary Indemnifying Trustees
The case involves a complicated leveraged buyout of an ESOP that left participants with worthless stock.
Provider Communication Rules Scrutinized in DOL Fiduciary FAQ
On the high-level question, “Is every communication with a financial adviser about retirement accounts a fiduciary recommendation?,” DOL answers simply, “No.”
IRS Proposes Changes to QMAC, QNEC Definitions
Under the proposal, employer contributions to a plan would be able to qualify as QMACs or QNECs if they satisfy applicable nonforfeitability and distribution requirements at the time...
IRS Announces Last Day of Remedial Amendment Period for 403(b)s
When the agency established a pre-approved plan program for 403(b)s, it allowed for a remedial amendment period to retroactively correct plan operational failures.
PBGC Lists Triggers for Early Warning Program
The agency regularly monitors single-employer DB plans for signs of potential distress.
FAQs Outline Investor, Plan Sponsor Rights Under Fiduciary Rule
“After April 10, advisers who are paid to make recommendations about retirement accounts, such as individual retirement accounts [IRAs] and 401(k) accounts, will be treated as fiduciaries,” DOL...
DOL Sues to Recover Retirement and Health Plan Contributions
The lawsuit also alleges the defendants did not collect delinquent outstanding loan repayments owed to the retirement plan.
J.C. Penney to Settle Stock Drop Suit
The company has agreed to pay $4.5 million to resolve a lawsuit alleging it failed to drop the company stock fund from its retirement plan after it was...
Fiduciary Rule Could Soon Be Delayed By Congress
According to its author, the legislation will “delay the implementation of a job-destroying rule … giving Congress and President-elect Donald Trump adequate time to re-evaluate this harmful regulation.”