Groups Ask Agencies to Pull Back on Form 5500 Modernization
Industry groups cite higher costs and burdens on employers, as well as the inevitability of “more frivolous litigation.”
Compliance
DOL Asked to Cease Implementation of Fiduciary Rule
Senator Ron Johnson asked Labor Secretary Tom Perez to cease implementation of a rule “that will very likely be rescinded.”
Exxon Mobil Facing Retirement Plan Stock Drop Suit
The ERISA lawsuit claims Exxon Mobil plan fiduciaries should have known misrepresentations artificially inflated the price of Exxon stock.
Supreme Court to Hear Health Care Entities’ ‘Church Plan’ Suits
The question is whether, under ERISA, a church must establish a plan in order for it to be considered a ‘church plan.’
403(b) Plan Participant Files Suit Over Voya Stable Value Funds
The suit claims Voya collects hundreds of millions of dollars annually in undisclosed compensation.
Court Allows Restatement of Claims Against Stable Value Fund Provider
A federal judge found that that New York Life provided documentation showing there was no spread between the internal rate of return and the interest crediting rate New...
Wells Fargo 401(k) Suit Challenges Use of Proprietary TDFs
The lawsuit accuses the bank of using an "easy enroll" feature to funnel funds into its TDFs, which it says charge too much.
IRS Proposes Updates for DB Plan Distributions
The proposed regulations would provide guidance about changes made by the Pension Protection Act of 2006 to the minimum present value requirements applicable to certain defined benefit pension...
Another Plan Challenged for Offering Sequoia Fund
The lawsuit alleges the Sequoia Fund was an imprudent investment for the retirement plan because of its high concentration in Valeant Pharmaceuticals stock.
The Do’s and Don’ts for Simplifying SPDs
Loaded with information about when employees may begin participating in plans, benefits involved, vesting and so on, the language utilized in summary plan descriptions (SPDs) is critical.
Northern Trust to Settle Securities Lending Suit With Public Pensions
The Louisiana Firefighters’ Retirement System and other public pension funds alleged that Northern Trust breached its fiduciary duties and its contract related to the funds’ investment in the...
PBGC Issues New Table for Use by Involuntarily Terminating DBs
The table is used to determine expected retirement ages for participants.
ERIC Makes Suggestions for PBGC Missing Participants Program
Among other things, ERIC suggests the PBGC extend the program from just terminated DC plans to all DC plans.
IRS Announces New Document Request Process for Examinations
The new process will affect Employee Plans examinations.
Court Dismisses Retirement Plan Suit Against Disney
A participant in Disney’s retirement plan alleged that fiduciaries should have dropped a fund from the plan investment menu because one of its underlying investments showed signs of...
Court Holds Hearing on Chamber Fiduciary Rule Lawsuit
Plaintiffs discuss First Amendment and lack of studies into annuities and conflicted advice.
IRS to Host Webcast About EPCRS Changes
Attendees will learn about changes set forth in IRS Revenue Procedure 2016-51.
Bill Would Fix Closed DB Plan Nondiscrimination Issues
The legislation would amend the nondiscrimination rules to protect older workers in plans that have been closed or frozen.
Arizona High Court Rolls Back 2011 Pension Reform
Estimates show the Public Safety Personnel Retirement System will have to pay contribution refunds and retroactive benefit increases up to $220 million.
PBGC Multiemployer Program Deficit Nearly $60 Billion
However, according to the agency’s Fiscal Year 2016 Annual Report, the single-employer program deficit improved.