IRS Withdraws Some Proposed Nondiscrimination Rules
Rules affecting cross-tested plans were included in proposed guidance providing nondiscrimination testing relief for certain DB plans.
Compliance
Participant Education Delivery May Change With Final Fiduciary Rule
It appears that non-fiduciary investment education will still be available under the DOL’s final fiduciary rule, though with some important caveats compared with the current rules.
Court Restricts ESOP Attorney’s Ability to Represent Plans
The attorney’s alleged contempt arose from a lawsuit against Herbert Bruister and others for various breaches of fiduciary duties that caused $6.5 million in losses to pension plans...
Gruber Systems Ordered to Pay for Improper ESOP Purchase
The DOL won a consent judgment and order valued at $1.1 million on behalf of participants in a Gruber Systems Inc. employee stock ownership plan.
Fidelity, Putnam Excessive Fee Cases Moved Forward
A federal district judge denies motions to dismiss in both cases.
GASB Guidance Clarifies Pension Reporting for Government Plans
The new GASB statement addresses practice issues raised by stakeholders during implementation of previous statements for financial reporting for government pension plans.
Private Equity Funds Liable for Multiemployer Plan Withdrawal Liability
A federal district court found private equity funds that owned a bankrupt company are responsible for that company’s multiemployer pension plan withdrawal liability.
Partial Settlement Reached in RadioShack Stock Drop Case
A partial settlement has been reached in a stock drop case filed against the RadioShack company and its retirement plan trustees.
QDRO Resurrected by District Court
A federal district court found a woman who was repeatedly denied pension benefits of her ex-spouse can now recover those benefits after his death.
What Plan Sponsors Should Know About the Final Fiduciary Rule
The final rule from the DOL scaled back on some requirements, but left others in place.
Initial Reaction to Fiduciary Rule Mostly Positive
However, some concerns still linger for some groups.
Service Providers Start Final Fiduciary Rule Analysis
It will be some time still before the fiduciary rule language is fully digested by retirement plan service providers, but first-impression commentary is already pouring in.
Final Fiduciary Rule Includes Requested Changes
The final rule ‘defines a variety of investment education activities that fall short of fiduciary conduct.’
IRS Offers New Correction for Missed Plan Restatements
April 30 is the deadline for employers using preapproved retirement plan documents to sign an updated version.
PBGC Warns of Multiemployer Program Trouble
In a report to Congress, the agency says the program will likely run out of money by 2025.
DOL Weighs In on Fidelity Float Income Suit
The agency has asked an appellate court to reverse a district court’s dismissal of the case.
California Files Lawsuit Against Morgan Stanley
The suit says misrepresentations about complex investments such as residential mortgage-backed securities contributed to major losses for the nation’s two largest public pension funds.
Merrill Lynch Cleared of Wrongdoing in Excessive Fee Case
A federal district court found that Merrill Lynch was not acting as a fiduciary under ERISA.
DOL and SEC Wade Into ERISA Stock Drop Debate
The DOL and SEC both filed amicus briefs in the long-running case Whitley v BP PLC, an ERISA stock drop lawsuit revived in 2014 in the wake of the...
Questions from ICI on California Secure Choice Plan
The California Secure Choice Retirement Savings Program is meant to provide a voluntary, low-risk, auto-enrollment retirement savings plan for many uncovered workers in the state. Can it deliver?