Compliance

Gannett Faces ERISA Stock Drop Complaint

The lawsuit alleges that Gannett Co., its benefit plans committee and other fiduciaries’ decision to concentrate plan investments in Gannett’s parent company common stock was a breach of their fiduciary duties under ERISA and caused a loss of approximately $135 million.

Court Denies Participant Second Chance at Voya ERISA Suit

A federal district court judge ruled a new complaint alleging Voya Financial and Voya Retirement Advisors engaged in prohibited transactions in violation of ERISA through a service arrangement with Financial Engines was futile because it wouldn’t survive a motion to dismiss.

Circuit Courts’ Conflict on DOL Fiduciary Rule Could Persist

The fact that two U.S. Circuit Courts of Appeals, the Fifth and the Tenth, have issued conflicting rulings about the propriety of the DOL’s process in creating and implementing a stricter fiduciary standard, leaves the retirement plan industry with a number of challenging questions.

EEOC Sues Employer Over Forced Retirement Policy

“Private employers need to understand that mandatory retirement policies run afoul of the ADEA and will be met with challenge,” says Kenneth Bird, regional attorney for the EEOC’s Indianapolis District Office.

IRS Expands Audit Guidance for RMDs to 403(b) Plans

A memo says examiners should not challenge a 403(b) plan for violation of the RMD standards for the failure to commence or make a distribution to a participant or beneficiary to whom a payment is due, if the plan sponsor has taken certain steps.