In dismissing the stock drop challenge, the judge offers an illuminating review of what is required by ERISA’s duty of prudence; discussion of counts alleging breaches of the duty of loyalty and the duty to monitor is much briefer.
While they won the day, defendants unsuccessfully argued that the Dudenhoeffer pleading standards should be applied not only to prudence claims, but to loyalty claims as well.
The panel concludes that the dispute against the University of Southern California fell outside the scope of the arbitration agreements that the participants signed.
As noted on the updated PBGC website, effective immediately, the federal pension insurance program has a new set of addresses for plan sponsors sending premium payments and correspondence.
Passionate testimony from a Teamster to the Joint Select Committee on the Solvency of Multiemployer Pension Plans appeared to outshine that from three financial experts.
The investment firm calls on the government to pass numerous measures to expand access to retirement plans and boost participation and savings.
The court’s decision, which leaves room for an amended complaint, is based on questions of timeliness and a lack of standing, rather than on the facts of the relevant compensatory arrangements in place between the defendants.
In the final regulations, the agency addressed commenters’ concerns that the definitions would preclude them from using forfeiture accounts to fund the contributions.
General Treasurer Seth Magaziner announced that he will seek legislation in the 2019 General Assembly session that would require pension plans managed by religious organizations in Rhode Island to send regular updates on the financial health of the pensions to their plan participants.
Commenters about the Department of Labor’s regulation say it could result in state restrictions, ratings that will make costs unequal and may provide no inclusion for all small businesses that could benefit from it.
The dispositive question is not whether the claimants were employees but whether, considering them as employees, they were eligible to participate in an ERISA plan according to the specific terms of the plan under consideration.
The SEC recognizes that, "the American economy is rapidly evolving, including through the development of both new compensatory instruments and novel worker relationships, often referred to as the ‘gig economy.’”
A package of bills sponsored by four U.S. Senators would also increase access to workplace retirement savings accounts and help workers who already have retirement accounts save more.
The SEC's complaint alleges that the former executive led a scheme to add secret commissions to securities trades performed for at least six clients of State Street's transition management business, which helps institutional clients move their investments between asset managers or otherwise restructure large investment portfolios.
The text of the decision includes lengthy discussion of all 14 counts of ERISA fiduciary breaches, and why each is capable of surviving the defendant’s motions to dismiss.
A federal judge denied dismissal of plaintiffs’ allegations that a prudent fiduciary would have chosen one—rather than two—recordkeepers; that a prudent fiduciary in like circumstances would have solicited competitive bids; and a claim regarding recordkeeping fees.
The decision points to mailings and various other disclosures sent by Checksmart to the defendant over the years leading up to this litigation as reasons for applying ERISA’s shorter, three-year statute of limitations period.
The committee was told that benefit cuts are not the answer and was urged to reform withdrawal liability rules.
Among the bills approved by the House Ways and Means Committee is one that would qualify significantly more health treatments, services and over-the-counter drugs for HSA spending.
Navnoor Kang allegedly used his position to direct up to $2.5 billion in state business to registered representatives at two different broker/dealers.