Compliance

Anthem 401(k) Fiduciaries Denied Summary Judgment in Fee Case

A federal judge found that the plaintiffs provided more than enough evidence to support excessive fee claims, noting that, “Plaintiffs cite deposition testimony of Anthem employees and Pension Committee members who indicate they do not understand the difference between different kinds of share classes or did not ask Vanguard whether lower-cost fee arrangements were available for the plan.”

Putnam Supreme Court Petition Asks About Comparisons to Index Funds

In addition to asking the high court to weigh in on whether the plaintiff or the defendant bears the burden of proof on loss causation under ERISA, Putnam asked the court to determine whether showing that particular investment options did not perform as well as a set of index funds selected by the plaintiffs with the benefit of hindsight, suffices as a matter of law to establish “losses to the plan.”

2019 Could Be Banner Year for ESG in ERISA Plans

Plan sponsors voice concern about a lack of uniform ESG data reporting and lingering regulatory uncertainty—but more and more continue to embrace the use of environmental, social and governance investing programs.