Compliance

Advocates for the protection of retirees’ pensions and benefits say the telecom firm has ‘shamefully discarded 97,000 loyal retirees’ in pension risk transfers over the years. 

Central States was granted $127 million that it was not entitled to because the PBGC counted over 3,000 deceased participants when calculating the size of the grant.

The proposal would apply to Roth sources in excess of $10 million for individuals earning $400,000 or more.

Three separate lawsuits have been filed against the SEC seeking to overturn its final rule. 

Meanwhile, a new lawsuit was filed against Lockheed Martin over two PRT deals involving Athene Annuity and Life Company from 2021 and 2022.

Attorneys for the plaintiffs in a case about cybersecurity liability for participant data asked a Georgia federal judge for final approval of a multimillion dollar settlement .

Retirees alleged that AT&T shifted its pension responsibilities for 96,000 participants to a ‘risky’ insurance company, according to the lawsuit.

The budget proposal takes aim at ‘tax-free fortunes,’ and includes tax consideration to shore up Social Security.

The final draft has been written and now will undergo a review expected to take about 60 days.

The president focused his remarks on issues that stress Americans’ finances and vowed to protect Medicare and expand drug price negotiation authority.

The council, consisting of 15 members, advises the Department of Labor on ERISA-related issues.

The Sheltering Arms organization shut down in 2023, and the PBGC seeks to become its defined benefit plan’s statutory trustee.

According to the fund, an error occurred due to its lack of access to more comprehensive data on deaths.

The organizations plan to conduct research and educate plan sponsors and participants on fraudulent activity in retirement plans to increase awareness of the rampant issue.

The vote was held in a closed session and advanced by a party-line vote; meanwhile, the Senate committee chaired by Bernie Sanders ponders a return for DB plans.

The plan sponsor and its advisers proved they had conducted the appropriate due diligence in selecting funds and managing the retirement plan, the judge concluded. 

Ali Khawar, of the Employee Benefit Security Administration, indicated that the agency may be set to finalize amendments to the fiduciary correction program in the coming months.

The same Senate committee will also host a panel to discuss methods of expanding access to defined benefit plans.

Federal judge allows lawsuit against American Airlines’ defined contribution plans to proceed.   

A judge determined the retirement plan recordkeeper and third-party administrator misappropriated millions in clients’ plan assets.