Compliance

The pension would have had to cut benefits by 75% upon becoming insolvent.

House Republicans again push to roll back ESG investing for plan participants.

Industry watchers expect the Department of Labor to submit a proposed new rule this month.

The Department of Labor sued Minnesota technology consultant Virtual Matrix after an investigation found fiduciaries of the profit-sharing plan permitted the employer to benefit from plan assets.

A notice of rulemaking has not been issued yet, but Republican leaders are already discouraging the Department of Labor from proposing a new fiduciary rule.

A fiduciary can use climate funds, as long as they ‘equally serve’ the financial interests of participants.

Following the cyberattack, which impacted at least 60 million individuals, several major financial services firms are getting hit with litigation.  

The plaintiff responds to an American Airlines motion to dismiss by alleging he was, in fact, defaulted into ESG-related funds that underperformed. 

One plan had been insolvent since 2009, and the grant will include back payments.

A federal court has dismissed a case alleging that the DOL overstepped its bounds when warning recordkeepers and fiduciaries against offering cryptocurrency in retirement plans.

The pension risk transfer deal only affects retirees and is not tied to a plan termination. 

Notice 2023-62 also announces a two-year administrative transition period for higher-income participants to designate catch-up contributions as Roth. 

Mid-year report finds there were fewer cases filed, as plaintiff law firms catch up on those they brought in 2022, but new entrants are using more accurate fee...

The former director of academic information resources at Howard University has sued the higher education institution, employees’ pension plan and Howard University Retirement Plan Committee.  

The fund had a receiving-to-active participant ratio of nearly 50-to-1 as of 2021.

The proposal would change mortality tables and interest rate calculations.

The Department of Labor claims a payroll services and HR outsourcing company has effectively barred participants from accessing accounts and refused to accept contributions to the plans. 

$182.6 million in SFA money will be distributed to the plan to ensure its solvency to 2051.

The Department of Labor claims a New Jersey electrical contractor misappropriated employees’ retirement plan contributions and ended employer contributions to the health plan. 

A judge dismissed a complaint against the retirement plan committee for Cisco, marking the fifth dismissal of similar lawsuits.