Car Parts Manufacturer Magna Denied 401(k) Lawsuit Exit
A federal judge in Michigan allowed the lawsuit against Magna International to go forward while denying one of the defendants’ motions for summary judgment
Compliance
Pilot Claims American Airlines Prioritized ‘Underperforming’ ESG Funds
A class action complaint brought against American, Fidelity and Edelman Financial Engines targets ESG 401(k) investments.
Churchill Holdings ESOP Participants Sue
The lawsuit plaintiffs are ESOP participants holding vested shares of Churchill stock in their accounts who were employed at Churchill Mortgage Corporation for several years.
Senate HELP Committee Asks DOL to Focus on 6 SECURE 2.0 Provisions
Areas including emergency savings and employee ownership were identified as 2024 brings more SECURE 2.0 regulatory deadlines.
IRS Issues Interim EPCRS Correction Guidance Under SECURE 2.0
Plan sponsors can make additional corrections via SCP, rather than VCP, while a “reasonable amount of time” to discover an error is defined as 18 months.
Vanguard to Pay FINRA $800,000 for Money Market Errors
The firm cited ‘technical’ issues in a letter of acceptance for overstating projections for 8.5 million accounts.
Debt Ceiling Proposal Expected to Pass House
The agreement would extend the debt ceiling until January 2025.
Swing Pricing Protects Investors From Dilution, Gensler Says
SEC Chairman Gary Gensler offered a spirited defense of the swing pricing proposal in a conversation with ICI’s Eric Pan.
ERISA Lawsuit Against O’Reilly Automotive Dismissed
Six former employees lost their lawsuit against the auto parts company, that claimed it allowed 401(k) participants to pay excessive recordkeeping and investment fees.
House Committee Approves Bill Allowing CITs in 403(b) Plans
The proposal would provide the needed changes to securities laws that were missing from SECURE 2.0.
Congressional Leaders Tell Treasury to Expect SECURE 2.0 Technical Corrections
The letter did not outline a timeline but identified four technical errors and ambiguities to be fixed.
Participant Data Breach Hits Retirement Clearinghouse
The clearinghouse alerted more than 10,000 people that private information, including IRA account data, may have been stolen.
Retirement Confidence Plummeted in 2023, EBRI Study Shows
Among current U.S. workers, retirement confidence fell by 9 percentage points, the largest drop since a 10-point slide in 2009.
Hankey Group ESOP Sued in Attempt to Capitalize on COVID-19’s Economic Effects
A former ESOP participant claims fiduciaries created conditions forcing the sale of participants’ assets by attempting to take advantage of COVID-19 economic shocks.
IRS Raises HSA Contribution Limits for 2024 Due to High Inflation
The IRS announced a second consecutive significant increase to health savings account contribution limits in its response to continued inflation.
NAGDCA Asks for More Time on Roth Catch-Ups, Again
Government plans will struggle to comply with SECURE 2.0 because of their administration requirements.
DOL Will Not Appeal 401(k) Rollover Rule, ASA Says
The trade group that sued the DOL says the regulator will not insist that rollover advice should be subject to ERISA.
How Does SECURE 2.0’s Start-Up Tax Credit Apply to Recently Started Plan?
Experts from Groom Law Group and CAPTRUST answer questions concerning retirement plan administration and regulations.
Teamsters Local 966 Receives $8 Million in PBGC Supplemental Assistance
The New Jersey-based plan’s total aid from the PBGC now exceeds $60 million.
DOL Proposes Extending UBS, Credit Suisse QPAM Exemptions
The two Swiss financial firms are relying on exemptions granted by the DOL to keep managing retirement plan assets, when they would otherwise be disqualified for a litany...