TIAA Class Action Reversal May Impose Significant Procedural Hurdle for Future Cases
The 2nd Circuit Court of Appeals’ reversal of class certification will likely make it more difficult for ERISA class action lawsuits.
Compliance
Rules for Sponsor Self-Correction Broadened by Both SECURE 2.0 and DOL Proposal
The DOL made a proposal to expand the VFCP in November 2022, and SECURE 2.0 also made changes to IRS and DOL corrections programs.
How SECURE 2.0 Can Help Small Businesses
SECURE 2.0 has several provisions designed to increase retirement plan creation and participation by small businesses, in particular by offering them larger tax credits and by exempting them...
Allianz Asset Management of America Dealt Lawsuit Over 401(k) Plan
Workers contributing to the Allianz Savings and Retirement Plan have brought allegations of self-dealing against plan fiduciaries.
Special Financial Assistance Provided to 2 Additional Union Pensions
The two union pensions, one in transportation and the other in graphic communications, will receive more than $100 million in combined funds.
Key Actuarial Changes for Public Pension Plans in 2023
The Actuarial Standards Board approved changes for public pension plans’ investment portfolio risk assessments, disclosures of employer contributions and investment gain/loss analyses.
Deloitte Vindicated in Excessive Fee Dismissal
An ERISA suit filed in 2021 alleged that Deloitte did not monitor the fees being charged to its 401(k) plan.
Ibuprofen Stock Surges as Plan Sponsors Read New DB Plan Rules in SECURE
SECURE 2.0 makes several regulatory and disclosure changes for DB plans.
SECURE 2.0 Reforms 529 and ABLE Accounts
The reforms complement the student loan matching provision and make it easier to use ABLE and 529 accounts for college savings.
International Clinical Laboratory Company Faces 401(k) Lawsuit
Quest Diagnostics’ 401(k) profit sharing is the target of a new retirement plan lawsuit alleging excessive fees for investments.
What Does SECURE 2.0 Do for RMDs and Catch-Up Contributions?
The RMD change is straightforward, but the catch-up change, not as much.
DOL to Inquire If Regulatory Guidance Could Boost PEPs
EBSA's agenda includes speaking with plan sponsors, service providers and plan participants; asking what regulators can do to help increase PEP growth.
Plan Creation in a Post-SECURE 2.0 World
SECURE 2.0 creates new tax credits and requires automatic features that will shape plan creation going forward.
National Bank Parent Company Hit with ERISA Complaint
Plaintiffs have alleged excessive fees for recordkeeping and administrative services and for an available managed account in a retirement plan lawsuit against U.S. Bancorp.
CITs a No-Go for 403(b) Accounts
One of the original three bills of SECURE 2.0 did contain such a provision, but it was ultimately dropped.
IRS Proposes Accepting Remote Notarization on Permanent Basis
The rule would codify relief from ‘physical presence’ rules for retirement plan elections that was first granted during the height of the COVID-19 pandemic.
Professional Athlete Sports Agency Is Accused of Retirement Asset Theft
The Department of Labor alleges that a Houston sports agency used retirement assets to operate the company.
Texas Area Counseling Service Found Exempt from 403(b) ERISA Requirements
The service was found to be in a legal safe harbor, but the case continues against the plan adviser.
ESOP Plan Faces Retirement Records Lawsuit
When a former worker at medical technology company BD sought distribution of his vested and accrued retirement assets, the firm said it had no record of his individual...
California Food Processing Firm Sued for Alleged ERISA Violations
Participants of a retirement plan sponsored by Ventura Foods allege that Ventura’s mismanagement cost their retirement savings significantly.