1 New York, 2 Michigan Pension Plans Receive PBGC Assistance
The three supplemental SFA packages provide a total of more than $200 million.
Compliance
25 States Bring Suit Against ESG Regulation
The DOL’s new rule on ESG, which takes effect today, is being challenged by a range of actors in a lawsuit filed last week.
What Can Annuities Gain From Secure 2.0 Act?
The law offers some minor changes, but some sections do result in increased availability and flexibility for annuities.
New DOL Rule on ESG Investing in Retirement Plans Draws Republican-Led Legal Challenge
The rule is scheduled to take effect on Monday, but 25 state attorneys general and three fossil fuel advocates are seeking an injunction to block it.
Ironworker and Plasterer Pension Funds Receive SFA Assistance From PBGC
The two construction pension plans will receive more than $70 million in combined funds.
SECURE 2.0 Accidentally Dropped Catch-Ups, But Industry is On the Case
Legislators seem to have dropped a section from the final version of SECURE 2.0 that nullifies catch-up contributions in retirement plans, but an industry advocate has already called...
Fluor ERISA Lawsuit Dismissed
District Judge allowed one plaintiff 28 days to submit an amended complaint.
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.
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.