Effects of COVID-19 Could Spark More Retirement Plan Litigation in 2021
Industry experts say market volatility and cybersecurity issues could lead to new lawsuits.
Compliance
NAGDCA Expects Movement on Retirement Reform in 2021
Priorities of the National Association of Government Defined Contribution Administrators is in recently introduced legislation, including allowing 403(b) plans to invest in CITs.
Congress Urged to Make Retirement Reform a Legislative Priority in 2021
Speakers at a Senate Finance Committee hearing called on legislators to create pathways for employers to support retirement savers with competing financial priorities, among other things.
IRS Issues Guidance on Auto-Enrollment Cap and Safe Harbor Notice Requirements
The guidance is intended to help employers that sponsor safe harbor plans comply with provisions of the SECURE Act.
Court Grants Dismissal of Rollins Inc. ERISA Challenge
A federal judge concluded that the plaintiffs have failed to exhaust potential administrative remedies.
Guidance on Missing Participants Listed as IRS Priority
The 2020-2021 Priority Guidance Plan says the agency will include guidance on uncashed checks.
Lawsuit Filed on Behalf of Cognizant Technology 401(k) Plan Participants
The lawsuit alleges plan fiduciaries failed to ensure plan investments and fees were prudent.
Second Case Against Cerner Dismissed Then Reopened
The parties are now discussing a potential settlement, according to the court docket.
UPenn Will Settle ERISA Fiduciary Breach Lawsuit
The filing of a stay motion related to a forthcoming settlement represents the beginning of the end for the complicated litigation.
Union Pension Funding Crisis Solution Remains Elusive
There are plenty of ideas to address the funding crisis facing certain multiemployer union pensions, but consensus federal legislation remains out of reach.
DOL Reveals Changes to 2020 Form 5500
Modifications include updates in response to the SECURE Act.
ERISA Fiduciary Breach Complaint Targets Coca-Cola Bottler
The plaintiffs in the case are represented by the increasingly well-known law firm Capozzi Adler, which has in the past several years filed an extensive number of ERISA...
Judge Certifies Sizable Class in Lawsuit Over TIAA’s Retirement Plan Loan Program
The lawsuit alleges TIAA kept some of the interest participants paid on loans from their retirement plans, which it says ‘is the epitome of self-dealing.’
Abbott Brought Back Into Retirement Plan Cybersecurity Lawsuit
Previously dismissed from the lawsuit, Abbott is accused in an amended complaint of failing to monitor its recordkeeper and failing to enforce a security question routine on its...
The Basics of Terminating a DC Plan
From updating the plan with statutory amendments to filing the final Form 5500, there are many details to attend to when terminating a defined contribution plan.
$17.5M Settlement Reached Over ‘Too Conservative’ Plan Investments
The plan’s investment policy statement allegedly called for 70% of the plan’s assets to be allocated into domestic fixed income options and 30% to be put into equities.
Bath and Body Works Parent Company Sued for 401(k) Plan Excessive Fees
The lawsuit against L Brands says recordkeeping and investment fees were excessive and fiduciaries failed to use the lowest-cost share class of funds.
Effect of the Biden Administration on Health and Retirement Benefits
Health and retirement benefit plan sponsors will likely see efforts to reduce health costs for Americans and a rolling back of current administration efforts, especially on ESG investing.
IRS Modifies CARES Act Due Date for DB Plan Contributions
The extended due date for contributions could help plan sponsors reduce PBGC variable rate premiums.
IRS Publishes 2020 Required Amendments List
There are no changes in requirements that generally require an amendment, but there are two changes that may require one.