American Airlines Prevails in ERISA Lawsuit
A federal judge found the plaintiffs did not show they suffered an injury by American’s decision to include a credit union fund rather than a stable value fund...
Compliance
Recent Acts Will Require Plan Amendments
Retirement plan sponsors will need to be aware of select modifications depending on their plan type, as well as key deadlines to follow.
More ERISA Plaintiffs Challenge Use of Active TDF Suit
A new lawsuit claims the defendants failed to compare the merits of active and index target-date fund suites managed by Fidelity.
Stimulus Bill Projections May Impact Long-Term Savings
As both Senate and House proposals would pump trillions of dollars into the economy to aid staggering unemployment figures, concerns of possible inflation years down the line have...
District Court Says ‘Actuarial Equivalence’ ERISA Challenge Can Proceed
A previous ruling was handed down in the case in January, when the parties were given an opportunity to submit supplemental briefings as to the meaning of ‘actuarial...
DOL Fiduciary Rule Debate Continues in Public Comments
Some argue the fiduciary proposal is being rushed, while others broadly support the Department of Labor’s aim to align its regulations with the Securities and Exchange Commission.
Musician Union Pension Benefit Cut Likely to Be Denied
The financial hardship faced by the American Federation of Musicians and Employers’ Pension Fund is characteristic of a broader problem—one that Congress is divided on how to address.
DOL’s Proposed ESG Restrictions Panned in Public Comments
The clear trend among investment managers, retirement industry professionals and members of the public is skepticism about the need for the proposed environmental, social and governance (ESG) investing...
$10M Settlement Reached in NRECA ERISA Litigation
Beyond the cash reimbursement to the plan, the settlement requires regular fee studies and a recordkeeping RFP process at least once every six years.
No ‘Earth-Shattering’ Retirement Proposals in Biden Platform
Building on Social Security and Medicare are key components of the presumptive Democratic presidential nominee’s promised agenda—though if Congress swings left in November, more progressive policies could emerge.
Federal Court Orders Millions of Dollars Restored to Connecticut Health and Retirement Plans
The decision follows an investigation by the DOL.
Princeton Agrees to No Fee Increase, Among Other Things, in Lawsuit Settlement
What the settlement agreement calls ‘therapeutic relief’ also includes conducting an RFP process, creating rules for how often committees meet and reviewing TIAA’s participant loan program.
Revenue Sharing Questioned in New Quest Diagnostics Lawsuit
Among other arguments, the ERISA fiduciary breach complaint suggests fiduciaries “should not choose otherwise imprudent investments specifically to take advantage of revenue sharing.”
Settlement Reached in Lawsuit Alleging Imprudent Sale of ESOP Assets
ESOP plan committee and Republic Services defendants, as well as GreatBanc Trust Co., have agreed to a $7.9 million payment.
8th Circuit Affirms Wells Fargo’s Win in Stock Drop Challenge
The plaintiffs failed twice to meet the so-called ‘Dudenhoeffer pleading standard’ before the U.S. District Court for the District of Minnesota, and now their appeal has been rejected...
VALIC Financial Advisors Charged With Disclosure Failures
The SEC says VALIC Financial Advisors failed to disclose to Florida teachers practices that generated millions of dollars in fees and other financial benefits for the firm.
Digital Ruling in John Hancock ERISA Suit Reflects the Times
A judge has denied John Hancock’s motion to dismiss the self-dealing lawsuit but did not submit a written order.
Bill Would Allow COVID-19 Catch-Up Contributions
The proposal would allow catch-up contributions in 2021 and 2022 equal to the difference between an individual’s actual contributions and current federal limits on these accounts.
Sutter Health Facing 403(b) Excessive Fee Suit
The allegations mirror those of other recently filed cases against both 401(k) and 403(b) plans.
State Unclaimed Property Programs May Help Find Missing Participants
The ERISA Advisory Council is asking the DOL to issue guidance on plan sponsor use of these programs which reunite people with unclaimed property as often as 72%...