Compliance Archives | Page 90 of 579

Compliance | November 30th, 2020

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...

Compliance | November 30th, 2020

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.

Compliance | November 24th, 2020

$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.

Compliance | November 24th, 2020

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.

Compliance | November 24th, 2020

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.

Compliance | November 23rd, 2020

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.

Compliance | November 23rd, 2020

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.

Compliance | November 20th, 2020

Teva Pharma Excessive Fee Case Reaches Sizable Settlement

The pharmaceutical company has agreed to pay more than $2.5 million to settle an ERISA excessive fee lawsuit, out of which up to $850,000 can be paid to...

Compliance | November 13th, 2020

Boeing Defeats Stock Drop Suit Tied to 737 MAX Crashes

Plaintiffs in stock drop lawsuits have had very limited success establishing standing under a precedent set by the landmark Supreme Court decision Fifth-Third v. Dudenhoeffer.

Compliance | November 12th, 2020

DOL Announces Final Rule on PEP Registration

The rule is in line with DOL’s proposed rulemaking that it announced in August and streamlines the electronic process by using the same system as the Form 5500.

Compliance | November 11th, 2020

Amway Faces Excessive Fee Lawsuit

Among other allegations, the complaint says defendants continued to offer certain funds in the plan despite the availability of alternative, lower-cost ones.

Compliance | November 10th, 2020

IRS Updates Mortality Tables for Calculation of RMDs

The agency says the purpose of the updates is to allow retirees to retain more savings in their accounts in case they live longer.

Compliance | November 9th, 2020

PEPs Carry Evolving Fiduciary Risks of Their Own

The legal complexities that emerge when a single employer operates a retirement plan for its own staff are already immense; the same will certainly be true when it...

Compliance | November 9th, 2020

ESOP Participants Claim They Were Conned Into Selling Shares at Discount

A proposed class has been certified in the lawsuit against Maine Oxy-Acetylene Supply Co., its owner and a person who reportedly financed the purchase of the company.

Compliance | November 9th, 2020

Cybersecurity Risks Still Lurking for Retirement Plan Sponsors

A recent federal court decision does not let plan sponsors off the hook, and various state laws may be applied to cases against them.

Compliance | November 6th, 2020

J.C. Penney Pension Plan Taken Over by PBGC

The company recently entered an asset purchase agreement designed to allow it to emerge from Chapter 11 bankruptcy, but the pension plan was not part of the deal.

Compliance | November 6th, 2020

IRS Publishes Guidance for Terminating 403(b) Plans

In tandem with the Treasury Department, the IRS is also requesting comments on the application of annuity and spousal rights provisions related to distributions in certain 403(b) plans.

Compliance | November 5th, 2020

Finding the Right Plan Auditor

While implementing a request for proposals (RFP) isn’t necessary for every plan, issuing one can be a crucial step in determining a quality plan auditor.

Compliance | November 4th, 2020

Best of PSNC 2020: Legislative and Regulatory Update

Speakers discussed the SECURE Act, the CARES Act and the DOL’s guidance on ESG during the first day of the Best of PLANSPONSOR National Conference

Compliance | November 4th, 2020

Use of Proprietary Target-Date Suite Challenged in ERISA Suit

Another self-dealing lawsuit has been filed in federal court, this one seeking $34 million in alleged damages.