Retirees Sue Liberty Mutual for Retirement Health Coverage
The plaintiffs in a new ERISA lawsuit say Liberty Mutual is not meeting the terms of summary plan descriptions sent to certain employees after the company’s 2008 Safeco...
Compliance
IRS Updates Model Rollover Notices to Reflect SECURE Act Changes
The notice also clarifies that plan administrators are not required to provide a Section 402(f) notice to a recipient of a coronavirus-related distribution created by the CARES Act.
LinkedIn Joins List of Plan Sponsors Targeted in Stream of Excessive Fee Suits
The allegations are similar to other ERISA excessive fee suits, including a challenge to the use of the Fidelity Freedom Funds TDF series.
McKinsey Agrees to Settle Excessive Fee Lawsuit
In addition to a $39.5 million payment, the firm has agreed to a number of prospective steps to ensure reasonable expenses.
The SEC’s Retail Mutual Fund Disclosure Framework Is Changing
A new Securities and Exchange Commission proposal takes a sensible, layered approach to disclosure that takes advantage of today’s ubiquitous digital communications technologies, one attorney says.
Gannett Co. ERISA Lawsuit Revived by 4th Circuit
Helping to explain the break with the post-Dudenhoeffer tradition of courts rejecting similar stock-drop suits, the majority opinion in this matter seems to draw a distinction based on...
Mercy Health Corp. Faces 403(b) Plan Excessive Fee Lawsuit
Among other things, the lawsuit alleges the health care system unreasonably maintained investment advisers and consultants despite the known availability of others with lower costs and/or better performance...
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...
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.”