The complaint, which includes stretches of text directly copied from previous lawsuits, says the plan sponsor’s actions were contrary to those of a reasonable fiduciary.
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The lawsuit claims an investment manager failed to follow its stated investment strategy during the COVID-19-related market volatility, resulting in ‘astonishing’ losses for the pension plans.
The firm says the enhanced experience allows clients to quickly and securely enroll in their plans, change contributions, set investment strategy and update personal details.
Its 2020 Global Retirement Index says making retirement opportunities more widely available, as well as plan features such as automatic features, can mitigate the challenges.
Fifth Third’s retirement plan business for its institutional clients will now focus on its core strength of providing independent fiduciary advisory services and comprehensive investment solutions.
Recordkeepers and asset managers want more flexibility in terms of how their clients generate newly mandated lifetime income projections on retirement plan statements.
The allegations are similar to many other pieces of litigation challenging the use of actively managed funds over passive funds and the use of higher-cost share classes.