|
| Compliance |
| Excessive Fee Suit Targeting Fujitsu Results In Sizable Settlement |
| Fujitsu Technology and Business of America has agreed to a $14 million settlement that ends a class action lawsuit alleging a variety of fiduciary failures in the management of the company’s defined contribution retirement plan.Read more > |
| Account Withdrawal Fraud Lawsuit Filed by Great-West, Feds |
| A lawsuit filed in the U.S. District Court for the District of Colorado shows large retirement plan recordkeepers and service providers are increasingly seen as targets for fraudsters. As outlined in the text of the lawsuit, filed by the state’s U.S. Attorney’s office, on or about November 2016, the FBI Denver Division was contacted by Debbie Muhlhauser, vice president, internal audits, Great-West Financial, “with the referral of a matter involving allegations of fraudulent transfers from clients’ 401(k) accounts from JP Morgan.”Read more > |
| Tax Reform Could Limit Incentives for Small Business Retirement Plans |
| The American Retirement Association says that by lowering small business income tax rates to 27% but not applying that to taxes on 401(k) withdrawals for small business owners from the 35% individual tax rate, this creates a disincentive for small business owners to contribute to their retirement plan, or even offer one to their employees.Read more > |
