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| Compliance |
| District Court Admits Error in ERISA Lawsuit Ruling |
| The U.S. District Court for the Middle District of Pennsylvania has ruled in an Employee Retirement Income Security Act (ERISA) lawsuit targeting WellSpan Good Samaritan Hospital, an acute care hospital in Lebanon, Pennsylvania. The district court’s new decision comes after its previous move denying the hospital defendants’ motion for summary judgment to toss plaintiffs’ claims, which cover a variety of fiduciary breach allegations. Specifically, the district court’s new decision says it will fully reconsider its ruling to deny summary judgement on behalf of defendants, essentially because the court confused subtle elements of Third Circuit case law.Read more > |
| ERISA Excessive Fee Suit Filed Against University of Rochester |
| A participant in the University of Rochester Retirement Program has filed a lawsuit alleging that plan participants have paid an estimated $72 million in in recordkeeping, distribution, and mortality risk fees to provider TIAA. The lawsuit claims that since the University of Rochester’s 403(b) plan has more than $4.2 billion in assets, it has tremendous bargaining power to demand low-cost, high-quality administrative services; however, it instead has failed to adequately take proper measures to understand the real cost to plan participants for TIAA’s services, to properly inform participants of the fees they were paying to TIAA as required by law, and to act prudently with such information.Read more > |
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| Products, Deals and People |
| Retirement Industry People Moves |
| CalPERS CIO to leave fund; P-Solve rebrands to River and Mercantile Solutions; Trinity Pensions Consultants opens Indianapolis sales office; and more.Read more > |
