PLANSPONSOR Weekend Newsdash
Week ending April 14th, 2017
Happy Friday, PLANSPONSOR readers! While we once considered whether health savings accounts (HSAs) would follow the movement of 401(k)s, an analysis shows this isn’t happening so far. Other studies report that retirement plan participants who take lump-sums often spend them too fast, and more folks are planning to rely on Social Security as a primary source of income in retirement. On the legal front, Schwab attorneys have asked a court to compel arbitration of self-dealing claims, and Fujitsu has failed to get its excessive fee suit dismissed. Enjoy this edition of PLANSPONSOR Weekend.
Editor's choice
Benefits
HSA Market Trends Differ From Those in DC Space
The presence and generosity of employer contributions to health savings accounts only make a slight impact on the enrollment rate, for example.Read more >
Investing
Better Lump Sum Info Boosts Plan Participant Outcomes
According to MetLife’s “Paycheck or Pot of Gold Study,” of the individuals who took a lump sum from a retirement plan, 21% say at some point they depleted it­—taking just five and a half years on average to spend the dough.Read more >
Data and Research
Social Security a Bigger Part of Boomers' Retirement Income Plans
Prior to the recession, 43% of middle-income Boomers planned on primarily relying on personal savings in retirement, compared to 34% now.Read more >
Compliance
Court Asked to Compel Arbitration of Schwab Self-Dealing Suit
According to the motion filed by attorneys, the fact that the plaintiff’s claims are brought pursuant to ERISA’s civil enforcement provisions does not in any way impede or limit the application of the arbitration provisions contained in the plan document.Read more >
Compliance
Fujitsu’s Motions to Dismiss 401(k) Excessive Fee Suit Denied
U.S. Magistrate Judge Nathanael M. Cousins of the U.S. District Court for the Northern District of California found plaintiffs in a 401(k) excessive fee case against Fujitsu Technology and Business of America adequately pled the causes of action for breach of fiduciary duty under the Employee Retirement Income Security Act (ERISA).Read more >
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2020 Recordkeeping Survey
Takeda Pharmaceuticals Faces ERISA Lawsuit Over TDF Suite in 401(k) Plan

The lawsuit says the target-date funds were selected for the plan despite having no performance history and, when they continued to underperform, they were not replaced with better options.

Trustee Sued Over Retirement Plan Account Fraud

The lawsuit claims the trustee allowed an unauthorized person to take a distribution from a participant’s account and that the trustee is refusing to provide information to help remedy the situation.

Democrats Take Control of the Senate: What Does That Mean for Your Retirement Plan?

Syed Nishat, with Wall Street Alliance Group, discusses potential effects on retirement plans if President Joe Biden is able to move forward his legislative agenda.

Pandemic Puts More Households at Risk in Retirement

The Center for Retirement Research says half of American households are at risk of not being able to live at pre-retirement standards of living in retirement.

Editorial: Alison Cooke Mintzer alison.mintzer@strategic-i.com

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