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.
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 >
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 >
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 >
Share the news with a friend! Pass the NewsDash along—and tell your friends/associates they can sign up for their own copy.Read more >