PLANSPONSOR Weekend Newsdash
Week ending August 2nd, 2019
Happy Friday, PLANSPONSOR Weekend readers! In this edition, we look at what is holding up the SECURE Act in the Senate and what sources expect from the nomination for Department of Labor (DOL) Secretary if he is confirmed. Another lawsuit was filed, following the trend of excessive fee cases targeting smaller retirement plans, and a church plan sponsor has won victory in a lawsuit challenging its pension plan’s status as such. We also saw a final rule from the DOL regarding association health plans.
Editor's choice
Compliance
SECURE Act Passage May Hinge on Budget, Debt Ceiling Negotiations
The House is scheduled to leave Washington on Friday and the Senate is expected to start its recess a week later, after which federal budget and debt ceiling negotiations will almost certainly take center stage.Read more >
Compliance
The Retirement Industry Needs a Top Cop’s Guidance
All of the President’s cabinet secretaries have substantial authority to promulgate, interpret and enforce regulations. The DOL Secretary, in particular, can have a big influence on employer decisions and behaviors.Read more >
Compliance
Retirement Plan Excessive Fee Cases Continue to Move Down-Market
TriHealth Inc. has been accused of carrying high fees in its 401(k) plan, benchmarked against peer plans with an asset range of $250 million to $500 million.Read more >
Compliance
Court Decides Medical Center Plan is a Church Plan Under ERISA
Citing the Supreme Court decision regarding church plan cases and using a three-part test, a federal judge found the St. Elizabeth Medical Center Employees’ Pension Plan falls under the Employee Retirement Income Security Act (ERISA) exemption for church plans.Read more >
Compliance
DOL Releases Final Rule on ‘Association Retirement Plans’
The rule will permit employers to connect with associations of employers in a city, county, state, or a multi-state metropolitan area, or in a particular industry nationwide, as well as a professional employer association (PEO), to provide retirement plans for their employees.Read more >
MOST POPULAR STORIES
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.

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.

The Value of Having a Retirement Plan Committee Charter
While not required by ERISA, attorneys say a committee charter is a best practice that can help a plan run more smoothly—and help fiduciaries avoid litigation and penalties.
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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