PLANSPONSOR Weekend Newsdash
Week ending January 6th, 2017
Happy New Year, PLANSPONSOR readers! We find the new year can be a time of reflection, and we question how the industry trends in 2016 will inform 2017. Will holistic wellness solutions evolve this year? And, contributor Michael Barry provides a list of items he thinks the new Department of Labor (DOL) should undo and do. There is no sign of Employee Retirement Income Security Act (ERISA) litigation easing up, but at least one employer and plan provider has already obtained victory in a suit filed last year. In an important letter, the DOL expressed its opinion that prudent default investments in defined contribution (DC) plans can include elements of lifetime income. All this and more in this week’s PLANSPONSORWeekend! Enjoy!
Editor's choice
The Evolution of Employee Wellness Programs
More employers are devising holistic wellness programs that address physical, mental and financial health; and technology could be the main driver in boosting participation. Read more >
Multiple Recordkeepers at Heart of Excessive Fee Suit
The complaint says having different recordkeepers for a traditional DC plan and a 403(b) plan caused participants to pay too much for services. Read more >
Claims in Excessive Fee Suit Against Prudential Tossed
A court found Prudential was not acting as a fiduciary and an employer’s 401(k) plan menu and use of an investment selection tool were appropriate. Read more >
Court Denies Injunction of EEOC Wellness Program Rules
A federal judge found AARP did not prove irreparable harm to its members and is unlikely to succeed on the merits of its case. Read more >
DOL Says Lifetime Income Elements Can Be Included in Prudent Default
In response to a question about TIAA’s Income for Life Custom Portfolios, the Department of Labor noted that in the preamble to its QDIA regulations it said other investments could be prudent defaults for DC plans. Read more >
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AT&T Sued Over Calculation of Early Retirement Benefits

The plaintiffs say the plan’s terms reduce benefits using “Early Retirement Factors” and “Joint and Survivor Annuity Factors” which result in plan participants receiving less than the actuarial equivalent of their vested accrued benefit, as required by ERISA.

Congressional Leaders Want SECURE Act Passage in 2019

Based on the conversations industry advocates are having in Washington, none of the leadership in the Senate or the House opposes passage of the SECURE Act.

New Lawsuit Highlights Importance of Cybersecurity for Retirement Plans

A former 401(k) plan participant is suing the plan sponsor and plan providers after unauthorized distributions were made from her account.

IRS Releases 2019-2020 Priority Guidance Plan

The IRS invites public comments and suggestions about guidance.

DC Plans 3.0 Will Really be Tailored to Individual Situations

Bob Collie, head of research at the Thinking Ahead Institute, tells PLANSPONSOR version 3.0 will be customized by “hyper-customization and integrated whole-of-life wealth management” that takes into account all of a person’s savings.

Editorial: Alison Cooke Mintzer


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