Happy Friday and Happy New Year PLANSPONSOR readers! Our coverage proves it’s never a dull year for the retirement plan industry, as the new year started with a couple more excessive fee suits being filed against plan sponsors and providers. It could be an interesting year for church plans, with ongoing litigation and new legislation finally passed. New guidance from the IRS anticipates the release of pre-approved 403(b) plan documents. An uptick in the number of participants who understand target-date funds shows results coming from the Pension Protection Act, which celebrates its 10th anniversary this year—something we will be delving more into in the months to come. All this and more in the latest edition of PLANSPONSOR Weekend.
Even cases that allege potential wrongdoing on the part of a service provider are often targeted exclusively at the plan sponsor. Not so in the latest suit filed by the law firm Schlichter Bogard & Denton.