PLANSPONSOR Weekend Newsdash
Week ending July 12th, 2019

The retirement plan industry will be closely watching cases taken on by the Supreme Court regarding when “actual knowledge” occurs for plaintiffs and whether participants can show harm for fiduciary breaches when a defined benefit (DB) plan is well-funded. Meanwhile, a case already decided by the high court could have implications for future retirement plan litigation. Form 5500 filings are due soon, and while some plan sponsors may dread the annual financial audit, one auditor suggests it can help plan sponsors identify mistakes and improve compliance. If mistakes are found, many can be self-corrected. Enjoy this edition of PLANSPONSOR Weekend!

Editor's choice
Compliance
Supreme Court Takes on Intel Case About ‘Actual Knowledge’
The investment committee for two Intel Corporation retirement plans asked the court to determine whether the provision of plan documents, in itself, creates for participants “actual knowledge” of an alleged fiduciary breach under the Employee Retirement Income Security Act (ERISA). Read more >
Compliance
Supreme Court Asked If Well-Funded Pensions Can Harm Participants
ERISA allows plan participants to sue to remedy demonstrable harms they have suffered as a result of fiduciary breaches. Less clear is how to apply ERISA’s remedies when a breach is alleged to have occurred within a well-funded pension plan. Read more >
Compliance
Supreme Court Rules in Case With Major Implications for Retirement Plans
The case concerns the issue of how much courts should defer to agency (such as IRS or Department of Labor) interpretations of regulations. Read more >
Compliance
Engaging With Plan Auditors Can Improve Plan Operations and Governance
In testimony to the ERISA Advisory Council, James Haubrock, with the American Institute of Certified Public Accountants (AICPA), explained how using findings from retirement plan financial audits can help plan sponsors improve their processes and compliance. Read more >
Compliance
Regulators Finalize New HRA Rule
Starting next January, employers can give their workers tax-deferred funds to go shopping for a health plan, thanks to individual coverage health reimbursement arrangements. Read more >
MOST POPULAR STORIES
Adidas Sued Over Excessive Fees for 401(k) Participants

Plaintiffs in the lawsuit argue that passive funds would have resulted in better returns net of fees that the actively managed funds offered in the plan.

(b)lines Ask the Experts – Proper Delivery Method for SPDs
Experts from Groom Law Group and Cammack Retirement Group answer questions concerning 403(b) plans and regulations.
Yale Sued Over Wellness Program ‘Penalty’

The lawsuit says the so-called “incentive” Yale offers for participating in the wellness program are in fact a “penalty” that violates non-participants’ right, and it notes that the Equal Employment Opportunity Commission (EEOC) withdrew the incentive portions of its wellness program rules.

Employees in Two States Miss Out on One HSA Benefit
Is this impacting health savings account (HSA) participation?
Some Help for Women’s Retirement Savings Gap May Be Coming

Some legislative proposals, such as the SECURE Act, may address challenges to retirement income adequacy women face, but there are also things retirement plan sponsors can do.

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

Advertising: Paul Zampitella paul.zampitella@strategic-i.com

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