Aside from monetary relief, the settlement calls for Vanderbilt to issue a request for proposals (RFP) for a new recordkeeper and stipulates factors to consider when evaluating funds in the 403(b) plan’s investment menu.
The new publication is authored by industry expert S. Derrin Watson, J.D.
The settlement agreement calls for a $3.5 million payment from Brown, as well as non-monetary relief.
The majority of retirement plan participants surveyed said they have knowledge about their retirement plan and fees, but while the majority also said they know they need to save at least 10% of their salary, many are not doing so.
A federal district court judge has granted the parties' request to set a deadline of April 22, for the filing of a motion for preliminary approval of the settlement.
Among other things, comments are invited on ways to minimize the burden of the collection of information on respondents, including through the use of automated collection techniques or other forms of information technology.
According to the complaint, TIAA has been able to extract “grossly excessive fees” because its fees are tethered not to any actual services it provides to the plan, but rather, to a percentage of assets in the plan.
The settlement agreement calls for a gross monetary payment of $10.65 million to a settlement fund and other non-monetary actions by Duke University.
The firm will offer open architecture and a comprehensive selection of investments with lower fees and expense ratios to 403(b) plans, as well as full-time representatives to assist 403(b) participants.
Even among 403(b) plans not governed by ERISA, PLANSPONSOR DC Survey results show improvement in certain governance practices.