However, the 9th U.S. Circuit Court of Appeals did remand back to a district court the calculation of interest on the $7,367,382.13 in damages awarded.
Tag: Employee Retirement Income Security Act
They are designed to increase plan sponsors’ and advisers’ awareness and understanding about basic fiduciary responsibilities when operating a retirement plan.
The relief on ERISA compliance applies to plan sponsors in Nebraska, Iowa and Alabama identified now or in the future for individual assistance by the Federal Emergency Management Agency (FEMA).
Participants in Chevron’s DC plan say the 9th Circuit applied unnecessarily high pleading standards, “precluding petitioners from pursuing claims that have been recognized as sufficiently plead in other circuits.”
A U.S. Appeals Court rejected a District Court’s finding that was similar to many decision in lawsuits following the Supreme Court’s decision in Fifth Third v. Dudenhoeffer.
A federal judge made this decision in allowing Massachusetts Institute of Technology’s motion to strike plaintiffs’ demand for a jury trial in a suit alleging breach of fiduciary duties and prohibited transactions.
H.R. 1439, known as the Increasing Access to a Secure Retirement Act, would establish a stronger Employee Retirement Income Security Act (ERISA) safe harbor for defined contribution (DC) plan sponsors to offer in-plan guaranteed income products.
The denial leaves in place an appellate court’s decision that claims in a lawsuit against the University of Southern California fell outside the scope of arbitration agreements signed by plaintiffs in the case, so the lawsuit over two of the university’s retirement plans may proceed.
In addition, the agency is holding a three-day webcast series in March.
In addition to a more than $13 million payment, Franklin has agreed to select a non-proprietary target-date fund (TDF) for its 401(k) plan’s investment lineup and increase company match contributions for three years.
Employees of Kroger say Central States’ plan trustees refused to negotiate a proposal with them after they filed an ERISA fiduciary duty lawsuit, but court documents show the trustees attempted negotiations after the filing of the suit and not before.
According to the lawsuit, Stadion directed participants’ accounts into investments that would better benefit itself and Mutual of Omaha, and Mutual of Omaha retained revenue sharing knowing of Stadion’s actions.
In addition, a federal district court has ordered the trustee of the plans not to serve in a fiduciary capacity to any Employee Retirement Income Security Act (ERISA) employee benefit plan.
In addition to asking the high court to weigh in on whether the plaintiff or the defendant bears the burden of proof on loss causation under ERISA, Putnam asked the court to determine whether showing that particular investment options did not perform as well as a set of index funds selected by the plaintiffs with the benefit of hindsight, suffices as a matter of law to establish “losses to the plan.”
S. Derrin Watson, a pension attorney and educator, has been answering questions from ERISApedia clients for the last year and has edited and selected over 400 ASK responses to subscribers to add to the eSource.
“Saxon Angle” from PLANSPONSOR magazine touches on timely issues of the day.
The 9th U.S. Circuit Court of Appeals found that the facts alleged are insufficient to support a plausible inference of breach of the duty of loyalty, breach of the duty of prudence, or that a prohibited transaction took place.
The 9th U.S. Circuit Court of Appeals previously concluded that the challenge to the management of the University of Southern California’s retirement plans fell outside the scope of the arbitration agreements because the claims were brought on behalf of the plans, not the individuals.