Tag: ERISA

Connecticut decided to pass the law after Connecticut teachers regretted investing in certain products without being informed of fees and other charges.

The complaint alleges that at a certain point, the plan lost its church plan status as defined by ERISA and was required to adhere to ERISA funding rules.

Industry stakeholders immediately offered their thoughts on the complex regulatory saga that has surrounded the now-defeated DOL fiduciary rule; depending on their position in the industry and their particular client service philosophy, some providers are hailing this step as a victory, while others are bemoaning it.

A retirement plan consultant and an ERISA attorney offer tips for setting up, maintaining and following retirement plan documents.

Fee-levelization and zero revenue sharing are the newest trends for retirement plan fees.

From the recent fiduciary rule hold to modern, advanced technology, panelists examine how participant advice has widely grown in the past years.

Having prudent processes in place when making plan decisions is of utmost importance, and if a plan sponsor gets sued, having fiduciary liability insurance can be a big help.

Understanding the opportunities associated with 3(21) and 3(38) fiduciary services—and the key differences between them—can help ensure the best use of the retirement plan committee’s time and resources.

Noting that the bank already made restitution to the participants under an IRS closing agreement, the 4th Circuit agreed with a lower court that the bank did not profit from its transfer of 401(k) assets to create a cash balance plan.

The mixed ruling grapples with binding circuit court guidance and reaches quite different conclusions regarding various allegations of prohibited transactions and fiduciary breaches.

Data from Morningstar demonstrates variable annuity net assets fell 1.6% to $1.95 trillion during the first quarter of 2018, versus fourth quarter 2017 net assets of $1.99 trillion; still, experts anticipate sales to recover as regulatory pressure and uncertainty ease.

The new claim is related to the defendants’ alleged failure to protect plan assets by allowing third parties to market services to participants.

Plaintiffs allege the firm added poorly performing proprietary mutual funds to their plan.

A federal district court judge found that additional allegations that alternatives to continuing to offer the company stock would lead plan fiduciaries to find they would not do more harm than good were not context-specific enough to the case.

Non-electing church plans are exempt from the Employee Retirement Income Security Act (ERISA) provisions pertaining to participation, coverage, and vesting; however, these plans are subject to the requirements for participation, coverage and vesting that were in effect on September 1, 1974, prior to the enactment of ERISA.

The DOL found the company's president and CEO did not process any distribution requests submitted by 401(k) plan participants, among other ERISA violations.

In addition to a monetary payment, the university has agreed to structural changes to its 403(b) plans.

The 6th Circuit noted that Firestone Tire & Rubber Co. v. Bruch, in which an arbitrary-and-capricious standard of review is required by the court if the plan “gives the administrator or fiduciary discretionary authority to determine eligibility for benefits or to construe the terms of the plan,” should have been used by the district court.

The district court’s new decision comes after its previous move denying defendants’ motion for summary judgment against plaintiffs’ claims, which cover a variety of fiduciary breach allegations; a new ruling is now forthcoming.