Senate HELP Committee Asks DOL to Focus on 6 SECURE 2.0 Provisions
Areas including emergency savings and employer ownership were identified as 2024 brings more SECURE 2.0 regulatory deadlines.
Tag: ESOP
Assistant Secretary Gomez Explains Upcoming EBSA Priorities
Effective disclosure, SECURE 2.0 and ESG are at the top of EBSA’s short-term agenda, according to EBSA Head Lisa Gomez.
2022 PLANSPONSOR Plan Sponsor of the Year Winners Announced
Awards were given in nine categories representing various plan types and sizes.
DOL Recovers Money for ESOP Participants
The Department of Labor ordered the former trustee to restore $8.4 million and plan fiduciaries to restore nearly $1 million...
ESOP Sponsor Settles Allegations of ERISA Violations With the DOL
Mohawk Hospital Equipment will transfer $431,000 worth of stock to participants and pay a fine.
Court Denies Summary Judgment for Lawsuit Against ESOP Fiduciaries
The judge found that while the plaintiff might have released all his claims with a separation agreement, the lawsuit was...
DOL Alleges ESOP Sale Illegally Benefited Plan Fiduciaries and Their Children
The Department of Labor says the plan’s ownership interest was sold for less than market value, effectively transferring the rest...
Benefits |
ESOPs a Win-Win for Workers and Employers
Not only do they build employees’ wealth at a faster rate than retirement plans, but they contribute to business performance...
Settlement Details Published in Jander v. IBM
Prior to settlement, the long-running stock drop lawsuit received multiple appellate court rulings and consideration from the U.S. Supreme Court.
ESOP Participants Claim They Were Conned Into Selling Shares at Discount
A proposed class has been certified in the lawsuit against Maine Oxy-Acetylene Supply Co., its owner and a person who...
Additional ESOP Valuation Litigation Targets Wilmington Trust
According to the lead plaintiff, fiduciary violations occurred when an inflated valuation provided by Wilmington Trust caused an employee stock...
Reliance Trust ESOP Lawsuit Clears Dismissal Motion
The Department of Labor alleges various failures and points of wrongdoing associated with sale of company stock to RVR Inc....
Court Orders ESOP Fiduciary to Complete Fiduciary Training
This is in addition to $454,545 in restitution to the plan, paid by the company and its employee stock ownership...
ESOPs Boost Household Wealth
Workers between the ages of 18 and 34 who are employee-owners have 92% higher median household wealth relative to workers...
Court Says Participant Misunderstood Valuation for ESOP Purchase
A federal district court judge found that since shares for the ESOP were purchased with borrowed funds, the subsequent lower...
Court Orders Fiduciaries to Restore $6.5 Million to ESOP
The court found as a fiduciary to the ESOP, Evolve Bank failed to notice, question or investigate several red flags...
Workers in ESOPs Have Double the Retirement Savings
ESOP participants have an average retirement balance of $170,326, more than twice the $80,339 that other workers have saved
Reliance Trust Settles DOL Lawsuit Over ESOP Valuation
The lawsuit alleged that employee stock ownership plan participants overpaid for company stock.
Plaintiffs’ Prudence Claims Snapped in General Cable Stock Drop Suit
In dismissing the stock drop challenge, the judge offers an illuminating review of what is required by ERISA’s duty of...
‘Prudence’ and ‘Loyalty’ Feature in Second Rejection of Wells Fargo Stock Drop Suit
While they won the day, defendants unsuccessfully argued that the Dudenhoeffer pleading standards should be applied not only to prudence claims, but...