The Thrust of Fiduciary Liability Insurance
In a world of heightened plan sponsor scrutiny, fiduciary liability insurance can be a powerful tool.
Tag: Fiduciary
Embracing In-Plan Annuities
Specific policy changes and plan sponsor initiatives can make guaranteed lifetime income a norm in the DC plan space, TIAA suggests.
Participant Says ‘Large Plan’ Failed to Negotiate Better Fees
An excessive fee lawsuit has been filed against fiduciaries of the Novitex Enterprise Solutions Retirement Savings Plan, a 401(k) plan which had more than $157 million in assets as of the end of 2015.
Wells Fargo Stock Drop Suit Dismissed
A federal district court ruled the plaintiffs did not meet all the pleading standards set forth by the U.S. Supreme Court.
Voya Extends Framework Retirement Program to Tax-Exempt Market
The mutual-fund based program also offers an in-plan retirement income option and access to 3(38) fiduciary services.
Essentia Health ERISA Suit Survives Motion to Dismiss
Participants allege the company should have allowed a single recordkeeper to service its traditional DC plan and its 403(b) plan—and that it permitted excessive fees by paying for distinct administrative services for each.
Plaintiffs Target DST Systems and Ruane Advisory for Fiduciary Failures
According to plaintiffs, Ruane’s flagship fund, the Sequoia Fund, contained more than $25 billion in assets until the firm “engaged in a misguided and reckless investment strategy.”
What 403(b) Plan Sponsors Can Learn From Recent Lawsuits
Steps can be taken to prevent a lawsuit, establish defenses if a lawsuit arises and buy fiduciary protection.
The TPA Landscape Is Changing
There have been a rash of third-party administrator (TPA) acquisitions recently, and TPAs are offering new services.
Most Participants Not Receiving Retirement Savings Advice
Of those who do seek retirement investments advice, financial advisers are the most utilized source, according to a survey by Betterment.
Fiduciary Rule Transition Period Extended by One Year
As the DOL lays out, the primary purpose of the proposed delay of full enforcement is to give the department the time necessary to consider possible changes and alternatives.
BB&T Self-Dealing Suit Gets Class Certification
A court certified a class in the consolidated lawsuit after first rejecting BB&T’s arguments that the class did not meet commonality and typicality requirements.
Record Number of Plan Sponsors Eye an Adviser Switch
Fidelity reports that a record number of plan sponsors are actively looking to switch their plan advisers.
Court Moves Forward Few Claims in NYU 403(b) Plans Case
A federal court judge found most claims were not plausibly alleged by the plaintiffs.
Participant Challenges Prudential and Morningstar Allocation Solution
The lead plaintiff suggests the providers created an asset allocation solution designed to seed high-fee funds over lower-cost options—charges the firms flatly deny.
District Court Permits Most of Plaintiff’s Case in ERISA Challenge
The underlying complaint challenges the process and motivation surrounding the termination of a group annuity contract.
Retirement Industry People Moves
Court Sides With Wilmington Trust on ESOP Challenge
A judge said the plaintiffs did not allege an injury because, although the purchase price of the stock was allegedly inflated, the stock has not been sold at a loss.
Sears Faces Another ERISA Lawsuit
A new stock drop complaint includes not only the Sears Holdings Savings Plan, but also the Sears Holdings Puerto Rico Savings Plan.
Survey Suggests Small-Balance Retirement Savers Hurt by Fiduciary Rule
FSR says, “access to investment services for investors with modest-sized and small account balances has been, and will continue to be, substantially diminished as a result of the best interest contract (BIC) exemption’s onerous compliance burdens and litigation risks.”