$10M Settlement Reached in NRECA ERISA Litigation
Beyond the cash reimbursement to the plan, the settlement requires regular fee studies and a recordkeeping RFP process at least once every six years.
Compliance
No ‘Earth-Shattering’ Retirement Proposals in Biden Platform
Building on Social Security and Medicare are key components of the presumptive Democratic presidential nominee’s promised agenda—though if Congress swings left in November, more progressive policies could emerge.
Federal Court Orders Millions of Dollars Restored to Connecticut Health and Retirement Plans
The decision follows an investigation by the DOL.
Princeton Agrees to No Fee Increase, Among Other Things, in Lawsuit Settlement
What the settlement agreement calls ‘therapeutic relief’ also includes conducting an RFP process, creating rules for how often committees meet and reviewing TIAA’s participant loan program.
Revenue Sharing Questioned in New Quest Diagnostics Lawsuit
Among other arguments, the ERISA fiduciary breach complaint suggests fiduciaries “should not choose otherwise imprudent investments specifically to take advantage of revenue sharing.”
Settlement Reached in Lawsuit Alleging Imprudent Sale of ESOP Assets
ESOP plan committee and Republic Services defendants, as well as GreatBanc Trust Co., have agreed to a $7.9 million payment.
8th Circuit Affirms Wells Fargo’s Win in Stock Drop Challenge
The plaintiffs failed twice to meet the so-called ‘Dudenhoeffer pleading standard’ before the U.S. District Court for the District of Minnesota, and now their appeal has been rejected...
VALIC Financial Advisors Charged With Disclosure Failures
The SEC says VALIC Financial Advisors failed to disclose to Florida teachers practices that generated millions of dollars in fees and other financial benefits for the firm.
Digital Ruling in John Hancock ERISA Suit Reflects the Times
A judge has denied John Hancock’s motion to dismiss the self-dealing lawsuit but did not submit a written order.
Bill Would Allow COVID-19 Catch-Up Contributions
The proposal would allow catch-up contributions in 2021 and 2022 equal to the difference between an individual’s actual contributions and current federal limits on these accounts.
Sutter Health Facing 403(b) Excessive Fee Suit
The allegations mirror those of other recently filed cases against both 401(k) and 403(b) plans.
State Unclaimed Property Programs May Help Find Missing Participants
The ERISA Advisory Council is asking the DOL to issue guidance on plan sponsor use of these programs which reunite people with unclaimed property as often as 72%...
Minnesota Engineering Firm Files 401(k) Lawsuit Against Matrix Trust Co.
The lawsuit accuses Matrix of unlawfully retaining fees and interest through nondisclosure and concealment.
Court Finds Nonprofit Still Owes Money to Kentucky Retirement System
A nonprofit was allowed to file for bankruptcy and exit the Kentucky Retirement System, but a federal court has ruled it still owed contributions while bankruptcy proceedings were...
IRS Updates Operational Compliance List for 2020
Items effective in 2020 include several provisions of the SECURE Act.
Koch Industries Charged With Excessive Recordkeeping Fees
The plaintiffs suggest the firm’s fiduciary failures were either from lack of a prudent process or from interest in getting discounts from the recordkeeper on other services.
Parties Bow Out of Case Challenging DB Plan Calculations
The case against American Airlines is one of several alleging that the use of outdated mortality tables in determining DB plan benefits violates ERISA.
Senator Portman Presses Congress on Multiemployer Plan Reform
In an opinion piece, the senator offers three principles he believes bipartisan efforts should follow to solve the union pension crisis.
Alleged Boeing Retirement Plan Fraudster Charged in California
A federal grand jury has indicted an Orange County man for fraudulently obtaining access to Boeing employees’ retirement accounts and stealing hundreds of thousands of dollars.
Colorado the Latest State to Adopt an Auto-IRA Program
Companies lacking a retirement plan will be required to offer the savings option to their employees.