In Private Letter Ruling, IRS Permits DB-to-DC Asset Transfer
The ruling only applies to the case at hand, but there are still lessons to be learned from an employer’s successful appeal to transfer excess assets from a...
Compliance
Appeals Court Upholds Decision in Boeing Stock-Drop Case
Judges reaffirm the role of third-party fiduciaries in stock plans.
Plaintiffs’ Firms Must Pay $1.5 Million for ‘Vexatious’ Litigation
An order against the firms, which were involved in lengthy litigation against Great-West, states that they behaved recklessly and unfairly in the pursuit of their claims.
Managed Account Fees Challenged in Latest ERISA Lawsuit
The lawsuit comes as retirement plan sponsors and participants express increased interest in personalization and managed account services.
Inflation Reduction Act Prescribes Fragmented Drug Pricing Reforms
An employer trade association criticizes the bill for excluding the commercial market from prescription drug reforms.
Settlement Struck in L Brands ERISA Lawsuit
The defendants were accused of failing to monitor the average expense ratios charged to similarly sized plans for investment management fees and recordkeeping.
More TDF Underperformance Lawsuits Emerge Across US
Among the latest major employers to be sued under ERISA for alleged underperformance of default investment options are Marsh & McLennan and Advance Publications.
Northern Trust Fails to Get Proprietary Fund Suit Dismissed
A judge has rejected the defendants’ arguments that the same reasoning applied by two circuit courts in other cases should be applied to their case.
DOL to Host Compliance Assistance Seminar in Dallas
The free event will increase awareness about the fiduciary responsibilities of operating a retirement plan.
Plan Sponsors Have More Time for Certain Plan Amendments
The IRS is extending deadlines for amending plans for certain provisions of the SECURE Act and other legislation.
Microsoft Latest Target of Lawsuits Over TDF Suite
The lawsuit claims that chasing low fees is currently “in vogue” and that fiduciaries gave no consideration to the funds’ ability to generate returns.
Recent TDF Performance Lawsuits Raise Insurer Ire
One fiduciary insurance executive says a spate of new ERISA lawsuits ‘demonstrates that no fiduciary is safe, since one can apparently be sued just because they trailed the...
Complexity of QPAM Proposal Could Be a Concern
Attorney calls the objectives of EBSA's proposed amendment 'sensible,' but said implications could be 'unexpected and worrying.'
Justice Department Drops Pennsylvania PSERS Probe
The pension fund had been under investigation for more than a year over an accounting error in 2020.
Passive TDF Performance Scrutinized in Latest String of ERISA Lawsuits
A new complaint against Booz Allen Hamilton alleges that ‘a simple weighing of the merits and features of all other available TDFs’ would have raised significant concerns for...
Where Does the Securing a Strong Retirement Act Stand?
Experts are optimistic regarding the future of the retirement reform legislation that seeks to build on the SECURE Act, but some uncertainty remains.
Senators Press Fidelity on Bitcoin Exposure
In a letter, the Senators question why Fidelity would allow retirement plan participants to be exposed to the ‘untested, highly volatile asset.’
Qualified Professional Asset Manager Exemption Changes Proposed
The Department of Labor’s proposal will affect a prohibited transaction exemption that permits certain parties related to retirement plans to engage in transactions involving plan and individual retirement...
TriHealth Excessive Fee Ruling Partly Remanded by 6th Circuit
The short appellate ruling notes that new precedents have overtaken some of the debates in the case.
IRS Addresses Mergers Involving DB Plans That Have Received SFA
The ongoing plan must still separate special financial assistance funds and invest them according to final regulations.