The Thrust of Fiduciary Liability Insurance
In a world of heightened plan sponsor scrutiny, fiduciary liability insurance can be a powerful tool.
Compliance
Settlement Agreement Reached in Church Plan Challenge
Many terms of the settlement agreement between St. Joseph’s Hospital and its pension plan participants are similar to provisions of ERISA.
Meant to Aid Struggling Multiemployer Plans, MPRA Adds Complications
Under the Multiemployer Pension Reform Act, the Treasury must review pension plan applications for benefit suspensions—but the process is proving more stringent than applicants and industry experts had...
Congress Adds to Relief for Hurricane Victims
The act, signed into law last week, allows tax-penalty-free withdrawals and larger loan amounts from retirement accounts than current statutory limits.
IRS Reveals FY 2018 Compliance Priorities
Plan sponsors will have a number of new compliance checks to keep in mind.
Providers Remain Uncertain Amid Tense Legislative Session
The list of regulatory and legislative challenges affecting employers and their retirement plan consultants can seem endless, and when linked to the increasing litigation from the plaintiffs’ bar,...
IRS Issues Final Regulations About Mortality Tables
In a statement, ERIC said it is pleased the agency took into account its request for flexibility for DB plan sponsors to potentially delay for one year the...
Johns Hopkins University ERISA 403(b) Challenge Partly Dismissed
The complaint states that Johns Hopkins has not prudently managed its 403(b) plan, but a district court judge disagrees, at least on several aspects of the complaint.
TDF Underlying Funds and Revenue-Sharing Disclosure Claims Dismissed in Lawsuit
The participant only prevailed in moving forward a claim that Verizon allowed an imprudent investment option to continue to be offered in its retirement plans.
PBGC Issues Guidance About Active Participant Reduction Reportable Event
A technical update provides an alternative method for determining whether reporting an attrition event to the PBGC is required.
Broker Accused of Pay-to-Play With New York Fund Avoids Prison
A sentencing memorandum for Kelley cites many letters from friends, family and former co-workers attesting to “a life otherwise characterized by a deep devotion to her family, friends...
PBGC Makes Proposals About Plan Terminations
The agency is proposing that termination forms may be filed electronically and that plan sponsors be offered a pre-filing consultation.
Fidelity Wins Dismissal of Suit Over Advice and SDBAs
The court basically decided Fidelity was not the fiduciary responsible for choosing to provide the advice and SDBA offerings to participants.
General Electric Charged With Self-Dealing in 401(k)
401(k) participants claim GE retained underperforming proprietary funds in the plan so that its asset management arm could earn significant profits.
IRS Announces Revised VCP Forms
Last year, the IRS updated the comprehensive system of correction programs for sponsors of retirement plans.
IRS Allows for Effective Date Addendums for 403(b) Plan Documents
Generally, the overall effective date for 403(b) pre-approved plans are plan years beginning on or after January 1, 2010, but this raises issues for certain plan sponsors.
NIRS Makes Suggestions for Improving the Saver’s Credit
Research from the NIRS found millions of low- to moderate-income individuals have been unable to use the credit because they lack access to a qualified retirement plan.
PBGC Announces Relief Due to Hurricane Maria
The relief applies to PBGC premiums, single-employer plan terminations, reportable event notices, annual employer reporting, requests for reconsideration or appeals and multiemployer plan deadlines.
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...
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.