Regulators Provide Relief for Hurricane Harvey Victims
The IRS is loosening hardship withdrawal and loan rules, and the DOL announced postponed deadlines for Form 5500 filing, among other things.
Compliance
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...
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.
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.
Combating Common and Unfamiliar Fiduciary Mishaps
Two fiduciary compliance experts highlight the mistakes plan sponsors are making that can land them in hot water under ERISA—some common and others more obscure.
‘Rothification’ of DC Plans Could Harm Participants
Tax-reform may target the incentives to save in DC plans.
EEOC Wellness Program Rule Lawsuit Decided in Favor of AARP
The district court had previously ruled against the plaintiffs’ motion for a preliminary injunction, finding AARP did not prove irreparable harm to its members was likely; yet in...
ERISA Challenge Targets Minnesota Hospital System
The latest retirement industry class action challenge, filed in the U.S. District Court for the District of Minnesota, names as defendants the Allina Health System and a sizable...
IRS Issues Amendments for Bifurcated DB Distribution
The amendment suggests language a defined benefit sponsor might want to use.
Federal Pensions Challenge Big Banks’ Securities Lending Practices
Large banks are accused by the federal pension funds of working together behind the scenes to protect their interests as middle men in the securities lending marketplace.
Non-Profit and Governmental Plan Sponsors Wanted for IRS Committee
The Internal Revenue Service is seeking applications for vacancies on the Advisory Committee on Tax Exempt and Government Entities.
NY Skin Surgery Center to Pay $5 Million to ESOP
An investigation by EBSA found the owner of a laser surgery center in New York to have violated ERISA guidelines regarding company valuation for an ESOP purchase.
Appellate Court Weighs Foot Locker Cash Balance Disclosure Failures
The appellate court and district court both agree that Foot Locker did not adequately disclose to participants the possibility of “wear-away” during the transition to a cash balance...
Tibble vs. Edison Plaintiffs Win the Latest Decision in District Court
A new ruling has emerged in the long-running case, applying instructions from the Supreme Court and the 9th Circuit to reach a verdict favorable to plaintiffs.
Actuaries Propose Simplified Pension Funding Notices
The Annual Funding Notice requirements implemented by the Pension Protection Act have been somewhat helpful but could be significantly improved, according to the American Academy of Actuaries.
IRS Seeks Suggestions for Presentation About Pre-Approved Plan Program
Last month, the agency announced changes to its pre-approved plan opinion letter program.
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...
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.