The case is a consolidation of two lawsuits alleging
BB&T breached ERISA by favoring its own proprietary investment options and
recordkeeping services in its retirement plans at the expense of performance.
Significantly fewer “gig only” workers have assets in an
employer-sponsored retirement plan (16%) than their full-time counterparts
(52%). Twenty-five percent of “gig plus” workers have assets in an
employer-sponsored retirement plan, likely from their traditional, non-gig
Nevada’s new requirements may prove challenging for firms with advisers in multiple states including Nevada. Such firms will have to properly identify those advisers who provide investment advice in Nevada and then possibly apply a compliance program that is different than that which would be applied in other states or under federal law.