Compliance

Custodians Need Help Cleaning Out Abandoned Plans

Metropolitan Life Insurance Company and Brighthouse Life Insurance Company have agreed to work with the DOL to determine whether more than 2,000 retirement plans in their custody are abandoned.

Selecting the Optimal QDIA

How Hearst Corp. followed a prudent process to choose its qualified default investment alternative.

DC Plan Loans Require Diligent Management

“Because the Department of Labor views plan loans as investments, they should be treated with the same level of care and scrutiny as any other investment,” says Rob Reiskytl, a partner in retirement consulting division of Aon in Minneapolis.

SEC Modernizes Delivery of Fund Reports

The Commission is also seeking public feedback on fund disclosure and the fees that intermediaries charge funds for delivering fund reports.

Invesco Latest Target of ERISA Self-Dealing Lawsuit

In a complicated complaint filed in federal district court, participants in Invesco’s retirement plan say they have been subject to disloyal and imprudent decisions made by conflicted plan officials.

Lawsuit Seeks to Halt Rollout of California Secure Choice Savings

The Howard Jarvis Taxpayers Association wants a federal district court to halt the program, based on ERISA preemption and the possibility that home-owning Californians could be called on to pay additional taxes to support Secure Choice, which aims at opening up retirement investing opportunities.

Legislation Would Establish Retirement Benefits Commission

A press release about the bill mentions a Government Accountability Office report in which the GAO said: “Congress should consider establishing an independent commission to comprehensively examine the U.S. retirement system and make recommendations to clarify key policy goals for the system and improve how the nation promotes retirement security.”