The Department of Labor has submitted a draft regulation to the Office of Management and Budget.
Part of the Supreme Court’s reasoning in affirming two lower court rulings in Thole v. U.S. Bank is the fact that the Department of Labor polices pension plan fiduciary violations, but plaintiffs’ attorneys say the resourced-strapped federal agency can’t do the job alone.
The agreement also calls for the university to issue an RFP for recordkeeping services and engage an independent consultant to review investments, among other things.
Normally the Supreme Court strives to structure its rulings with the narrowest possible scope and implications, but that is not always the case.
The agency says it is postponing deadlines for certain time-sensitive actions required by these plans and others because of the COVID-19 emergency.
The case is expected to help determine whether the millions of Americans whose pensions are held in defined benefit plans have the right to sue the fiduciaries of their plans for mismanaging assets, even when their own retirement benefit has not suffered.
Plan participants allege prohibited transactions between a plan sponsor and its investment manager relating to a revamp of the plan's investment lineup.
The board will begin enforcement of the Code of Ethics and Standards of Conduct on June 30.
A federal judge previously moved forward ERISA claims against retirement plan providers and has recently allowed for a counterclaim by the providers against the plan sponsor.
The state is following in the footsteps of Iowa, which earlier this month adopted a regulation to require annuity agents to act in the best interest of their customers.
In other ways, the excessive fee lawsuit is identical to others filed by law firm Capozzi Adler.
With the electronic disclosure delivery regulation in the bag, retirement industry lobbyists have turned their attention back to the ambitious Portman-Cardin bill, a version of which could soon be introduced in the House.
A payment of $9 million will be made to “fully, finally and forever resolve, discharge and settle the released claims.”
The district court’s partly overturned ruling against the plaintiffs followed the school’s standard filing of a motion to dismiss for failure to state a claim.
After years of litigation and an eight-day bench trial, neither side can claim complete victory in the complicated case of Ramos v. Banner Health.
A federal judge noted that the pandemic will affect civil jury trials in the Southern District of New York “for a considerable and presently unknowable time to come.”
Each year, the Internal Revenue Service adjusts its annual contribution limitations for health savings accounts to account for inflation.
Compared with other regulatory efforts undertaken in recent years by the Department of Labor, this one enjoys near universal support among retirement plan industry stakeholders.
The close passage of the Heroes Act in the House of Representatives, with 208 yeas and 199 nays, underscores the difficult path ahead for the fourth coronavirus relief package.
The plan in question has about $800 million in assets, meaning it is quite a bit smaller than many other employers that have faced fiduciary breach lawsuits.