While not disagreeing with a federal court judge's decision, the plaintiff says the judge's findings about certain plan committee members warrants her ordering them to be removed.
Though they made suggestions for improving lifetime income options for DC retirement plan participants, some who made comments to the ERISA Advisory Council suggested offering in-plan annuities may not be the answer.
"As businesses become more aware of employee ownership's advantages—which include higher corporate performance, a share in the rewards for employees, and a retirement plan that often outperforms other alternatives—it is easy to see employee ownership increasing,” said ESOP Association President J. Michael Keeling.
A court appointed an independent fiduciary to distribute assets to the remaining plan participants.
A charter school in New Orleans has been told it has violated federal law and its obligations regarding financial management as identified in the charter operating agreement.
The lawsuit claimed the excessive compensation received by PIMCO officers through the PIMCO Total Return Fund was so disproportionately large that investment returns suffered.
In addition, they say the definition of “best interest” is not clear.
The lawsuit alleged that Citigroup violated its fiduciary duties under the Employee Retirement Income Security Act (ERISA) by offering and keeping affiliated funds in its 401(k) plans when better-performing, lower-cost funds were available.
The court-ordered restitution includes $69,000 in employee and matching employer contributions, as well as lost earnings due to the 401(k) plan, and approximately $4.3 million for fraudulent loans and identity theft.
The 8th Circuit ruled that the plaintiff failed to allege sufficient facts to demonstrate that the Wells Fargo TDFs were an imprudent choice.
They say that additional interpretation of standards of conduct for investment advisers is unnecessary and that imposing broker/dealer standards on life insurers and investment advisers is inappropriate.
The plaintiffs intend to show that the government’s actions approving benefit cut reductions reflect a constitutional violation for several reasons.
In addition to asking for exemption from the program for employers already providing an ERISA-compliant retirement plan, ERIC asked the city council to change the program eligibility criteria.
A federal district court judge found that “while there were deficiencies in the Committee’s processes—including that several members displayed a concerning lack of knowledge relevant to the Committee’s mandate—plaintiffs have not proven that the Committee acted imprudently or that the Plans suffered losses as a result.”
FINRA asks advisers to share their insights about “fintech innovation in the broker/dealer industry,” while also unveiling a new structure for its enforcement staff.
While clients may not be asking about fees or complaining directly, their changing behaviors are making advisers work harder and add more services, leading to a decrease in their firms’ net revenue.
The Pension Benefit Guaranty Corporation (PBGC) has established a web page, Staff Responses to Practitioner Questions.
An interim ruling in the fiduciary breach case of Barrett vs. Pioneer Natural Resources, in which elements of the defendants’ motion to oppose class certification failed at the same time the lead plaintiff failed to prove standing, highlights the complex nature of retirement plan lawsuits.
They are seeking reductions as high as 50%.
The letter also asks that until guidance is provided, for the DOL to stop issuing letters that allege an employer has committed a breach of fiduciary duty with respect to the practices utilized to locate missing retirement plan participants.