This case was filed against NYU Langone Hospitals, NYU Langone Health Systems, the retirement plan committee, and several named defendants.
The lawsuits alleged that First Bankers Trust violated the Employee Retirement Income Security Act when it approved stock purchases by three employee stock ownership plans.
The latest deficit increase was driven primarily by the ongoing financial decline of several large multiemployer plans that are expected to run out of money in the next decade.
House and Senate Democrats say their “Better Deal” proposal offers an alternative vision to the GOP’s economic agenda, with a focus on protecting union pensions and access to retirement accounts.
SIFMA says it has a strong interest in clarifying the fiduciary obligations of investment managers in selecting and managing investment options in retirement plans governed by ERISA.
Among other amendments that have already emerged in both the House and the Senate tax proposals, it seems nonqualified deferred compensation plans will more or less be left alone.
The tables are to be used for determining contributions to DB plans and permitted disparity in DC plan contributions.
The lawsuit also says plan fiduciaries failed to use lower cost investment vehicles and made inadequate disclosures to participants about fees.
The plaintiffs challenge three features of the 2012 amendment: the change to the crediting rate; the introduction of potential for risk and volatility into the plan; and variations in annual distribution.
The self-dealing lawsuit filed against Franklin Templeton levels similar claims to other class-action challenges filed by employees of well-known financial services providers.
It will provide new ideas about how to enhance to the Commission regarding efficiency and resiliency of these evolving markets.
Analysts warn it’s too soon to tell what middle ground, if any, may be reached between the House and Senate; for now 401(k) retirement plan deferrals appear to be mostly unaltered, but other important changes are proposed.
A decision out of a federal district court in Minnesota represents something of a mixed bag for both the plaintiff, Thrivent Financial for Lutherans, and for Department of Labor defendants.
The proposal effectively eliminates nonqualified deferred compensation (NQDC) plans as tools for tax planning available to executives and public companies, attorneys with Groom Law Group say.
Defendants wanted their agreement to extend negotiations beyond ERISA's six-year statute of limitations to be nulled.
The consolidated litigation alleges the firm invested its stable value funds in risky assets, causing losses to retirement plan participants.
The agency has told examiners not to challenge plan sponsors who have taken these steps.
The lawsuit concerns the offering of investment options management by General Electric Asset Management.
When it comes to the possibility of a uniform advice standard for advisers and brokers coming from the SEC, one attorney argues “things are still very much in a wait-and-see mode,” despite increased chatter among lobbying organizations about the possibility.
The original complaint accuses the plan and its administrative and investment committees of self-dealing, causing excessive fees to be charged by service providers and mismanaging the plan’s emerging markets equity fund.