Democratic Senator Patty Murray says her bill would be a strong first step toward addressing some of the key hurdles facing women as they save for retirement in defined contribution plans; there are also proposed protections for part time workers and lower income individuals.
The lawsuit seems keenly aware of the poor record other such complaints have had in federal court since the crucial Supreme Court ruling in Fifth-Third vs. Dudenhoeffer—focusing its arguments more on the imprudent concentration of employer stock as opposed to inflated valuations.
Its former executive pastor and his wife presented evidence showing that supplemental retirement benefits were improperly taken in November 2011 and placed in the church's building campaign.
Wilmington Trust subsidiaries were found not to be fiduciaries, but other claims against the M&T Bank retirement plan committee were moved forward.
The Pension Benefit Guaranty Corporation says that mergers can protect the benefits earned by workers and retirees and extend the solvency of troubled plans.
Senate Democrats are highlighting the publication of the Congressional Budget Office’s scoring of proposed legislation known as the Butch Lewis Act, which seeks to “put union pension plans back on solid footing” via the launch of an emergency government loan program.
Noting that they believe a more viable customer relationship summary (CRS) form can still be developed by the SEC as part of its Regulation Best Interest proposal, a group of retiree and investor advocacy organizations has published a report calling the draft CRS form misleading and unhelpful.
A trio of bills introduced before the House Ways and Means Committee this week offer the first detailed look at Republican Congressional leaders’ hopes for “Tax Reform 2.0,” which include many initiatives supported broadly by retirement industry stakeholders.
While an analysis by Modern Markets Initiative focuses specifically on public pension funds, the company notes that the tax will affect all defined benefit (DB) plans, individual retirement accounts (IRAs), defined contribution (DC) plans and individual investors.
The SEC included these proposals as part of its proposed best interest standards for investment advisers.
The case ascended on appeal from the U.S. District Court for the Western District of Texas, where it also flatly failed to meet the high hurdles for proving standing established in Fifth-Third Bank vs. Dudenhoeffer.
The agency included a list of common filing errors and provided details about those errors in a new Appendix.
The 6th Circuit said a district court rejected case law when it reasoned that the cases relied on by the Pension Benefit Guaranty Corporation (PBGC) arose under the Multiemployer Pension Plan Amendment Act (MPPAA) and did not address single-employer plans.
The agency has issued a proposal that would make it easier for ETFs to come to market.
The U.S. Supreme Court denied the archdiocese’s application for a temporary reprieve from a court order to pay $4.7 million to both retired and active teachers; however, filing for bankruptcy temporarily freezes all litigation.
The executive order regarding RMD rules and open MEPs, signed last week by the President, also asks the DOL and Treasury to simplify disclosure regulations for plan sponsors and participants.
The president on Friday signed an executive order directing the Treasury Department to reassess required minimum distributions from 401(k) plans and ordering DOL staff to explore the possibility of allowing small businesses to join open multiple employer plans.
The ERISA Industry Committee is asking the IRS to broaden the Private Letter Ruling guidance via a revenue ruling or other guidance.
The appellate court upheld a district court’s denial of defendants’ motion to compel arbitration, concluding that the dispute fell outside the scope of the arbitration agreements because the claims were brought on behalf of the ERISA plans, not the individuals.
The case has already bounced back and forth several times between the district and appellate courts, testing complicated questions about conflicting language in summary plan descriptions and formal plan documents.