The retirees’ main claim is that the plan’s use of mortality tables from 1971 and 1983 to convert default retirement benefits into the alternative benefits that they opted to receive constitutes unreasonable actuarial assumptions.
Some claims against Konica Minolta and its 401(k) committee were moved forward but all claims against the company’s board were dismissed.
Attorneys have confirmed that the DOL has begun an audit initiative and is asking for a broad range of cybersecurity information and documentation.
Two bills recently introduced by Louisiana Senator John Kennedy add to the growing list of retirement-related bills that have been introduced.
The complaint includes allegations similar to those in many suits filed over the past few years.
The lawsuit says plan fiduciaries failed to ensure reasonable investment fees and mismanaged revenue sharing to pay for administrative expenses.
The retirement plan in question in the suit is substantially smaller than many of those that have faced or settled similar lawsuits, and thus the size of the settlement is also reduced.
A district court judge has denied the defense’s motion to dismiss without offering any explanations for his reasoning in court documents.
The same attorney that is representing employees of Caesars Entertainment in a self-dealing lawsuit filed in May against Russell Investments has signed onto a similar case put forward by participants in Royal Caribbean Cruises’ retirement plan.
A judge found there was no evidence that fiduciaries of B. Braun Medical's retirement plan violated ERISA's duty of loyalty, but he denied dismissal of claims for breach of duty of prudence.
An updated page on the IRS website serves as a reminder of requirements in effect and those that will be in effect soon.
The plaintiffs argue the plan lost ‘tens of millions of dollars’ in retirement savings due to the retainment of Northern Trust Focus Funds.
The class action lawsuit had charged the Navy defense contractor with selecting higher-cost mutual funds when cheaper options were available, and with allowing excessive fees in its 401(k) plan.
The defendants have agreed to a $14 million payment and to procedural changes.
Retirement Plan Execs Confident Senate Will Pass the Bill Into Law
The bill would encourage retirement plan participation by giving people penalty-free access to funds in the event of an emergency.
The agency will address criticism that the changes make advisers’ roles in proxy voting more cumbersome.
Biden Expected to Advance a More Stringent Fiduciary Rule, Advocate for Retirement Income and ESG Investing
Industry experts reflect on what President Joe Biden has done in his first months in office with respect to retirement plans and what they still see coming down the road from his administration.