A court refused to dismiss most claims against Aon Hewitt Investment Consultants and Centerra Group 401(k) plan fiduciaries.
The dismissal order in the case includes several points of success for the plaintiffs, and while the suit has been tossed out due to a lack of standing, the court has left room for them to file an amended complaint.
A recent cease-and-desist order filed by the Securities and Exchange Commission underscores the fact that revenue sharing among financial advisers and ‘parties in interest’ is not necessarily an inherent problem—but a failure to disclose the relationship and the potential for conflict is.
In its rejection, the court said the plaintiff, who took issue with the plan’s use of the Fidelity Freedom Funds TDF series, did not allege facts that proved imprudent conduct.
In addition to asking for input on the SECURE Act’s requirements and the current Form 5500, the DOL has published a notice of proposed changes to its implementation of regulations under Title I of ERISA.
Plan fiduciaries are accused of misleading participants in benefits communications and interfering with benefits by arbitrarily assigning them the status of 'terminated' due to a spinoff.
The agency also issued a Revenue Procedure which extends the deadline for making interim amendments for IRC Section 401(a) plans.
Budget reconciliation legislation set for debate in Congress gives top billing to universal paid family and medical leave, but key retirement policies also stand out, including a broad mandate for employers to offer retirement plans.
Allegations that the company inappropriately favored actively managed funds over passive investment options for its retirement plan have fallen short upon preliminary review in federal court.
A DOL investigation and legal pursuit that have spanned the better part of two decades have drawn to a close, resulting in a $42 million judgment against the former attorney and affiliated companies.
Earlier this year, the agency published a list of 2021 examination priorities that prominently featured issues pertaining to cybersecurity, and now it has sanctioned eight firms for related cybersecurity failures.
SEC Chair Gary Gensler says her focus as a senior adviser will be on issues relating to retail investor protection, including broker and adviser oversight and examinations.
SEC Chair Gary Gensler says the emergence of new investment technologies that embrace gamification and collect user data raises questions as to whether investors are appropriately protected.
In a brief of amicus curiae filed in the suit against the Red Cross, the agency claims the suits are harming plan participants and asks the court to apply careful scrutiny in the case.
A court found that the plaintiffs did not state a plausible claim for breach of fiduciary duties. They have already filed an amended complaint.
The claims are typical of excessive fee suits, but the plaintiffs also cite language from the 403(b) plan's investment policy statement and say plan fiduciaries didn't follow it.
The plaintiffs are employees and retirement plan participants at DST Systems who argue the defendants pursued ‘an exceptionally imprudent investment strategy’ with respect to a significant portion of their retirement assets.
The appellate court agreed with the plaintiffs that the lower court erred in dismissing share class-related claims and in denying them leave to amend the suit to add more defendants.