IRS Answers Questions About Partial Plan Termination Relief
The guidance answers questions about who is an "active participant" and says the relief applies to each plan year which falls inside the relief period.
Compliance
Compliance
Humana Faces Classic Prudence Claims in New ERISA Lawsuit
According to the plaintiffs, the plan’s fiduciaries did not try to reduce the plan’s expenses, resulting in the assessment of excessive fees.
Compliance
Compliance
SEC Settles Charges Against GWFS Equities for $1.5 Million
The Great-West Life affiliate was accused of violating the federal securities laws governing the filing of Suspicious Activity Reports.
Industry and Congress Agree the Coverage Gap Is a Big Problem
Witnesses at a retirement security hearing held Thursday by the Senate HELP Committee all spoke about the central importance of closing the defined contribution plan coverage gap.
Compliance
Compliance
Compliance
Judge Moves Forward Wells Fargo 401(k) Self-Dealing Suit
The suit alleges that defendants used the plan to increase their own revenue and seed new funds.
2022 HSA Contribution Limits Announced
An individual with self-only coverage under a high-deductible health plan can contribute up to $3,650, $50 more than in 2021.
College Savings App Hits Ascensus With Federal Antitrust Claims
UNest Holdings claims Ascensus pushed the company out of the college savings market in an effort to create a monopoly.
Compliance
Bronson Healthcare Group Sued Over 403(b) Plan Fees
The lawsuit alleges fiduciary breaches related to ensuring reasonable administrative and investment fees.
Compliance
Congressional Chairs Ask the GAO to Review TDFs
They say the expenses and risk allocations in target-date funds vary considerably.
Compliance
ERISA Suit Against CalSavers Dismissed Again
This comes after the case was dismissed by a district court last year and after the DOL backed out in its support of the suit.
Compliance
KeyCorp Succeeds in Getting Some Claims Dismissed in Excessive Fee Suit
A court dismissed claims regarding KeyCorp plan’s stable value fund option but moved forward some claims regarding excessive administrative and managed account fees.
Compliance
Compliance
Compliance
Quest Diagnostics ERISA Lawsuit Can Proceed
The district court roundly rejected the defense’s dismissal motions, ruling that the plaintiffs have sufficiently alleged that fiduciary breaches may have occurred.
House Ways and Means Committee Passes SECURE Act 2.0
The markup hearing, punctuated by a unanimous vote to advance the legislation, demonstrated that retirement security issues are capable of bringing together members of Congress who don’t agree on much else.
‘SECURE Act 2.0’ Appears Ready to Clear Committee
Sources say the House Ways and Means Committee will likely vote to advance the Securing a Strong Retirement Act of 2021, often called a follow-up to the SECURE Act, as soon as tomorrow afternoon.
Compliance
Lawsuit Says Changes to University of Tampa 403(b) Plan Made Too Late
The complaint says fees charged to participants in the plan were "grossly excessive" because they were not based on the services provided.