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.
According to the plaintiffs, the plan’s fiduciaries did not try to reduce the plan’s expenses, resulting in the assessment of excessive fees.
The Great-West Life affiliate was accused of violating the federal securities laws governing the filing of Suspicious Activity Reports.
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.
The suit alleges that defendants used the plan to increase their own revenue and seed new funds.
An individual with self-only coverage under a high-deductible health plan can contribute up to $3,650, $50 more than in 2021.
UNest Holdings claims Ascensus pushed the company out of the college savings market in an effort to create a monopoly.
The lawsuit alleges fiduciary breaches related to ensuring reasonable administrative and investment fees.
They say the expenses and risk allocations in target-date funds vary considerably.
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.
A court dismissed claims regarding KeyCorp plan’s stable value fund option but moved forward some claims regarding excessive administrative and managed account fees.
The district court roundly rejected the defense’s dismissal motions, ruling that the plaintiffs have sufficiently alleged that fiduciary breaches may have occurred.
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.
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.
The complaint says fees charged to participants in the plan were "grossly excessive" because they were not based on the services provided.