Bill Aims to Expedite Payments to Participants Affected by Health System DB Plan Lawsuits
The legislation helps protect defendants who settle lawsuits from claims from co-defendants.
Compliance
University Points Out Differences Between 403(b)s and 401(k)s in Motion to Dismiss Lawsuit
George Washington University has been sued over fees for its 403(b) plan.
Groom Law Group Calls for IRS Determination Letter Program Expansion
At the start of 2017, the Internal Revenue Service dramatically limited when a retirement plan could seek an individual determination on its tax-qualified status; ERISA attorneys are calling...
Betterment Settles FINRA Allegations Tied to Bookkeeping Practices
Without admitting guilt or even the facts of the case, Betterment has settled various allegations of improper recordkeeping and "window dressing" leveled by FINRA, to the tune of...
MetLife Faces Court Challenges for Pension Risk Transfer and Beneficiary Practices
According to the text of the complaint, the action seeks to hold MetLife accountable for the company’s conversion of more than $500 million in annuitized retirement benefits, interest,...
Lawsuit Argues Health Provider Plan Lost Its Church Plan Status
According to the compliant, the defined benefit (DB) plan was required to adhere to Employee Retirement Income Security Act (ERISA) funding rules.
PBGC Wants to Obtain Multiemployer Plan Withdrawal Liability Information
In its notice of intent to request OMB approval, the agency is asking for stakeholder comments,
CT Passes Law to Apply Fiduciary Standards to non-ERISA 403(b)s
The law applies to Connecticut K-12 school districts.
Mandate Issued by 5th Circuit to Officially Vacate DOL Fiduciary Rule
While the deadline had already technically passed for the DOL to appeal the circuit court ruling vacating its fiduciary rule reforms, this highly anticipated move by the court...
Tips for Establishing and Maintaining Plan Documents
Plan sponsors have a fiduciary duty to operate in accordance with the plan document, but an ERISA attorney shares common cases when mistakes are made.
Custodians Need Help Cleaning Out Abandoned Plans
Metropolitan Life Insurance Company and Brighthouse Life Insurance Company have agreed to work with the DOL to determine whether more than 2,000 retirement plans in their custody are...
Non-ERISA 403(b)s Should Pay Attention to SEC Proposed Conflict of Interest Rule
Participants in non-ERISA 403(b) plans could be considered "retail customers" under a section of the SEC's proposal, a law alert warns.
Lessons from Litigation: Process Matters Most
When it comes to fiduciary liability insurance, having the broadest possible statement of coverage is generally best; this is because it is a functional test for determining whether...
Joint Committee Hears Testimony on Solvency of Multiemployer Pension Plans
Senator Sherrod Brown calls it imperative "to find a bipartisan solution to the crisis threatening 1.3 million Americans."
Selecting the Optimal QDIA
How Hearst Corp. followed a prudent process to choose its qualified default investment alternative.
More Sponsors Search Out Fiduciary Services and Support
When thinking about fiduciary support services and outsourcing, really the important considerations should be about process and time management, more than fiduciary risk transfer.
Reflections on a Dramatic Year for Retirement Plan Regulation
From the unexpected derailment of the DOL fiduciary rule to the expanding debate about so-called ‘open MEPs,’ your plan sponsor clients face a tremendous amount of uncertainty in...
SEC Charges Merrill Lynch for Failing to Supervise RMBS Traders
The brokerage firm will pay more than $15 million in settlement.
DC Plan Loans Require Diligent Management
“Because the Department of Labor views plan loans as investments, they should be treated with the same level of care and scrutiny as any other investment,” says Rob...
4th Circuit Agrees Bank of America Cash Balance Participants Are Not Due More Relief
The appellate court found Bank of America did not profit from transferring participants' 401(k) accounts to a cash balance plans and noted that previously the bank entered into...