U.S. Supreme Court Lets Stand Denial to Compel Arbitration in USC ERISA Lawsuit
Plaintiffs' claims over retirement plan investment and administration fees against the University of Southern California may now proceed.
Compliance
DOL to Hold Fiduciary Responsibilities Seminar in Portland
In addition, the agency is holding a three-day webcast series in March.
Franklin Templeton to Pay Over $13 Million to Settle Self-Dealing Lawsuit
In addition, the company will select a non-proprietary target-date fund (TDF) for its 401(k) investment lineup and increase the company match contribution rate for three years.
GAO Asked to Examine Retirement System Cybersecurity
In a letter to the Government Accountability Office (GAO), lawmakers said retirement savings are "a tempting target for criminals who could hack into plans and individuals’ accounts to...
Comment Deadline Arrives for NAIC Annuity Sales Best-Interest Rule
The standard-setting and regulatory support organization governed by the chief insurance regulators of all 50 states set today as a deadline for industry comments on the latest draft...
Bill Would Enable Employers to Offer Tax-Free Student Loan Repayment Assistance
The bill would expand the Employer Education Assistance Program, which only provides assistance for workers who are seeking additional education, but does not benefit individuals who already have...
Court Returns Mixed Ruling in Schwab ERISA Self-Dealing Suit
The detailed ruling comes after Schwab defendants moved to dismiss in part the plaintiff’s second amended complaint.
Senate Committee Fields Suggestions for Promoting Savings
Hearing witnesses discussed conducting a comprehensive review of the American retirement system, allowing for open multiple employer plans (MEPs), and changing certain defined contribution (DC) plan rules to...
What Is a DOL Adviser Investigation Like?
The number of Department of Labor investigations of financial advisers has steadily increased over the years; here is a primer on the DOL’s sources of authority, and what...
Passage of Open MEP Legislation Means Major Change for Retirement Plan Industry
Speakers during a webcast said passage of legislation to allow for open MEPs will be a disruptor affecting nearly all stakeholders in the retirement industry, including broker/dealers and...
Bipartisan Retirement Enhancement and Savings Act Reintroduced in House
The bipartisan bill enjoys broad industry support; among other provisions, it would add flexibility for small businesses to join multiple employer plans.
B/D Attorney: Don’t Be Distracted by FINRA Examination Priorities Letter
Alan Wolper, an attorney with significant experience helping advisers and brokers navigate FINRA and SEC examinations, says the recently published FINRA 2019 priorities list is interesting, but ultimately...
House Ways and Means Committee Talks Retirement Reforms
A panel of expert witnesses from across the financial services domain discussed shortcomings and opportunities for improvement in the U.S. retirement savings system; they urged House members to...
Court Dismisses Exxon Mobil Stock Drop Suit
After giving plaintiffs a second chance at offering alternative action Exxon could have taken, the court again found the suggested action was something plan fiduciaries could believe would...
Court Sides With MassMutual in Stable Value Fund Lawsuit
The court found MassMutual did not breach provisions of a prior settlement to which the plaintiff was bound.