Appeals Court Upholds Arbitration Ruling Against USC
The panel concludes that the dispute against the University of Southern California fell outside the scope of the arbitration agreements that the participants signed.
Compliance
Dire Testimony from Stakeholders on State of Multiemployer Pensions
Speaking to the Joint Select Committee on the Solvency of Multiemployer Pension Plans, one retired Teamster, whose wife is dying from pancreatic cancer, said he could easily end...
BlackRock Calls for Expanding Access to Retirement Plans
One measure is to encourage MEPs by eliminating the “nexus” requirement.
SEC’s Inspections and Examinations Office Demands Best Execution
Commentary from Wagner Law Group and Drinker Biddle attorneys highlights what advisers need to know about the SEC’s ongoing analysis of broker/dealer “best execution” issues, as summarized in...
AT&T Defeats ERISA Challenge, but Amended Complaint Is Likely
The decision by the U.S. District Court for the Central District of California is short and to the point, stretching just 15 pages and ruling only weakly in...
States Start Knitting a Patchwork of Best Interest Fiduciary Regulations
With the judicial defeat of the Obama-era DOL fiduciary rule hanging in the air, individual states are moving to establish their own best interest regulations for the sale...
Regulations for Definitions of QMAC and QNEC Finalized
The IRS clarified that forfeitures would be permitted to be used to fund QMACs and QNECs.
With SEC’s Reporting Rule Change, Will Equity Compensation Increase?
The leader of Sullivan & Worcester's Capital Markets Group analyzes the SEC’s recent move to double the limit of equity compensation that can be awarded by private companies...
R.I. Treasurer Calls for Church Pension Plan Transparency
He says he will seek legislation that would require pension plans managed by religious organizations in Rhode Island to send regular updates on the financial health of the...
District Court Denies Independent Contractors’ Eligibility Arguments, ERISA Suit
“ERISA’s limitations on who employers can exclude from ERISA plans are very narrow,” the decision states. “The law prohibits an employer from denying participation in an ERISA plan...
SEC Eyes Equity Compensation Changes for ‘Gig Workers’
The SEC solicited public comment on potential changes to the regulator’s treatment of equity compensation, tied to the emergence of the “gig economy.”
Package of Bills Addresses Retirement Plan Access and Emergency Savings Accounts
The bills would allow for pooled employer plans, incentivize employers to adopt plans with automatic enrollment; allow employers to automatically enroll their workers in emergency savings accounts; and...
Former State Street Executive Found Guilty of Defrauding Transition Management Customers
State Street replies that "since the overcharging was discovered [we] have substantially enhanced our controls."
Brown University Wins Dismissal of Many Claims in 403(b) Plans Challenge
However, a federal district judge found enough plausible evidence to move some duty of prudence claims forward.
Rainbow ESOP Challenge Easily Beats Motions to Dismiss
Plaintiffs in the lawsuit are participants and beneficiaries of the Rainbow Disposal Co., Inc. Employee Stock Ownership Plan, who seek to restore losses to the plan and to...