Most Claims Dismissed in NYU 403(b) Plans Suit
A federal district court judge only moved forward certain claims of breaches of fiduciary duty of prudence under the Employee Retirement Income Security Act (ERISA).
Compliance
Morningstar and Prudential Deny Racketeering Claims
The complaint suggests the companies engaged in “Tammany-like” collusion to steer assets into more favorable investments; both providers have issued strong denials and requests for summary judgement.
Annuity Contract Termination ERISA Challenge Will Proceed
The plaintiff alleges that the contract’s cancellation was not made with his and the other beneficiaries’ interests in mind, but rather to improve the parent/subsidiary companies’ financial positions...
Tax Cut Proposals Have Advisers Worried About All-Roth 401(k)s
Advisers say the elimination of tax incentives to save would deter participation and lower savings rates.
DC Plan Sponsors Value Traditional Tax Incentives
“The tax rules have always been designed to tie the interests of the employer and the employee together," one former EBSA official says. “So if you mess up...
Minnesota Health System Faces Familiar ERISA Challenge
The complaint suggests plan officials ceded discretion to a provider to add any mutual fund it wished, “regardless of whether the funds were duplicative of other options, had...
Seniors at Risk of Financial Fraud
State securities regulators say most senior financial fraud goes undetected before it becomes a serious problem, according to a study by NASAA.
IRS Issues Model Amendments to Add Bifurcated DB Distribution Options
The amendment suggests language a defined benefit sponsor might want to use.
Federal Pension Funds Sue Big Banks Over Securities Lending
The lawsuit accuses a number of major banks of improper collusion to protect their shares of the securities lending marketplace.
Non-Profit Plan Sponsor Clients Can Apply for IRS Committee
Members of the "ACT" committee are in a unique position to provide observations about current or proposed IRS policies, programs and procedures, and suggest improvements through a yearly...
Skin Surgery Center to pay $5 Million to ESOP
A Manhattan-based laser surgery center's owner was found to be in violation of ERISA.
Foot Locker Fails in Cash Balance ‘Wear Away’ Litigation Appeal
Participants successfully challenged Foot Locker’s determination of benefit accruals after the conversion of a traditional pension plan into a cash balance arrangement.
Another Tibble vs. Edison Decision Handed Down In District Court
After a trip through the 9th Circuit and the U.S. Supreme Court, the case of Tibble vs. Edison has received another ruling in the district court where it...
Actuaries Question Efficacy of Pension Funding Notices
Experts with the American Academy of Actuaries argue the Annual Funding Notice process required of pension plans under ERISA Section 101(f) is “an example of a good idea...
IRS Developing Presentation About Pre-Approved Plan Program Changes
The agency is seeking input about what to include in its presentation.