Compliance

Fiduciary Breach Claims Must Seek Relief for Whole Plan

The US District Court for the Northern District of Ohio ruled that claims alleging a fiduciary breach by a retirement plan trustee must seek recovery for such breach on behalf of the plan as a whole, and not individual participant accounts.

FL Sheriff Sues Nationwide Over Fees

A Florida Sheriff’s Department has sued Nationwide Life Insurance Co., over allegations Nationwide’s retirement plan fees unfairly allowed the company to make a profit through a revenue sharing arrangement.

Plan Document Trumps Antenuptial Agreement

The US District Court for the Western District of Kentucky ruled that, even though the surviving spouse of a retirement plan participant waived her rights to benefits in an antenuptial agreement, the plan document dictated she receive his assets in the plan.

NASD Orders More Fines for 529 Plan Violations

The National Association of Securities Dealers (NASD) has fined Chase Investment Services Corporation of Chicago and MetLife Securities, Inc. of New York $500,000 each for failing to establish systems and procedures to supervise the sales of 529 College Savings Plans.

Map Quest

Mapping funds remains one of the central issues in maintaining 404(c) compliance

Now What?

Pension reforms pose opportunities, threats for advisers

SAR Steps

If you administer a plan with over 100 participants, the deadline is approaching for providing those participants with one of the required documents, a Summary Annual Report (SAR).

Beware the Ides of March

In 44 B.C. a soothsayer advised Julius Caesar to "Beware the Ides of March." It's an admonition that can still apply to 401(k) plan administration today when it comes the to Actual Deferral Percentage Test (ADP).

Are You A Fiduciary?

"Fiduciary" is a word that is generally used in the company of ominous terms like "responsibility" or "liability." But is it a word that describes your role, and if so, is that a good thing?

DOL Unwraps New Default Investment Guidelines

On September 26, US Department of Labor (DoL) officials released a proposed safe harbor rule covering retirement plan sponsors who have default investment options for employees entering plans via auto-enrollment or in situations in which individual account plan assets are invested on behalf of participants or beneficiaries who fail to give investment instructions.

Court Approves $11M Settlement in Co. Stock Suit

The US District Court for the Southern District of Ohio has approved an $11 million settlement for a class of former employees of Broadwing Inc., which sued the company for fiduciary breaches under the Employee Retirement Income Security Act (ERISA) relating to offering company stock as a retirement plan investment.