A federal judge dismissed the lawsuit and decided that granting the plaintiffs leave to amend would be futile.
In addition to a payment of $3,470,000.00, Invesco agrees to add non-proprietary ETFs to its 401(k) plans' SDBA.
The bill would require an explanation of how a lump sum was calculated—including the interest rate, mortality assumptions and whether any additional plan benefits were included in the lump sum, such as early retirement subsidies.
The defense says the lawsuit should be dismissed because the plaintiffs’ theory of liability is ‘antithetical to the discretion afforded to ERISA plan fiduciaries in designing a 401(k) plan investment menu and contrary to precedent.’
After multiple restatements of the complaint and a previous order curtailing some of the plaintiffs’ claims, CenturyLink has emerged victorious.
According to the complaint, an unknown person or persons stole a participant’s retirement savings by withdrawing a total of $99,000 in three separate unauthorized distributions from her account in the plan.
An executive order requires each agency to establish on its website a single, searchable indexed database that contains, or links to, all the agency’s guidance documents and provides certain information about them.
Retirement plan fiduciaries at the specialty chemical company are accused of failing to take advantage of the lowest cost share class for many of the mutual funds offered within the plan, among other issues.
The self-dealing lawsuit suggests the firm failed to monitor or control the plan’s administrative expenses, allegedly costing the plan millions of dollars in excessive administrative fees.
The proposed settlement agreement includes non-monetary provisions restricting the 401(k) plan’s recordkeeper from cross-selling retail financial products and services to participants
ERISA attorneys are grappling with the potential implications of the Supreme Court’s new ruling in Intel vs. Sulyma; some are speculating the growing use of electronic delivery methods for retirement plan disclosures may reduce the impact.
The lawsuit says for at least 18 of the 27 mutual fund share classes available within The Vail Corporation plan, the same issuer offered a different share class from that selected by the plan that charged lower fees, and consistently achieved higher returns.
The new ruling is being hailed as a victory for retirement plan participants as well as a potentially important precedent-setting case impacting the special three-year statute of limitations that exists under the Employee Retirement Income Security Act.
The high court decided that a court in Puerto Rico had no jurisdiction to order the seizure of property from Catholic entities in order to fulfill a court judgment to pay $4.7 million in pension benefits.
The plaintiffs allege Hilton is not using an elapsed time method dictated by a prior court decision.
“The use of mortality data that is over 40 years old could, plausibly, be unreasonable,” the ruling states.
The new regulations, which go into effect on March 6, will require broker/dealers and their agents to provide investment advice and recommendations 'without regard to the interests of anyone but the customer.'