Eugene Scalia is known for having worked in the trenches of a number of labor issues for many years, and experts suggest he could have a big influence on the DOL’s agenda.
It requires a delicate dance between the adviser and the sponsor when tailoring the respective defense strategies.
The plaintiff in the case, in which lower courts sided with Great-West, argues that the lower courts erroneously distinguished plan contracts from any other type of plan asset.
A judge ultimately decided the plaintiff can only assert an action against Nationwide and her plan sponsor, and each of the 250,000 putative class members can only assert causes of action against Nationwide and their own plan sponsors.
Expert attorneys and fiduciary insurance carriers demonstrate how advisers can put their best foot forward.
The final regulations reflect statutory changes, including changes made by the Bipartisan Budget Act of 2018.
Both the U.S. Solicitor and the Pension Rights Center argue that current funded status of a defined benefit (DB) plan is not a proper measure for whether the participants have a right to sue for breaches of fiduciary duties and prohibited transactions under ERISA.
Safeway and Aon Hewitt Investment Consulting will pay a combined $8.5 million to settle two lawsuits accusing them of causing excessive fees in Safeway's 401(k) plan.
The attorneys argue that the CalSavers program goes against ERISA's intent for a voluntary benefits offering and a nationally uniform plan administration structure.
Experts discuss changes that will affect advisers, such as Reg BI, the new Customer Relationship Summary form and the DOL, post-Secretary Acosta.
Even outside of saving for retirement or a college education, an investor’s ability to save for any future goal is drastically diminished by the proposed financial transaction tax in Senate bill S. 1587, Vanguard says.
The address for pre-approved plan submissions has not changed.
Trial was to begin on the case September 16.
“The plaintiffs’ lawyer playbook is the same,” says Brian Netter of Mayer Brown. “First, survive a motion to dismiss, and then subject the defendant to a very expensive discovery process. It creates incentive to enter into a sizable settlement.”
The plaintiffs in the ERISA lawsuit say they intend to seek injunctive relief preventing MIT from hiring vendors for its retirement plan that are donors or accepting donations from existing vendors to the plan.
Two advisory firms argue they are harmed by the “best interest” rule because it causes them a competitive disadvantage with respect to broker/dealers, and because the rule will increase rather than abate investor confusion.
The move by Greystar comes after the 9th U.S. Circuit Court of Appeals issued a ruling that Schwab could enforce its retirement plan’s arbitration clause requiring participants to file individual claims and to waive class-action claims.
A District Court has affirmed most of the recommendations made by a Magistrate Judge, who previously issued a memorandum concluding the ERISA fiduciary breach case should proceed.