The case applied to several DB plans sponsored by the company and challenged the use of an "inherently unreasonable" mortality table for calculating benefits.
He says that without several much-needed reforms, the Pension Benefit Guaranty Corporation could become insolvent in less than five years.
Situations like this emphasize the clear and present need for retirement plans to implement effective cybersecurity policies.
A registered representative of NEXT Financial Group is accused of manipulating key figures and data used to monitor sales of real estate investment trusts to certain client groups, allegedly rendering the monitoring efforts “meaningless.”
While not the smallest to face an excessive fee lawsuit in recent years, Biogen’s defined contribution plan held less than $1 billion at the start of the proposed class period.
The lawmakers say environmental, social and governance-focused investing allows retirement savers to support long-term change by building a system that rewards and values inclusion and diversity in corporate culture, from the board to the workforce.
Though similar to other lawsuits, arguments about excessive recordkeeping fees are featured early and prominently in the complaint and strongly criticize the recordkeeper, even though it is not a defendant in the case.
A federal judge said a participant in the firm's 401(k) plan sufficiently plead imprudence and disloyalty.
The basic contention of the lawsuit was that the company acted in a manner contrary to ERISA’s fiduciary requirements when it forced terminated employees to liquidate company stock holdings at an unfair price.
The need for education and advice about equity compensation is abundantly clear.
The most obvious potential conflict of interest for advisers setting up or serving pooled employer plans is if their practice is affiliated with the investments being selected—but there are other potential pitfalls to acknowledge.
The plan being challenged in the latest fiduciary breach lawsuit held less than $300 million as of the start of last year, making it one of the smallest to become the target of an ERISA complaint.
The main theme of the new fiduciary rule proposal is alignment with other regulators—the SEC and FINRA in particular—but the agency is by no means surrendering its jurisdiction over tax-qualified retirement plans.
The lawsuit also accuses plan fiduciaries of failing to monitor total plan costs.
The complaint has been dismissed without prejudice, however, and the plaintiffs have until July 28 to attempt to remedy failures in their lawsuit.
A similar lawsuit was filed in May against an investment manager and a different plan sponsor.
Following the filing of various class member objections, a federal district court has denied a settlement agreed to by the parties in an ERISA fiduciary breach lawsuit against Northrop Grumman.
The settlement agreement also calls for the monitoring of plan recordkeeping fees and the plan’s investment options.
Three new lawsuits question the offering of actively managed target-date funds to retirement plan participants.
Advisers and broker/dealers hoping to work with open multiple employer plans now have a short window to offer their perspectives to the Department of Labor and the Internal Revenue Service.