The single-employer program, however, has continued to improve since its emergence from a deficit.
John Hopkins University will settle a long-standing ERISA lawsuit—one of a number of virtually identical cases filed in district courts across the country by Schlichter, Bogard and Denton.
While there is some disappointment that it did not include a provision for open MEPs, any option that could appeal to small businesses to offer a retirement plan is seen as a positive.
Now that participants’ small balances may be automatically transferred to their new 401(k) account, Retirement Clearinghouse expects to see a lot of business.
When the wave of excessive fee cases began against retirement plan sponsors, most targeted large or mega plans, based on assets. However, a new case against TriHealth Inc. continues a trend of targeting smaller plans.
The defendants also agree to retain the services of an unaffiliated investment consultant to provide an evaluation of the design of the plan’s investment lineup and to review the plan’s investment policy statement, among other things.
In a new Field Assistance Bulletin, the DOL addresses a set of common errors made by multiple employer plans as they attempt to comply with a reporting rule introduced in 2014.
Using other court decisions, including one from the Supreme Court, the medical center's plan was found to fall under the "church plan" definition in ERISA.
In addition to the final ruling, the department has also released a 16-page request for information (RFI) on open MEPs.
The Financial Services Institute and the Insured Retirement Institute have both published open letters opining against ambitious conflict of interest regulations proposed in the state.
The complaint accuses BBVA Compass of mismanaging a $100 million money market fund “that was the investment equivalent of stuffing cash into a mattress” and failing to properly monitor investments and remove imprudent ones.
As Congress and the Trump Administration turn their attention to a budget deal and debt ceiling negotiations, industry stakeholders hope the bipartisan SECURE Act could become part of the process.
Eugene Scalia, son of late Assistant Supreme Court Justice Antonin Scalia, was part of the team that defended the Chamber of Commerce in its lawsuit against the previous DOL fiduciary rule.
The regulator granted significant credit for “extraordinary cooperation” to those firms which were proactive in identifying and fixing issues related to fee waivers for certain mutual fund share classes.
A federal court has rejected the argument that defendants were aware that their predecessor fiduciaries had breached their duties in selecting affiliated funds and thus that they breached their own duties by failing to take adequate steps to remedy the original alleged breaches.
Advocacy and lobbying organizations representing the interests of brokers/dealers and investment advisers operating in New Jersey continue to voice their disapproval of the proposed regulations.