2 ESOP Bills Advance Out of HELP Committee in Unanimous Vote
A third ESOP bill was originally scheduled to be voted on during the hearing, but no vote was held
Compliance
Complaint Alleges ERISA Breaches in Siemens Energy 401(k) Plan
According to the complaint, Siemens Energy retained in its plan underperforming investment options, including its proprietary stable value fund that delivered...
ESOP Association Launches Campaign Pressing For Aronowitz’s EBSA Confirmation
The campaign includes a website, which urges Aronowitz’s confirmation and includes sections called “How ESOPs Benefit Everyone” and “What’s the...
DOL Asks For Industry Suggestions About Improving PEPs for Small Employers
The Employee Benefits Security Administration will accept input for 60 days.
CRM Hack Exposes Data From Most of Allianz Life’s 1.4 Million US Customers
The breach was noticed one day after malicious actors gained access to the insurer's CRM system.
Plan Participants Allege Franklin Templeton Proprietary Investments Cost Plan Millions
The complaint alleges Franklin Templeton violated ERISA by: 1) breaching its fiduciary duties of loyalty and prudence; and 2) failing...
Senate HELP Committee Plans Markup of 3 ESOP Bills This Week
A hearing Thursday discussed three bill aimed at expanding employee stock ownership plans, and a fourth bill was introduced that...
Plan Forfeiture Complaint Filed Against Aldi Tries New Allegation
Filing after the Department of Labor’s amicus brief in a similar case, Illinois plaintiffs allege that the grocery company violated...
Complaint Filed Against Nokia Alleges Mismanagement of Investments
Two former employees of Nokia North America allege that the company failed to replace poorly performing funds, which cost employees...
House Bill Would Lower Retirement Eligibility Age for DC Plans
Aligning with legislation introduced in the Senate in May, the bill allows for workers as young as 18 to be...
House Holds Hearing About Transparency and Oversight at EBSA
What was a heated session focused on alleged mismanagement and lack of accountability at the Employee Benefits Security Administration.
Legislation Proposed to Provide Tax Incentives for Small Nonprofit Retirement Plans
If enacted, the legislation would give nonprofits the same benefits offered to for-profit entities under the SECURE Act.
DOL Says Citi’s Diverse Asset Manager Program is Unlawful
The Department of Labor said the guidance no longer reflects its views, rescinding a 2023 advisory opinion approving the Citi...
IRS Clarifies Tax Rules for Uncashed Retirement Plan Distribution Checks
The guidance aims to standardize treatment and improve compliance regarding retirement distributions that are not immediately cashed by recipients.
Warren Says Empower Responses to Questions About 401(k) Private Equity Investments Inadequate
An Empower spokesperson said the company is currently not commenting on the possibility of a response to Warren’s second letter,...
Senate HELP Committee Hearing Will Highlight Retirement Benefits for Independent Workers
The session will explore ways to modernize federal labor laws to better support gig workers, freelancers and other nontraditional earners.
Senators Propose Legislation to Improve Retirement Security for Gig Workers
The package includes four coordinated bills, which are designed to expand portable workplace benefits, including health care and retirement savings,...
DOL Files Amicus Brief in Support of Companies in 401(k) Plan Forfeiture Complaints
In filing an amicus brief to an appeal involving HP Inc., the Department of Labor offered guidance on an issue...
District Court Sides With Challenges to DOL’s Fiduciary Standards
A judge struck down parts of Prohibited Transaction Exemption 2020-02 that allowed the Department of Labor to treat certain relationships...
New York City Bar Committee Makes Recommendations to Strengthen Retirement Security
In a letter, the committee, comprised of legal professionals representing employee benefits stakeholders, expressed concern that legislative shifts aimed at...