The Securities and Exchange Commission (SEC) has approved two more settlements involving improper mutual fund trading with two former California hedge fund managers.
A group of 92 large law firms has asked the Internal Revenue Service (IRS) for a one-year extension to comply with new §409A regulations, saying the current timeline is 'not sufficient' to ensure thorough compliance.
Best practices in managing fees includes documenting fee analysis and review process; designing and maintaining investment policy statements; negotiating costs with provider; and avoiding costly investments, said litigator Nancy Ross, who represents one of the firms being sued.
These days, the Pension Protection Act of 2006 (PPA) is sometimes referred to as the “Pension Destruction Act.″
The U.S. District Court for the Southern District of Illinois refused to toss out allegations that Lockheed Martin Corporation breached its fiduciary duty by charging its 401(k) plan participants excessive and unreasonable fees.
Federal regulators have distributed about $55.6 million to more than 200,000 investors hurt by market timing transactions in One Group Funds from Banc One.
St. Louis-based General American Life Insurance Company, a unit of MetLife, and a former executive have agreed to a $3.4 million settlement of late-trading charges with the Securities and Exchange Commission (SEC).
Correspondents offering input to the U.S. Department of Labor (DoL) about revisions to 401(k) fee disclosures said that educating plan sponsors and participants about fees was important but suggested that any revisions needed to be carefully pondered.
Morgan Stanley has agreed to settle a class-action lawsuit that accused the investment bank of discriminating against black and Latino employees in its retail brokerage division since 2002.
A federal judge presiding over a lawsuit against the Principal Financial Group over its 401(k) revenue sharing arrangements has cleared the way for the case to be moved to Iowa after plaintiff’s lawyers never mounted the appeal they had promised.
Just after the introduction of a new bill regarding 401(k) fee disclosures, another House Committee is gearing up for hearings on the issue.
The Securities and Exchange Commission (SEC) has fined former Prudential Securities executive Michael Rice and barred him from working in the securities industry for not putting a halt to improper market timing practices, Reuters reported.
U.S. Representative George Miller (D-California) has introduced legislation that would increase the disclosures about 401(k) fees that are required to be provided to participants.
Seeking class action status on behalf of all plan sponsors, plan administrators and trustees of defined contribution plans in which Fidelity now serves or has served as a trustee, a plan sponsor has sued Fidelity Management Trust Company, alleging the provider got
Twelve associations that represent employers who sponsor 401(k) plans submitted recommendations to the Department of Labor (DoL) on Tuesday on how to improve fee disclosure to participants.
A day after the Internal Revenue Service (IRS) released the final version of its 403(b) rules, the Department of Labor (DoL) said Tuesday that the plans can be set up so they are exempt from the Employee Retirement Income Security Act (ERISA).
Experts say that the finalized 403(b) rules, released on Monday by the Internal Revenue Service (IRS), represent a potential opportunity for plan advisers.
The Hartford Financial Services Group has agreed to pay $115 million to settle allegations by the states of Connecticut, Illinois and New York that it faked bids and allowed mutual fund market timing.
NYSE Regulation, Inc. has censured and fined the Smith Barney Division of Citigroup Global Markets Inc. (“CGMI″) for failing to supervise trading of mutual fund shares and variable annuity mutual fund sub-accounts, failing to prevent market-timing violations by its brokers, and failing to maintain adequate books and records.
In comment letters to the Securities and Exchange Commission (SEC), neither group suggested that the SEC abolish the fees, asking that the Commission keep them, although perhaps with refinements.