California Law Firm Probes Possible Fiduciary Breach
A Los Angeles-based law firm has launched an ERISA-based fiduciary investigation of Northern Trust.
Compliance
IRS Seeks Roth 401(k) Input
The Internal Revenue Service (IRS) is looking for some input on Roth 401(k)s.
EBSA to Issue Proposed Rule on ERISA Prohibited Transaction Exemption Procedures
The Department of Labor’s Employee Benefit Security Administration is issuing a proposed rule that would supersede the existing procedure governing the filing and processing of applications for administrative...
DoJ Sues Adviser for Tax Fraud Related to Sham Benefit Plans
The United States has asked a federal court to permanently bar a California man from promoting alleged sham pension-plan and welfare-benefit-plan tax fraud schemes.
Court Moves Forward Claim BoA Cut Back Separate Account Benefits
A federal judge in North Carolina has moved forward a claim that Bank of America (BoA) unlawfully eliminated, or cutback, the separate account benefit afforded by 401(k) plans...
DoL Announces Agenda, Speakers for Lifetime Income Hearing
The U. S. Department of Labor’s Employee Benefits Security Administration (EBSA) has released the agenda for the upcoming joint hearing with the Department of the Treasury on lifetime...
Charts and Graphs Are Good, but Don’t Change Target-Date Fund Names
Most industry players responding to the Securities and Exchange Commission’s proposed disclosure rules for target-date funds agreed with the idea of using charts and graphs to illustrate glide...
Lawmakers Respond to SEC Proposed Rules for Target-Date Funds
Three U.S. Senators, in a letter responding to Securities and Exchange Commission-proposed disclosure rules for target-date funds, recommended the agency expand on its proposals.
SPARK Issues Draft Best Practices for 403(b)s Filing Form 5500
The SPARK Institute has released for public comment draft Best Practices for ERISA-covered 403(b) plans that must file a full Form 5500.
Law Firm Investigates Potential ERISA Violations by GlaxoSmithKline
Holzer Holzer & Fistel, LLC is investigating potential violations of the Employee Retirement Income Security Act (ERISA) by GlaxoSmithKline plc.
NJ Hit with Fraud Charges for Pension Funding Disclosure Failures
In the first such action of its kind, the U.S. Securities and Exchange Commission (SEC) charged the state of New Jersey with securities fraud for not properly disclosing...
Merrill Lynch Fined for UIT Discount Failures
The Financial Industry Regulatory Authority (FINRA) has fined Merrill Lynch $500,000 for failing to provide sales charge discounts to customers of eligible purchases of Unit Investment Trusts (UITs).
Raymond James Lawsuit Dismissed
A federal judge has thrown out a lawsuit accusing Raymond James of misleading investors and reserving too little for loan losses.
Regs Exempting Plan Loans from Disclosure Requirements in Effect
New Federal Reserve regulations exempting most plan loans from federal Truth in Lending Act (TILA) disclosure requirements became effective in July.
IRS Replaces Form 5500 Schedule SSA
Beginning with returns for the 2009 plan year, the Schedule SSA has been eliminated as a schedule of the Form 5500 annual return/report and is replaced with Form...
Regulators Update Best Practices About Serving Senior Investors
The Securities and Exchange Commission (SEC), Financial Industry Regulatory Authority (FINRA), and North American Securities Administrators Association (NASAA) have outlined practices used by financial services firms to strengthen...
KeyCorp Stock Drop Case Dismissed
A stock drop lawsuit has been dismissed, according to plaintiffs’ attorneys.