The lawsuit alleged Great-West Life & Annuity Insurance Company breached its fiduciary duty of loyalty under ERISA Sections 502(a)(2) and (3)—namely by setting predetermined interest rates artificially low and charging excessive fees in order to increase its own profits from the sale and servicing of the Great-West Key Guaranteed Portfolio Fund.
The Wall Street Journal published an analysis this week suggesting “at least five governmental agencies have received fake comments challenging the agencies' rules,” including the Department of Labor; the DOL is so far declining additional comment.
An appellate court found a divorce decree met all the requirements of a QDRO under ERISA.
Newly leveraged Employee Stock Ownership Plans that borrow a large amount may find that their deductible expenses will be lower.
The Senate HELP Committee cleared Preston Rutledge’s nomination earlier in December; now the full Senate has approved his nomination to a post in which he will play a critical role overseeing the retirement planning industry and the future of the fiduciary rule.
One ERISA attorney who specializes in defending employers against fiduciary breach claims says 2017 has delivered no shortage of important, potentially precedent-setting decisions involving employee benefits law; and the stage is set for another whirlwind of a year in 2018.
The bill does not impact tax breaks for retirement savings, either by lowering the amount people can contribute or requiring some or all of the money to be invested as a Roth 401(k).
In a series of sharply written, dueling reports, experts from the American Council for Capital Formation and CalPERS debate the proper role of environmentally and socially conscious investments—and whether the massive public pension fund has grown too political in its actions.
A final rule opens the current program to terminated DC plans and small professional service defined benefit plans.
The new table is for single-employer pension plans undergoing distress or involuntary termination with valuation dates falling in 2018.
Congressional Republicans have successfully pushed a unified version of the Tax Cuts and Jobs Act through the House once, and they may now have to do it again.
The lawsuit alleged that defendants’ conduct cost plaintiffs and the proposed class millions of dollars needlessly expended on excessive fees and costs; however, in a short but informative opinion, a judge has ruled the proposed class of plaintiffs lacks standing.
The text of a combined bill drawing together the House and Senate proposals is slowly emerging ahead of critical up-or-down floor votes scheduled for early next week.
In addition to expanding access to MEPs, the bill would facilitate lifetime income disclosure and clarify the current annuity selection safe harbor.
All employees would have 6% of their income contributed to a workplace retirement plan and have these contributions automatically escalated each year.
The advancement of President Trump’s nominee to serve as the Assistant Secretary of Labor for the Employee Benefits Security Administration might not grab mainstream media headlines, but it represents a key development for the retirement planning industry.
IRI’s basic argument is that empirical evidence shows the outsized role advisers and consultants play in boosting investing outcomes—and that these professionals should not face overly burdensome restrictions on the recommendations they make involving mutual funds and annuities.
The legislation would take steps to provide additional anti-cutback protections for Teamsters, miners, and other unionized American workers who have paid significant sums into multiemployer pension funds.
The RETIRE Act would ensure employers make retirement information easily accessible online, while providing protections for employees who prefer to receive paper documents.
The American Retirement Association says that tax reform could be a disincentive for small businesses to offer retirement plans; however, as one reader shares, there are counter considerations having to do with Roth 401(k) options that could mitigate some of the concern.