New Advisory Group on Preventing Senior Scams to Meet Next Week
The advisory group was established by the Stop Senior Scams Act, passed in March, and is charged with developing strategies...
Compliance
Parties Reach Preliminary Settlement in 16-Year ERISA Lawsuit
Plaintiffs agree to settle for $267 million in a class action suit that alleged that PricewaterhouseCoopers LLP undercalculated lump-sum payments...
All 3 Defendants Move to Dismiss Cybersecurity ERISA Suit
The defendants are accused of ignoring several red flags, resulting in over $750,000 being stolen from a retirement account.
Maryland’s State-Run Retirement Program Officially Launches
The program will also help employees build emergency savings through an automatic payroll deduction.
SEC Risk Alert Addresses Marketing Rule Compliance Examinations
The SEC’s new marketing rule is set to take effect on November 4, and the agency’s Division of Examinations says...
Judge Rules in Favor of Goldman Sachs in ERISA Suit
A federal judge rules that Goldman Sachs did not privilege its own mutual funds at the expense of retirement plan...
Janus Henderson Sued for Allegedly Favoring Its Own Funds in Its Retirement Plan
Class action lawsuit claims firm loaded its 401(k) plan with high-fee, underperforming proprietary funds.
PANC 2022: Reg BI Compliance Tips From the SEC
The enforcement of Regulation Best Interest is currently one of the major projects at the Securities and Exchange Commission.
Senator Calls for Confirmation Vote on Assistant Secretary of Labor Nominee
Senator Patty Murray takes the 48th anniversary of ERISA to emphasize the importance of having a proper secretary to oversee...
Senate Finance Committee Proposes Final Text for EARN Act
The fully amended bill clarifies the Senate's position on retirement reform, as the Senate and House approach a final deal expected late this year.
3rd Circuit Backs J&J in Stock-Drop Appeal
A new order emphasizes that a stock-drop plaintiff must do more than allege a general economic theory of why earlier...
Judge Rejects Chamber’s Commentary in ERISA Suit
The court rejects the defense’s motion to dismiss the case, but denies the U.S. Chamber of Commerce’s bid to submit...
DOL Extends Comment Period, Sets Hearing on QPAM Exemption Amendment
The complexity of the proposed reforms to the qualified professional asset manager exemption has given some experts pause.
DOL Sues Couple, Alleges They Lost Millions in Profit-Sharing Plan
A prominent New Jersey couple faces allegations that they invested plan assets in companies in which they had significant financial...
DOL Updates Guidance on Audit Independence Rules
Labor Department leadership says the update is designed to expand retirement plans’ access to highly qualified auditors and audit firms.
District Court Rejects Cross-Selling Claims in Mixed ERISA Ruling
Much of the ruling sides with plaintiffs and permits the case to move to discovery, but the defendants successfully defeat...
Union Pension in Puerto Rico Latest to Receive PBGC Relief
With its latest relief payment, the Pension Benefit Guaranty Corporation has now distributed more than $7.5 billion to stressed union...
Plaintiffs Say 401(k) Plan Omitted Target-Date Funds Among Problems
The target of a new Employee Retirement Income Security Act is a plan sponsor with more than 20,000 participants that ‘periodically’ reviewed the plan’s investment options to ensure...
Plaintiffs Allege AME Church Plan Agreed to ERISA Status
The consolidated class action complaint suggests the church plan at issue is an ERISA plan because the summary plan document...
Global Insurance Firm Latest to Face ERISA Litigation
The plaintiffs claim familiar allegations pertaining to excessive recordkeeping and administrative fees.