ERISA Class Action Against Novo Nordisk Partially Dismissed
Although claims about misuse of plan forfeitures were dismissed, allegations alleging fiduciary breaches by the Novo Nordisk retirement committee related...
Compliance
Plaintiffs Appeal 401(k) Forfeiture Case Against Honeywell
A day after a federal district court dismissed a 401(k)-plan forfeiture complaint suit against plan sponsor Honeywell International, plaintiffs appealed...
Treasury Department, IRS Asked to Push Back Secure 2.0 Plan for Roth Catch-Ups
A provision of the SECURE 2.0 Act of 2022 that affects government plans has been delayed from taking effect since...
2nd Circuit Reopens Prohibited Transaction Claim Against Northeast Grocery
The appellate court reversed part of a district court’s dismissal, allowing part of the complaint to proceed in light of...
Labcorp Wins ERISA Bench Trial, NextEra to Face Class Action
Two federal courts reached different decisions in separate complaints that accused large employers of mismanaging employee retirement plans.
Empower Accused of Pushing Excessive Costs, Underperforming Investments
The complaint alleges that Empower Advisory Group and its affiliates misled retirement plan participants into transferring savings into high-fee investment...
DOL Wants to Pause Fiduciary Rule Case Through October
The Department of Labor asked for an extension through October to consider its options in a federal case challenging the...
Will DOL Issue Safe Harbor Guidance for Alternative Investments?
The Department of Labor swiftly rescinded a 2021 letter questioning private investments in 401(k) plans, but DOL officials have not...
Consultant Needed for WA Saves
Washington Saves, the state's retirement savings program, needs a consultant with technical and administrative expertise for program development, compliance, procurement...
District Court Denies Bank of America’s Motion to Dismiss 401(k) Forfeitures Case
U.S. District Judge Max Cogburn Jr. rejected Bank of America’s argument that its decisions were made in a “settlor capacity”...
What Can the SEC Do With AI?
The Securities and Exchange Commission’s AI task force could provide the agency a ‘technology augmentation,’ according to a former SEC...
District Court Rules ERISA Claims Against Amentum, DynCorp Can Proceed
The government contractors are facing excessive-fee allegations, but a federal judge dismissed complaints about their improper use of forfeitures.
Employer Groups Argue for Reversed Court Decision on Lockheed Martin PRTs
The U.S. 4th Circuit Court of Appeals received an amicus brief arguing that Lockheed Martin was allowed to transfer pension...
DOL Backs Down from Safe Harbor Repeal
‘Significant adverse comments’ led to the Department of Labor's decision to not repeal protections offered in the Pension Protection Act...
Federal Judge Rejects Motion to Dismiss Stable Value Investment Case
Sentara Healthcare Inc. and its fiduciary committee had asked a district court in Virginia to dismiss a complaint related to its...
DOL Revokes Biden-Era Warning About Alternative Investments in 401(k) Plans
Department of Labor officials said the 2021 statement had a ‘chilling effect’ for saying that plan fiduciaries were ‘not likely...
Trump Signs Executive Order on Private Equity in 401(k) Plans
The Labor Department, Treasury and SEC are ordered to reexamine guidance around alternatives, including cryptocurrency in retirement plans to encourage...
IRI Urges New Jersey to Keep Advisers, Broker/Dealers ‘Independent’
The Garden State has proposed labeling investment advisers and broker/dealers ‘employees’ rather than ‘independent contractors.’
SEC Creates AI Task Force
Securities and Exchange Commission veteran Valerie Szczepanik was named its chief artificial intelligence officer to lead the agency-wide effort.
Chamber of Commerce Files Amicus Brief in Merrill Lynch Deferred Compensation Case
The Chamber of Commerce, the Center on Executive Compensation and the American Benefits Council joined the brief, urging the court...