401(k) Plan Administrator Sues VALIC Over Surrender Fees Charged to Plan
The insurer is charged with engaging in a prohibited transaction under ERISA when the fees were charged during a move to a new provider, as well as with...
Compliance
Plaintiffs Petition SCOTUS in Wells Fargo Stock-Drop Litigation
The plaintiffs’ plea to the Supreme Court questions the precedents set by Fifth Third v. Dudenhoeffer—a 2014 high court ruling that significantly raised the pleading standards for ERISA...
$30 Million Settlement Reached in Lawsuit Over DB Plan Funding
The case concerns the St. Joseph Health Services of Rhode Island Retirement Plan, which the lawsuit says failed to be a 'church plan' under ERISA.
Biden Administration to Nominate Marty Walsh as Secretary of Labor
The second-term mayor of Boston is known for fighting for a higher minimum wage and for being a long-term union member who is outspoken about the role of...
Allstate Faces Additional ERISA Fiduciary Breach Lawsuit
A new complaint filed in Illinois echoes allegations leveled against the insurance company in a complaint from November.
Key DOL Prohibited Transaction Exemption Considerations
Everyone is initially eligible for the DOL’s new prohibited transaction exemption, though the regulator reserves the right to suspend eligibility for up to 10 years after certain violations.
SEC Deregulations Diminish Investor Protections, Office of the Investor Advocate Says
The office is also calling on the SEC to establish an ESG framework.
DOL Reconsiders Who Can Be Considered a Fiduciary
This makes its new prohibited transaction exemption all the more important, according to attorneys with Groom Law Group.
Roisman Named Acting SEC Chair With Clayton’s Exit
While stakeholders wait for the announcement of President-elect Joe Biden’s pick, the U.S. Securities and Exchange will be kept on a ‘steady course’ under Elad Roisman's interim leadership.
Stimulus Bill Extends Some Provisions of the CARES Act
It also provides a way for retirement plan sponsors to avoid a partial plan termination.
A Few Important Points About the DOL’s Fiduciary Actions
Among other important developments, the Department of Labor has confirmed that one cannot simply write their way out of a functional fiduciary relationship.
IRS Extends Relief From Physical Presence Requirement
The physical presence requirement for spousal consents and participant elections under qualified retirement plans will be lifted through June 30.
Voya Settles With SEC for $23M on Charges of Misleading Advice
The advice concerned mutual funds, illiquid alternative investments and cash sweep vehicles.
SEC Finalizes Digital Advertising Rule Reforms
The SEC’s leadership says the updated marketing rule reflects important changes to the traditional advertising and solicitation regulations, which have not been amended for decades.
Supreme Court Ruling Addresses ERISA Preemption
A recent decision filed by the U.S. Supreme Court has significant implications in the area of ERISA preemption of state laws and regulations, though the direct impact on...
Is the Tide of ERISA Litigation Turning?
One ERISA attorney who tends to represent plaintiffs says the future might hold fewer cases, thanks to certain key Supreme...
SECURE Act Dictates Long-Term, Part-Time Employees Be Included in Retirement Plans
But there are some options employers have with respect to enforcing this, such as allowing part-time employees to make their own contributions.
House Democrats Introduce Pro-ESG Investing Bills
The lawmakers say their proposals to require more disclosure of environmental, social and governance information build on the proven principle that sustainable investing and profitable investing are not...
Union Pension Funding Advocate Urges Immediate Action
Beyond the ethical imperative to address the crisis facing many multiemployer pensions, today’s ultra-low interest rate environment presents an opportunity too good to pass up, one union pension...
DOL Publishes Final Fiduciary Prohibited Transaction Exemption
The final rule confirms the reinstatement of the traditional five-part test for determining fiduciary status, though it does not definitively state that advice regarding IRA rollovers necessarily triggers...