Week ending February 14th, 2020

Happy Friday, readers! Rarely does a week go by in the retirement plan advisory industry without seeing some significant regulatory, legislative or judicial development. True to form, this week brought a series of new lawsuits, as well as some important SECURE Act developments. Find all the important details below, and please consider sharing some of what you read with a client or colleague.

Editor's choice

Rockwell Automation Must Face ERISA Challenge

Allegations in the lawsuit, which has now cleared Rockwell’s dismissal motion, echo those filed in other lawsuits challenging the actuarial assumptions used by pension plan sponsors to value alternative forms of benefits other than the default. Read more >

Plaintiffs Challenge Antiquated Mortality Data in Latest ERISA Litigation Trend

The most recent national employer named in a mortality data lawsuit is the United Parcel Service (UPS), which is facing allegations very similar to those filed against MetLife, Pepsi, American Airlines and others. Read more >

SECURE Act Is No Lifetime Income Free-For-All

One analyst argues the landmark legislation’s lifetime income disclosure requirement may prove to be more influential than the annuity selection safe harbor. Read more >

UPS Named in Latest ERISA Fiduciary Breach Suit

UPS is not the first national employer to be accused of using outdated mortality tables and interest rate estimates in order to shortchange certain pension beneficiaries. Read more >

Voya Left With One Claim to Fight in Excessive Fee Suit

A federal judge found Voya is a fiduciary with respect to the 404a-5 participant fee disclosures it provides for the retirement plan in which the plaintiff participates. Read more >

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