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| Supreme Court Asked to Review Chevron Case for ERISA Pleading Standards |
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Specifically, the petition filed by participants in Chevron’s DC plan asks the Supreme Court to answer: “In pleading a breach of fiduciary duty under ERISA, is it sufficient for a plaintiff to allege a deficient decision-making process indirectly through inferences from the facts known to her?”
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| IRS Discusses Ways ESOPs Can Prevent Violation of Nonallocation Year Rules |
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Since there are no prescribed correction methods to address Internal Revenue Code Section 409(p) violations, prevention methods are important considerations for both employee stock ownership plan design and operation, the IRS says.
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| Plan Sponsors Affected by Severe Storms Get ERISA Compliance Relief |
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The Department says it recognizes that severe storms may impede efforts by plan fiduciaries in Nebraska, Iowa and Alabama to comply with the Employee Retirement Income Security Act over the next few months.
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| SEC No-Action Letter Offers Guidance for Processing Rollover Checks |
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Banc West Investment Services asked the Securities and Exchange Commission to clarify its stance on the potential conflict between FINRA suitability determinations called for by rollover decisions and, on the other hand, SEC demands to forward customer checks within a day of receipt.
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| House Subcommittee Witnesses Bash SEC’s Regulation Best Interest |
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Out of five witnesses called before the House Subcommittee on Investor Protection, Entrepreneurship and Capital markets, just one spoke favorably about the SEC’s conflict of interest regulations—and his support was conditioned on the SEC taking further action in this area.
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| Will Your Errors and Omissions Insurance Policy Keep You Dry? |
| Buyer Beware! One experienced matchmaker pairing RIAs with providers of E&O insurance policies likens the space to the Wild West, especially when one looks at the “non-admitted” provider marketplace.
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