|$300 Million Plan Faces ERISA Fiduciary Breach Lawsuit|
The plan being challenged in the latest fiduciary breach lawsuit held less than $300 million as of the start of last year, making it one of the smallest to become the target of an ERISA complaint.
|DOL Aims to Quickly Simplify Conflict of Interest Framework|
The main theme of the new fiduciary rule proposal is alignment with other regulators—the SEC and FINRA in particular—but the agency is by no means surrendering its jurisdiction over tax-qualified retirement plans.
|Warn Your Clients: Don’t Abuse Coronavirus Hardship Withdrawals|
|Though retirement plans can allow individuals to self-certify that they qualify for a penalty-free coronavirus-related distribution, should the IRS discover otherwise during a future audit, a participant can be subject to substantial penalties. |
|Wawa ERISA Settlement Valued at Nearly $22M|
The basic contention of the lawsuit was that the company acted in a manner contrary to ERISA’s fiduciary requirements when it forced terminated employees to liquidate company stock holdings at an unfair price.
|How Advisers Serving MEPs and PEPs Can Be Conflicted|
The most obvious potential conflict of interest for advisers setting up or serving pooled employer plans is if their practice is affiliated with the investments being selected—but there are other potential pitfalls to acknowledge.