Happy Friday, readers! It’s been a busy few weeks for the U.S. Supreme Court in terms of rulings that will impact the retirement plan industry. There are also a number of additional pending cases that could have a dramatic impact on our space. With that in mind, we have compiled below some of our recent coverage of action at the Supreme Court. We hope you will share some of what you read with a client or colleague.
ERISA attorneys are grappling with the potential implications of the Supreme Court’s new ruling in Intel vs. Sulyma; some are speculating the growing use of electronic delivery methods for retirement plan disclosures may reduce the impact.
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The Supreme Court will weigh in on the question of whether an adequately funded pension that is not in immediate danger of insolvency could have wronged participants and breached ERISA in the selection of poorly performing investments offered by an affiliate company.
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Both the U.S. Solicitor and the Pension Rights Center argue that current funded status of a defined benefit (DB) plan is not a proper measure for whether the participants have a right to sue for breaches of fiduciary duties and prohibited transactions under ERISA.
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The high court decided that a court in Puerto Rico had no jurisdiction to order the seizure of property from Catholic entities in order to fulfill a court judgment to pay $4.7 million in pension benefits.
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Putnam had asked the high court whether the plaintiff or the defendant bears the burden of proof on loss causation under ERISA to determine “whether showing that particular investment options did not perform as well as a set of index funds selected by the plaintiffs with the benefit of hindsight, suffices as a matter of law to establish ‘losses to the plan.’”
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The plaintiff in the case asked the court to to answer “whether Dudenhoeffer’s ‘context-sensitive scrutiny of a complaint’s allegations’ can be met where a court” makes certain presumptions.
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The U.S. faces a $4 trillion retirement savings gap heading in the new year, but both public and private solutions are coming online to help more people prepare adequately for life after work.
A survey also found nearly half of employees prefer to have a mix of investments and lifetime income over either traditional pensions or investments alone.
Wealthspire’s leadership calls the acquisition “a significant opportunity to plant a flag on the West Coast and demonstrate our growing national scope.”
The lawsuit claims the veterinary hospital network’s retirement plan, which has more than $500 million in assets, should have paid lower fees for recordkeeping and administrative services.
Portfolio Evaluations adds senior fiduciary consultant; Voya Investment Management to acquire Tygh Capital Management; and Alan Biller and Associates makes key promotions.
