PLANADVISER Weekend Newsdash
Week ending October 9th, 2020

Greetings loyal PLANADVISER readers! With so many important and rapidly evolving national news stories playing out right now, it can be hard to keep track of more mundane matters like retirement plan litigation and regulations. Yet the fiduciary duties of prudence and loyalty remain paramount in the operation of tax-qualified retirement plans. With that in mind, collected below is a recap of some of the most important legal and regulatory developments of recent weeks. We hope you find the reporting helpful and consider sharing some of what you read with a client or colleague.

Editor's choice
No Decision to Come in Lawsuit Over Mismanagement of TDFs
The lawsuit against Principal Global Investors and related entities was abandoned. Read more >
District Court Left to Reconsider Decision in Principal GIC Contract Lawsuit
The Supreme Court has denied review of the lawsuit accusing Principal Life Insurance Co. of violating ERISA by setting the crediting rate for a guaranteed investment contract such that it can “retain unreasonably large and/or excessive profits.” Read more >
Salesforce Defeats ERISA Excessive Fee Litigation
A district court in California has proven to be skeptical of claims suggesting that active management funds are categorically imprudent retirement plan investments; the ruling also defends the use of revenue sharing.  Read more >
Northwestern University Case Plaintiffs Petition Supreme Court
The high court has been asked to weigh in on whether allegations that investment fees charged were excessive compared to other investments is sufficient to state a claim of imprudence. Read more >
Abbott Escapes Retirement Plan Cybersecurity Suit
A federal judge found Abbott defendants were not fiduciaries with regard to the alleged acts, but claims against Abbott’s retirement plan recordkeeper were allowed to stand. Read more >
Latest ERISA Class Action Suit Echoes Many Others
The proposed class action lawsuit against TriNet HR follows the same template as numerous others filed by the law firm Capozzi Adler. Read more >
MOST POPULAR STORIES
With Prudential Acquisition, Empower Aims for Growth Up to 3x Faster Than Other Recordkeepers

The CEO of the nation’s No. 2 recordkeeper says Empower’s focus will continue to be on a best-in-class user experience.

Eyes on the Investment Menu
Experts share insights on the construct of a modern DC plan lineup.
ProNvest Launches Fintech Platform

It can cull data for advisers, banks, credit unions, insurance firms and other institutions to give an overview of a person’s defined contribution plan holdings.

Efforts to Boost Americans’ Retirement Savings Continue at Full Speed

Congressional leaders and asset management executives say they are committing to furthering legislation to expand coverage and boost savings

‘Secure Act 2.0’ Likely to Become a Reality

Retirement Plan Execs Confident Senate Will Pass the Bill Into Law

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