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
What Exactly Is Driving the Great Resignation?

Panelists at EBRI’s Spring Policy Forum discussed how various demographic groups tend to reenter the labor force, how workers are supporting themselves if they choose not to return and various other factors impacting labor force participation in 2022. 

Risks and Rewards of Managed Accounts

Managed account solutions may present opportunities for wealth management firms to grow assets and revenues, but they also carry risks that must be effectively managed.

Another Circuit Court Rules on ERISA Arbitration Rules

The 6th U.S. Circuit Court of Appeals has ruled that certain types of ERISA claims, while brought by individual participants, ultimately belong to the plan as a whole, meaning individual arbitration agreements cannot as a matter of course prevent such claims from proceeding in court.

Retirement Industry People Moves

Smart hires group sustainability director; SageView adds government and public sector retirement plan expert; and Adviser Group adds business strategies and compliance expert.

John Hancock Defeats ERISA Foreign Tax Credit Lawsuit

Though the court previously allowed class certification in the case, a new order firmly rejects the plaintiffs’ arguments that they were entitled to certain foreign tax rebates generated by group variable annuity contracts they had signed.

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