The parties have reached a $7.5 million settlement agreement some months after a circuit court revived the long-running ERISA fiduciary breach lawsuit.
The new retirement plan governance platform targets challenges presented in some non-ERISA retirement plan types.
The defendants will also retain an independent consultant to review investments and fees, according to the settlement agreement.
The firms say it gives companies access to asset management, retirement expertise and guidance for employees via a technology platform.
The IRS addresses how to apply the annual additions limitation in an updated Issue Snapshot.
The owner of a 403(b) plan administration firm and another insurance agent have been charged with multiple counts of securities fraud violations.
The agency also issued a Revenue Procedure which extends the deadline for making interim amendments for IRC Section 401(a) plans.
The lawsuit says plan fiduciaries failed to ensure reasonable investment fees and mismanaged revenue sharing to pay for administrative expenses.
The lawsuit alleges fiduciary breaches related to ensuring reasonable administrative and investment fees.
The markup hearing, punctuated by a unanimous vote to advance the legislation, demonstrated that retirement security issues are capable of bringing together members of Congress who don’t agree on much else.
The complaint says fees charged to participants in the plan were "grossly excessive" because they were not based on the services provided.
Participants of a terminated 403(b) plan say the plan sponsor's fiduciary breaches caused them approximately $4.6 million in losses.
The two items that may require an amendment relate to difficulty of care payments treated as compensation for 415 limits, and the application of cooperative and small employer charity pension plan rules.
The SECURE Act's provisions for pooled employer plans (PEPs) did not apply to 403(b) plans.
Parties agreed that a payment of $225,000 will settle the remaining claim in the case related to the share class of the TIAA-CREF Lifecycle Funds.
Parties in the lawsuit against Cornell University have asked for the trial on the one remaining claim in the suit to be vacated.
As in a lawsuit filed in July, the plaintiffs in the recent case challenge the use of an actively managed TDF suite over an index suite.
The lawsuit challenges fees for recordkeeping, target-date funds and stable value funds, as well as fees paid to service providers to the health care system's 403(b) plan.
The firm was also charged with mutual fund share class violations.
Defendants are accused of failing to leverage the size of the plan to negotiate for lower investment and recordkeeping fees, among other things.