ERISA Lawsuit Filed Over Managed Account Arrangement
The complaint alleges that Stadion Money Management and Mutual of Omaha abused their managed account arrangement by putting their own interests ahead of participants’.
Tag: Employee Retirement Income Security Act
Plan Fiduciaries Pay $538,248 for Failure to Timely Remit Contributions
The Department of Labor's Employee Benefit Security Administration (EBSA) also alleged in a lawsuit that fiduciaries to two retirement plans failed to administer the plans, leaving participants unable...
Putnam Asks Supreme Court to Weigh In On Fund Comparisons in ERISA Cases
The question was included in its petition for writ of certiorari asking the Supreme Court to settle a circuit split about burden of proof in ERISA cases.
New Q&A Feature Added to ERISApedia.com eSource
Practical answers to technical questions have been added to appropriate locations within ERISApedia.com's Qualified Plan eSource.
Fiduciary Fitness
ERISA Section 409(b)
Fiduciaries can be personally liable—even for a predecessor’s breach
9th Circuit Upholds Dismissal of Chevron Fiduciary Breach Lawsuit
The appellate court found that the allegations showed only that Chevron could have chosen different vehicles for investment that performed better during the relevant period, or sought lower...
Trendspotting
Celebrating 40 Years of the 401(k)
...And discussing how it could be further strengthened
Editor’s Letter
No ‘Yes’ Men (or Women)
For 2019, maybe it’s a good idea to put fiduciary training on the committee calendar.
USC Files Petition for Supreme Court to Review 9th Circuit’s Refusal to Compel Arbitration
The question before the high court is, “Whether an agreement to arbitrate ‘all claims’ that an ERISA plan participant ‘may have’ against a plan fiduciary encompasses a breach-of-fiduciary-duty...
Lawsuit Challenges Health Care Organization’s Governmental Plan Status
A lawsuit claims Atrium Health does not meet the definition of governmental entity under ERISA, so its retirement plans do not fall under ERISA's governmental plans exemption.
Fiduciary Duties for Auto-Portability Solution Spelled Out by DOL
The DOL has issued an advisory opinion letter in response to a request by Retirement Clearinghouse (RCH), for the Department’s opinion on the status of certain parties as...
DOL Asks for Input on Retirement Plan Auto-Portability
The request comes in a notice of proposed exemption from prohibited transactions for Retirement Clearinghouse's auto-portability solution.
Putnam to Seek Supreme Court Input on Burden of Proof
Putnam Investments has asked for a stay in a case accusing it of self-dealing in its 401(k) plan so it can petition the U.S. Supreme Court regarding whether...
Putnam Proprietary Fund Suit Revived on Appeal
Finding "errors of law" in a district court's decision, the 1st Circuit remanded the duty of prudence claims for review.
Fidelity Faces a Myriad of Allegations in New ERISA Lawsuit
In addition to self-dealing allegations, the complaint calls out Fidelity for not negotiating revenue sharing refunds for its 401(k) plan participants and not considering stable value options for...
Neuberger Berman Dismissed as Defendant in 401(k) Self-Dealing Suit
Once a federal judge dismissed the breach of fiduciary duty claims, she found most defendants were not fiduciaries with respect to the remaining claim.
Federal Court Orders Prison Term after Benefit Plan Theft
A Maryland business owner will serve one year and one day of imprisonment and pay more than $350,000 in restitution for violations of the Employee Retirement Income Security...
Verizon Landline Spinoff Company Frontier Faces Stock Drop Litigation
The lawsuit seems keenly aware of the poor record other such complaints have had in federal court since the crucial Supreme Court ruling in Fifth-Third vs. Dudenhoeffer—focusing its...
Wilmington Trust Dodges M&T Bank Proprietary Funds Suit
Wilmington Trust subsidiaries were found not to be fiduciaries, but other claims against the M&T Bank retirement plan committee were moved forward.