Among other elements, Title IV of ERISA is used to determine liability for PBGC termination premiums.
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.
As the complaint points out, the Society of Actuaries has published some five updates to its mortality assumptions since the mortality table used by defendants was published way back in 1971.
The affirmation once again shows how influential has been the Supreme Court’s 2014 decision known as Fifth Third v. Dudenhoeffer. It also presents an interpretation of how Fifth Third interacts with another significant SCOTUS decision known as Tibble v. Edison.
The ERISA fiduciary duty requires fiduciaries to act with prudence, not prescience, a court said.
Crucial to the case is the fact that the pension plan is not facing insolvency, raising the question of whether retirees can prove concrete harms occurred which are necessary for establishing ERISA standing.
In addition to a multi-million dollar monetary settlement, MFS has agreed to certain plan design changes moving forward.
The Employee Retirement Income Security Act (ERISA) does not actually define "actual knowledge" required by participants who file fiduciary breach cases, and U.S. Circuit Courts are split on the issue.
Experts say the new SEC rules could allow brokers to encroach into the traditional territory of advisers without having to meet the same fiduciary standard of care.
The appellate court found that the facts alleged are insufficient to support a plausible inference of breach of fiduciary duty, and the Supreme Court seemingly agrees.
Schlichter says many participants in retirement plans pay lower fees for investments and recordkeeping as a result of ERISA litigation; others ask whether plan sponsors’ fear of lawsuits has stifled innovation.
In recent months, writs of certiorari have been filed with the Supreme Court in four cases involving tax qualified defined contribution plans.
The text of the decision highlights that Federal Rule of Civil Procedure 15 provides that a court may permit a party to amend its pleadings “when justice so requires,” and absent special circumstances, such leave should be “freely given.”
During an exchange on Capitol Hill on Wednesday, the Democratic representative from Ohio pressed DOL Secretary Alexander Acosta for details on how the regulator is addressing advisory industry conflicts of interest.
Plan fiduciaries have agreed to prohibit service providers from using data generated in serving the plan to market or sell unrelated products to Vanderbilt 403(b) plan participants.
The advisory firm of Slocum & Associates will not face class-action claims and has prevailed on some summary judgement arguments, but the ruling allows certain individual claims to proceed.
City National argued that if a District Court had considered certain offsets to the damages award, it would have been clear that the bank never received more compensation than necessary for performing recordkeeping services for its own plan.
Beyond the issue of excessive compensation, the lawsuit questions the collection of “float interest” and asks whether BTG International permitted a provider to create a “captive market for 401(k) rollovers.”
The district court rules SafeWay’s dismissal motions conflate the principle that investment decisions should not be evaluated based on hindsight with the need to use historic information available at the time the decision was made.