The plaintiff in a 403(b) ERISA excessive fee lawsuit filed against Baptist Health South Florida has been ordered by a district court to enter an arbitration process.
The suit alleges that John Hancock Life Insurance Co. violated ERISA by retaining foreign tax credits generated by plans’ investments under a group variable annuity contract.
Imprudent investments and excessive fees were themes of lawsuits filed last week against retirement plan fiduciaries.
Milliman has been accused of failing to remove poorly performing investments, subadvised by its affiliate, from its 401(k) plan.
The denial of the defense’s dismissal motion opens the door for either trial or settlement in an ERISA lawsuit that includes a set of fiduciary breach claims that are similar to those filed against many U.S. employers and plan sponsors.
The lawsuit challenged the use of an active suite of TDFs versus an index suite, among other things.
The new ruling, filed in favor of the defendants, is just the latest action in what has been a long-running series of complaints and cross motions involving Intel’s retirement plan.
The plaintiffs in an ERISA fiduciary breach lawsuit known as Fleming v. Rollins Inc. have refiled their complaint in federal court, this time also proposing claims against multiple financial advisory firms that serve their retirement plan.
In addition to the Form 5500 informational copies, the IRS has also released the 2021 Form 5500-EZ and related instructions.
The complaint claims ERISA violations against the company for allegedly deflating the plan’s value.
The defendants’ motion for summary judgment, based on the release of claims and their contention that the plaintiff didn’t suffer an injury, was denied.
The original lawsuit was dismissed in September, but the plaintiffs were given time to file an amended complaint, which they have now done.
Like the many other ERISA lawsuits filed against large financial service providers, the complaint alleges that the defendants failed to administer the plan in the best interest of participants and failed to employ a prudent process.
Plan fiduciaries face a breach of duty of prudence claim over allegedly excessive investment and recordkeeping fees.
Among other allegations, the plaintiffs claim Voya engaged in an imprudent process while selecting and retaining proprietary target-date funds and a stable value option.
The complaint challenges the use of both allegedly outdated mortality tables and artificially high interest rate assumptions in the conversion of annuity types under multiple pension plans.