The underlying lawsuit will proceed and will test whether the firm acted imprudently or disloyally in discharging its discretionary fiduciary authority when including its own affiliated investment products in its internal retirement plan.
News emerged Tuesday of a shift in the way Fidelity and Vanguard, two of the largest-volume providers of recordkeeping and investment products for retirement plans, work with and compensate one another—and how certain costs are ultimately charged and disclosed to participants.
The proportion of plans that are at least partially bundled fell dramatically from 53.8% in 2016 to 44.0% in 2017, a continuation of the unbundling trend, according to Callan.
While a federal district judge had dismissed some claims last fall, the introduction of a new plaintiff in the case adds them back.
PLANADVISER interviewed a spokesperson for a large group of Verizon retirees back in 2015, shortly following their defeat in appellate court in a case challenging the merits of pension risk transfers; we catch back up with Jack Cohen to talk shop and ask, how have things been going post annuitization?
Regulatory developments in Nevada and New York show inaction at the federal level on clarifying advisers’ and brokers’ fiduciary duties is leading to a patchwork of state-by-state approaches to mitigating conflicts, real and perceived.
Retirement plan fiduciaries must understand the expenses their participants pay to make trades and access investments, but their duty to monitor and ensure reasonableness is not limited to the issue of pricing alone.
The settlement includes $12 million in monetary contributions, along with mandated administrative changes and the appointment of an independent monitor for the investment lineup.
Even though there is no typical stable value fund, heading into 2018 there have been three typical types of lawsuits filed against fiduciaries offering stable value funds, according to ERISA attorneys with Mayer Brown.
A federal district court judge has dismissed the university’s motion for reconsideration of its previous motion to dismiss, while simultaneously granting a motion to stay the litigation process as a parallel case makes its way to the controlling 3rd U.S. Circuit Court of Appeals.
The lawsuit alleged Great-West Life & Annuity Insurance Company breached its fiduciary duty of loyalty under ERISA Sections 502(a)(2) and (3)—namely by setting predetermined interest rates artificially low and charging excessive fees in order to increase its own profits from the sale and servicing of the Great-West Key Guaranteed Portfolio Fund.
An appellate court found a divorce decree met all the requirements of a QDRO under ERISA.
The Senate HELP Committee cleared Preston Rutledge’s nomination earlier in December; now the full Senate has approved his nomination to a post in which he will play a critical role overseeing the retirement planning industry and the future of the fiduciary rule.
One ERISA attorney who specializes in defending employers against fiduciary breach claims says 2017 has delivered no shortage of important, potentially precedent-setting decisions involving employee benefits law; and the stage is set for another whirlwind of a year in 2018.
The bill does not impact tax breaks for retirement savings, either by lowering the amount people can contribute or requiring some or all of the money to be invested as a Roth 401(k).
In a series of sharply written, dueling reports, experts from the American Council for Capital Formation and CalPERS debate the proper role of environmentally and socially conscious investments—and whether the massive public pension fund has grown too political in its actions.
The lawsuit alleged that defendants’ conduct cost plaintiffs and the proposed class millions of dollars needlessly expended on excessive fees and costs; however, in a short but informative opinion, a judge has ruled the proposed class of plaintiffs lacks standing.
A new Corporate Insight report offers a brief history of the development of financial services technology security measures introduced since 1996—delivering for retirement plan fiduciaries important contextual information about today’s evolving best practices.
The advancement of President Trump’s nominee to serve as the Assistant Secretary of Labor for the Employee Benefits Security Administration might not grab mainstream media headlines, but it represents a key development for the retirement planning industry.
IRI’s basic argument is that empirical evidence shows the outsized role advisers and consultants play in boosting investing outcomes—and that these professionals should not face overly burdensome restrictions on the recommendations they make involving mutual funds and annuities.