Tag: ERISA
Practice Management
Taking on Discretion
Should you offer 3(38) fiduciary services or outsource the role?
Ruling on NY Times Multiemployer Plan Arbitration Challenge Rejects Use of ‘Segal Blend’
Following extensively detailed deliberation citing important SCOTUS rulings and other precedents, the district court ruling rejects a multiemployer plan’s usage of the so-called “Segal Blend” to set the...
Rhode Island the Next Stop for DOL Fiduciary Seminar
The “Getting It Right – Know Your Fiduciary Responsibilities” seminar will be held in Providence, Rhode Island, on June 28.
NYU Moves to Limit Evidence Used in Trial Over 403(b) Plans
In its motion, NYU asks that a federal district court judge issue an order “precluding from trial … any testimony, evidence, or arguments concerning claims that were previously...
Court Denies Motion to Dismiss Edward Jones Self-Dealing Suit
U.S. District Judge John A. Ross noted in his order that the arguments the defendants advance in support of dismissal are virtually identical to those raised in their...
Court Orders Plan Fiduciary to Pay Restitution to 401(k) Plan
A fiduciary to the Southside Manufacturing Corp. Retirement 401(k) Savings Plan will pay restitution of $87,276 for stealing from an employee benefit plan, and failing to pay federal...
TPA Accused of Stealing Assets From Retirement Plans
Vantage Benefits, a TPA and recordkeeper, has already been ordered to restore funds to one 401(k) plan; now a new lawsuit accuses it of stealing funds from MBA...
DOL Fiduciary Rule Ambiguity Mustn’t Derail Quality Client Service
With so much uncertainty now overhanging the future of the DOL fiduciary rule expansion, the onus is squarely on advisers, broker/dealers and recordkeepers to decide how they will...
District Court Dismisses ERISA Lawsuit Targeting Aon Hewitt, Financial Engines
Plaintiffs suggested plan fiduciaries permitted excessive fees to be paid, leading to improper provider kickbacks; a district court judge has summarily dismissed the allegations for failing to state...
Morningstar and Prudential Win RICO Suit Dismissal
The unsuccessful challenge was viewed as somewhat unique amid the glut of retirement industry litigation because it cited the Racketeer Influenced and Corrupt Organizations Law of 1970, known...
Circuit Court Fiduciary Rule Decisions Raise Important Process Questions
While the Fifth U.S. Circuit Court of Appeals has vacated the DOL fiduciary rule expansion, one attorney warns the rule is still technically in effect, at the very...
Will SCOTUS Decide the Fate of the DOL Fiduciary Rule?
Some ERISA attorneys argue the Fifth Circuit decision last week to vacate entirely the DOL’s fiduciary rule expansion makes a Supreme Court decision on the matter inevitable; others...
Confusion Abounds After Fifth Circuit Decision Vacates DOL Fiduciary Rule
The latest decision out of the Fifth U.S. Circuit Court of Appeals throws a dramatic new element of confusion into the epic regulatory saga that has been the...
SunTrust Agrees to Settle Stock Drop Suit for $4.75 Million
The bank also agreed to continue funding matching contributions to its 401(k) plan in the form of cash or cash equivalents for a period of time.
DOL Fiduciary Rule Gets Another Successful Defense in Appeals Court
The appellee, Market Synergy Group, argued unsuccessfully that its representatives would never be able to make the Best Interest Contract Exemption, a key mechanism underlying the new DOL...
Wells Fargo Advisors SEC Filing Hints at Federal Fiduciary Investigation
The firm says it does not have additional information to share at this juncture beyond what has been noted in a 2017 year-end SEC filing; in that newly...
FINRA Rep Monitoring Rule Change Could Trigger RIA Compensation Renegotiation
The regulator is reassessing its requirements for RIAs to monitor the outside business activities of their reps; one experts argues it is likely that, if the final rule...