Tag: Fiduciary

Fiduciary defendants were accused of allowing unreasonable expenses to be charged to participants for administration of the plan and of retaining high-cost and poor-performing investments.

The detailed ruling comes after Schwab defendants moved to dismiss in part the plaintiff’s second amended complaint. 

The mediation program now includes fiduciary disputes; opposing parties entering into the mediation program are connected with “neutral, professional and independent” mediators.

The decision goes into significant detail, but in essence plaintiffs’ approach failed because they relied on bare cost comparisons and statements of industry averages, failing to show any actual fiduciary breach occurred.

Attorneys with Mayer Brown say there has been little consensus or direction from the federal courts (at least so far) as to what exactly constitutes prudent administration of tax-qualified benefit plans; this will remain a challenge in 2019 and beyond. 

PLANSPONSOR Magazine has published a 2019 ERISA Plan Compliance Calendar that can help your clients track important due dates and requirements for their qualified plans.

The court officially ended the case by approving a dismissal motion jointly filed by the parties.

In a colorfully worded opinion, the district court judge chides plaintiffs for failing to acknowledge basic facts about the way annuities work and their well-established role in 403(b) plans.

Findings in a new CAPTRUST survey report suggest there may be opportunities for advisers to support board-level investment and fiduciary training at endowments and foundations.

The complaint stems from defendants’ alleged refusal to pay post-termination benefits to the plaintiff—and a sizable similarly situated class of would-be beneficiaries—pursuant to terms and definitions in plan documents.

The decision against Mutual of Omaha’s preliminary motions to dismiss a self-dealing lawsuit underscores the way district court judges tend to allow for discovery in ERISA matters, given the complex and often secretive nature of the facts and circumstances in question.

Similar to a lawsuit the firm settled a few years ago, a newly filed district court complaint says Transamerica “saddled its defined contribution plan participants with substandard investment portfolios that were managed by an affiliate.”

ERISA lawsuits very often lead to settlements or dismissals, but 2018 brought a series of important and potentially precedent-setting decisions in both district and appellate courts.

For retirement industry fiduciary advisers, the SEC’s introduction in April of a proposed Regulation Best Interest was one of the seminal moments of 2018; the regulation will likely take final form some time in 2019.

They are centered around three key themes: 1) Secure your foundation, 2) Achieve greater prosperity and 3) Inspire confidence.

The judge approved just one part of General Electric’s motion to dismiss an ERISA lawsuit alleging self-dealing, allowing seven counts to proceed to discovery.

Attorneys warn the “other shoe has dropped” in the SEC’s special Share Class Disclosure Initiative—and RIAs that did not self-report potential 12b-1 fee disclosure violations are now being investigated.