Responding to a case against Intel 401(k) plan fiduciaries, U.S. attorneys say just because retirement plan participants receive investment disclosures doesn't mean they have actual knowledge that a fiduciary breach occurred.
In a brief of amici curiae filed with the U.S. Supreme Court, they argue that an appellate court decision undermines the value of retirement plan disclosures and should be reversed.
The executive order regarding RMD rules and open MEPs, signed last week by the President, also asks the DOL and Treasury to simplify disclosure regulations for plan sponsors and participants.
Legal experts generally consider reconsideration of a judgment an extraordinary remedy, one which will be granted only sparingly; even so, a federal district court has admitted key mistakes and says it will reconsider its ruling in a retirement plan lawsuit in which it had previously denied summary judgement in favor of the defendants.
The ERISA Advisory Council has provided the DOL with recommendations for design and delivery improvements with respect to the Summary Plan Description, the Annual Funding Notice and the Summary Annual Report.
The RETIRE Act would ensure employers make retirement information easily accessible online, while providing protections for employees who prefer to receive paper documents.