Tag: retirement plan fees

Among other things, a federal court judge found the director of benefits at Kaleida Health and the retirement plan committee of its 403(b) and 401(k) plans were fiduciaries.

When the wave of excessive fee cases began against retirement plan sponsors, most targeted large or mega plans, based on assets. However, a new case against TriHealth Inc. continues a trend of targeting smaller plans.

The complaint accuses BBVA Compass of mismanaging a $100 million money market fund “that was the investment equivalent of stuffing cash into a mattress” and failing to properly monitor investments and remove imprudent ones.

In a case alleging George Washington University violated ERISA fiduciary duties with regard to retirement plan fees, a federal judge found the plaintiff had waived her right to sue in a previous agreement.

Participants allege Adidas’ decision-making, monitoring and soliciting bids from investment funds was deficient

This was one of Fidelity's arguments in a memorandum to support its motion to dismiss a consolidated lawsuit alleging it is receiving “secret” or “kickback” payments from providers on its FundsNetwork platform.

Of that amount, $395,000 will go to class counsel, and there were no conditions of change to plan design or processes in the settlement agreement.

A BrightScope/ICI study also found collective investment trusts (CITs) accounted for a larger share of assets in larger plans than smaller plans.

With its fee reduction, 21 of the 22 Fidelity Freedom Index Funds will have total net expenses lower than comparable Vanguard index target-date funds, Fidelity says.

The lawsuit accuses the sponsor of a small 401(k) plan with failing to monitor and correct excessive fees.

An appellate court revived two claims in the lawsuit that had been previously completely dismissed by a District Court, but in a dissenting opinion, one judge expressed concern about permitting implausible allegations to result in a large settlement.

City National argued that if a District Court had considered certain offsets to the damages award, it would have been clear that the bank never received more compensation than necessary for performing recordkeeping services for its own plan.

Vanderbilt will conduct a request for proposals (RFP) for a new recordkeeper, among other things.

Fewer than one in ten “mega plans,” those with assets greater than $1 billion, had a fully bundled structure as of the end of 2018, according to new data provided by Callan.

Anthem has agreed to pay $23.6 million to settle the lawsuit in addition to non-monetary terms.

According to the recent complaint, Fidelity has breached its fiduciary duties to retirement plans by charging mutual fund and other investment companies a substantial fee as a condition for their investment vehicles being offered on Fidelity’s fund platform.

Comparing Employee Retirement Income Security Act (ERISA) cases to trust law cases, a federal judge decided to side with "the great weight of authority in the federal courts holding actions under ERISA to remedy alleged violations of fiduciary duties are equitable in nature," so there is no right to a jury trial.

The 401k Averages Book also shows smaller plans continue to pay higher fees than large plans.

The lawsuit accuses Fidelity of requiring "secret" payments from funds to make up for declining amounts of revenue sharing payments received by the firm as a result of the increasing use of passive mutual funds, institutional and R6 share classes of mutual funds and collective trusts

The defendants were denied summary judgment on all claims.