The Department of Labor’s (DOL)’s Employee Benefit Security Administration’s (EBSA)’s Plan Investment Conflicts (PIC) project investigates issues related to fiduciary service provider compensation and conflicts of interest in relation to plan asset vehicles.
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The plaintiffs say that since these experimental funds were added to the plan in 2013, they have consistently underperformed their benchmarks, and have underperformed the funds they replaced by tens of millions of dollars.
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Plaintiffs include in their complaint a substantial amount of backward-looking fund performance data to underpin their failure to monitor claims, comparing the Home Depot offerings to others that could have been purchased.
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 original motion which was rejected by the court and, absent a new argument, he is led to the same conclusion not to dismiss the suit.
With Flexible Portfolio, advisers now have the option to personalize a client's portfolio around their views, current holdings and personal circumstances.
The lawsuit contends the plan’s holdings of the parent company's common stock should have been liquidated on or shortly after the date Gannett was separated from its parent.
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The DOL has entered into a settlement agreement with U.S. Fiduciary Services and three of its subsidiaries that provides for payment of more than $7 million to 42 retirement plans.
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However, a federal judge change the class definition for the imprudent investment claims because class representatives were not all invested in the funds challenged.
The complaint calls out the use of United of Omaha-branded mutual funds and target-date funds, as well as a guaranteed fund managed by United of Omaha.
Franklin Templeton's lawyers argued that while a Supreme Court ruling allowed the plaintiff to pursue an individual claim, he signed a waiver to not pursue class action lawsuits upon his severance of employment.
In a dense dismissal decision, the district court offers a reminder of the exacting pleading standards of ERISA and statues of limitations before roundly rejecting the plaintiff's allegations for failing to state an actionable claim.
Plan fiduciaries have been charged with breaching their fiduciaries duties under ERISA by selecting more expensive share classes of investments than were available to the 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.
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The lawsuit challenges the use of retail share classes for the plan's investment menu and revenue-sharing paid to the plan's recordkeeper.
The judge addressed arguments related to commonality of 401(k) participants in the suit.