Tag: retirement plan litigation

In addition to a gross monetary payment of $10.65 million, the university agreed to other non-monetary actions.

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.

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.

Plaintiffs in the case say the appellate court held them to stricter pleading standards than it did plaintiffs in other Employee Retirement Income Security Act (ERISA) lawsuits.

A lawsuit filed by a participant whose benefit liability was transferred to MetLife in a pension risk transfer (PRT) deal is still ongoing.

As cases against MetLife, Pepsi and American Airlines have been filed, Groom Law Group questions whether these cases may present a new area of potential legal exposure.

The university has pared down to 11 investment options in its 403(b) plan.

The decision breaks from other cases in which district and appellate judges have found plaintiffs did not meet strict pleading standards established by the influential Dudenhoeffer decision.

The settlement agreement leaves open a chance to bring a new claim regarding the offering of a money market fund in the plan.

The plaintiffs accused Edward Jones of favoring its own investments and those of its “preferred partners” in its 401(k) plan, at the expense of performance; they also raised questions about excess recordkeeping fees.

A federal district court judge recently moved forward most claims in the case, and a trial date was set for January 14, 2019.

The appellate court found that the allegations showed only that Chevron could have chosen different vehicles for investment that performed better during the relevant period, or sought lower fees for administration of the fund, not that any breach of ERISA duties had occurred.

One case focused on excessive fees for recordkeeping, administrative, and investment services, and the other focused on revenue sharing.

The parties report they have resolved the case, and the judge dismissed the action with prejudice—meaning another complaint cannot be filed.

The question before the high court is, “Whether an agreement to arbitrate ‘all claims’ that an ERISA plan participant ‘may have’ against a plan fiduciary encompasses a breach-of-fiduciary-duty claim under ERISA § 502(a)(2).”

Willis Towers Watson offers nine actions for DC plan advisers to help their clients mitigate risks in 2019.

The dismissal of the lawsuit accusing the custodian of making unauthorized 403(b) plan account transfers comes a month after the owners of the plan's recordkeeper were indicted for stealing from retirement plans.

The lawsuit challenges the design and monitoring of the Large Cap Fund in CenturyLink's non-union 401(k) plan.

The U. S. District Court for the District of Kansas has preliminarily approved the settlement.