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March 14, 2017

ERISA Prohibited Transaction Challenge Against TIAA Dismissed

Plaintiffs in a proposed class action lawsuit accusing TIAA of permitting and profiting from prohibited transactions under the Employee Retirement Income Security Act (ERISA) have been rebuffed by a federal district court judge. Based on the facts alleged in an amended complaint, the court “concludes that TIAA is not a fiduciary of the plans, thus foreclosing the legal and equitable relief requested.”Read more >


Holy Cross Hospital Settles ERISA Challenge

A settlement agreement reached in the case Butler vs. Holy Cross Hospital will result in $4 million being paid to plan participants and their attorneys. The plaintiffs had alleged that their employer’s retirement plan cannot be considered a church plan within the meaning of Employee Retirement Income Security Act (ERISA) Section 3(33)—and thus that the plan should be subject to the provisions of Title I and Title IV of ERISA.Read more >

Ask the Experts
Can Churches Sponsor 457 Plans?

“I recently started working with a religious entity that sponsors a 457(b) plan. I thought that churches couldn’t sponsor 457(b) plans? Am I incorrect?”Read more >

David Levine and David Powell, with Groom Law Group, and Michael A. Webb, VP, Retirement Plan Services, Cammack Retirement Group, will field your questions concerning 403(b) plans and regulations. rebecca.moore@strategic-i.com with Subject: Ask the Experts. Answers may be printed in future (b)lines. This feature is to provide general information only, does not constitute legal advice, and cannot be used or substituted for legal or tax advice.


Recordkeepers Amping Up Financial Wellness Resources

Forty percent of the recordkeepers within Corporate Insight’s Retirement Plan Monitor (RPM) coverage group are either completely overhauling or making significant enhancements to existing content.Read more >


Millennials Off to a Good Start on Saving for Retirement

Although many financial planners stress that employees ages 18 to 34 should contribute at least 15% of income into their 401(k) plans, a survey by Scarborough Capital Management found only 22.5% of individuals within that age group are doing so. Still, the survey found that 72.8% of this age group are investing anywhere from one to 10% of their paycheck into a 401(k). Moreover, 58.5% of Millennials are able to save between 5% and 10%.Read more >


Several Factors Contribute to Lack of Retirement Preparedness

According to the latest Financial Freedom Survey by Capital One Investing, just 62% of Americans feel confident they will retire comfortably. That figure is down from 64%, which was recorded during the firm’s previous survey. The new study found that a range of factors contribute to Americans’ retirement-planning flaws.Read more >


Voya Rolling Out Suite of Retirement Planning Resources

The financial services firm will launch a series of educational webcasts and a new communications vehicle.Read more >


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Editorial: Rebecca Moorerebecca.moore@strategic-i.com
Advertising: Paul Zampitella paul.zampitella@strategic-i.com

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