Compliance

In addition to naming the company as a defendant, the lawsuit also targets members of the board of directors, as well as other officers of the firm.

Financial services companies and retirement plan industry advocacy groups are rallying behind the legislation, which would allow plan sponsors to utilize default investments that include an annuity component.

Legislators say the LIFE Act builds upon the SECURE Act provision that enhanced the safe harbor on which plan sponsors rely when choosing an annuity provider.

Claims regarding NFP’s direct responsibility for the selection and retention of the flexPATH target-date funds were dismissed while allegations about its advice regarding the funds were moved forward. 

Its report suggested ways the DOL can expand retirement plan access and provides novel recommendations to close retirement savings gaps for women and minorities.

The agency is looking to identify actions it can take under ERISA and other relevant laws to safeguard employees’ savings and pensions from the threats of climate-related financial...

A federal court has denied a defendant’s motion to dismiss a lawsuit in which he is accused of committing wire fraud while taking allegedly fraudulent hardship withdrawals from...

The Department of Labor announced judgments against a pair of plan sponsors to restore employees’ retirement plan contributions after ERISA fiduciary breaches.   

The complaint alleged that the plaintiff met the test for employee status per prior case law, but that Yum! impermissibly misclassified him as an independent contractor.

The district court’s order promptly concludes that the plaintiffs have sufficiently stated a claim for breach of fiduciary duty.

It identifies changes in the requirements of Section 403(b) of the Internal Revenue Code that the agency will take into account during the second remedial amendment cycle.

The defendants are accused of failing to remit employee contributions to the company 401(k) profit sharing plan.

The defendants are accused of using the company's 401(k) plan to prop up its mutual fund business. 

In denying a motion to dismiss, a federal judge said he had been waiting on the Supreme Court’s ruling in Hughes v. Northwestern University.

The lead plaintiffs’ attorney says the Supreme Court has confirmed that it is the employer’s obligation, not the employee’s, to make sure funds in the plan are prudent...

The suit also alleges plan fiduciaries allowed for excessive recordkeeping fees to be charged to participants.

The new ruling states that Tibble v. Edison’s discussion of the continuing duty to monitor plan investments applies in the Hughes v. Northwestern University case.

Both lawsuits argue that the index suit of the target-date funds would have been a better option for plan participants.