Plaintiff Must Arbitrate 403(b) ERISA Claims
An order filed in an excessive fee lawsuit against Baptist Health South Florida says the 403(b) plan in question effectively agreed to arbitration on behalf of the plaintiff.
Compliance
401(k) Plan Trustees Sue John Hancock Over Retention of Foreign Tax Credits
A federal court certified a class of trustees, sponsors and administrators of all ERISA employee benefit plans that owned variable annuity contracts via John Hancock’s Signature platform.
Children’s Hospital Corp. Faces Excessive Fee Lawsuit
A new lawsuit alleges that plan sponsors at the health care facility breached their fiduciary duties.
Supreme Court Declines Review of Delphi Pension Case
Former non-union employees of the auto parts maker sought to overturn the Pension Benefit Guaranty Corporation’s decision to terminate their pension plan.
Second Struggling Union Pension Wins PBGC Financial Support
Alongside confirming that the payment has now gone out to Local 138, PBGC this week announced it has approved a second application for emergency pension funding.
ERISA Litigation Continues in the New Year
In court filings last week, fiduciaries of retirement plans at PPL Corp. and Mass Brigham General were accused of failing to ensure fees were reasonable.
Milliman Accused of Failing to Prune Bad Investments From 401(k)
A lawsuit alleges that the poor performance of a suite of target-risk funds resulted in a nearly $250 million loss to participant accounts.
Senate Committee Advances EBSA Secretary Nominee
Lisa Gomez, the candidate to serve as the DOL’s assistant secretary for the Employee Benefits Security Administration, will now face a vote in the full Senate.
TriNet ERISA Lawsuit Latest to Clear Dismissal Motion
The lawsuit, like many others filed by plaintiffs represented by the law firm Capozzi Adler, also suggests the plan sponsor has failed to use the lowest-cost share classes...
Agreement Reached in T. Rowe Price Proprietary Funds Lawsuit
The firm has agreed to pay $7 million and offer a brokerage window providing participants with access to nonproprietary funds.
Settlement Agreement Filed in Another Excessive Fee Lawsuit
The defendants in a lawsuit against Bronson Healthcare will pay $3 million to settle charges of ERISA violations.
Plan Sponsors Might Mitigate ERISA Lawsuits With Defensive Provisions
Sponsors can craft retirement plan document language to manage their exposure to claims for benefits and other Employee Retirement Income Security Act claims.
Intel Prevails Again in ERISA Lawsuit
In considering the plaintiffs’ various claims, the ruling sides firmly with the defense on all but one allegation.
Courts Expand on Rules Regarding the Protection of Retirement Plan Assets
Attorneys say the court opinions inform planning decisions in the cases of divorce or job changes.
Finalized Form 5500 Changes Add Little to Plan Sponsors’ Responsibilities
While plan sponsors will need to ensure the form contains accurate data, many of the proposed changes to the 2021 Form 5500 were not finalized.
New Defendants Added in Refiled ERISA Complaint
The text includes an extensive number of related allegations against the plan’s adviser and sponsor, including allegations that suggest the plan sponsor and adviser made imprudent investment decisions...
DOL Recovers Money for ESOP Participants
The Department of Labor ordered the former trustee to restore $8.4 million and plan fiduciaries to restore nearly $1 million to the ESOP.
Pacific Life Fined for Unlicensed PRT Business
A penalty was assessed after a New York State Department of Financial Services investigation uncovered violations of state insurance law.
ESOP Sponsor Settles Allegations of ERISA Violations With the DOL
Mohawk Hospital Equipment will transfer $431,000 worth of stock to participants and pay a fine.
DOL Publishes Informational Copies of 2021 Form 5500
Among other notable changes, the Form 5500 instructions have been amended to make clear that a pooled employer plan is a multiple employer plan that files a single...