Judge Certifies Sizable Class in Lawsuit Over TIAA’s Retirement Plan Loan Program
The lawsuit alleges TIAA kept some of the interest participants paid on loans from their retirement plans, which it says ‘is the epitome of self-dealing.’
Compliance
Abbott Brought Back Into Retirement Plan Cybersecurity Lawsuit
Previously dismissed from the lawsuit, Abbott is accused in an amended complaint of failing to monitor its recordkeeper and failing to enforce a security question routine on its...
The Basics of Terminating a DC Plan
From updating the plan with statutory amendments to filing the final Form 5500, there are many details to attend to when terminating a defined contribution plan.
$17.5M Settlement Reached Over ‘Too Conservative’ Plan Investments
The plan’s investment policy statement allegedly called for 70% of the plan’s assets to be allocated into domestic fixed income options and 30% to be put into equities.
Bath and Body Works Parent Company Sued for 401(k) Plan Excessive Fees
The lawsuit against L Brands says recordkeeping and investment fees were excessive and fiduciaries failed to use the lowest-cost share class of funds.
Effect of the Biden Administration on Health and Retirement Benefits
Health and retirement benefit plan sponsors will likely see efforts to reduce health costs for Americans and a rolling back of current administration efforts, especially on ESG investing.
IRS Modifies CARES Act Due Date for DB Plan Contributions
The extended due date for contributions could help plan sponsors reduce PBGC variable rate premiums.
IRS Publishes 2020 Required Amendments List
There are no changes in requirements that generally require an amendment, but there are two changes that may require one.
Teva Pharma Excessive Fee Case Reaches Sizable Settlement
The pharmaceutical company has agreed to pay more than $2.5 million to settle an ERISA excessive fee lawsuit, out of which up to $850,000 can be paid to...
Boeing Defeats Stock Drop Suit Tied to 737 MAX Crashes
Plaintiffs in stock drop lawsuits have had very limited success establishing standing under a precedent set by the landmark Supreme Court decision Fifth-Third v. Dudenhoeffer.
DOL Announces Final Rule on PEP Registration
The rule is in line with DOL’s proposed rulemaking that it announced in August and streamlines the electronic process by using the same system as the Form 5500.
Amway Faces Excessive Fee Lawsuit
Among other allegations, the complaint says defendants continued to offer certain funds in the plan despite the availability of alternative, lower-cost ones.
IRS Updates Mortality Tables for Calculation of RMDs
The agency says the purpose of the updates is to allow retirees to retain more savings in their accounts in case they live longer.
PEPs Carry Evolving Fiduciary Risks of Their Own
The legal complexities that emerge when a single employer operates a retirement plan for its own staff are already immense; the same will certainly be true when it...
ESOP Participants Claim They Were Conned Into Selling Shares at Discount
A proposed class has been certified in the lawsuit against Maine Oxy-Acetylene Supply Co., its owner and a person who reportedly financed the purchase of the company.
Cybersecurity Risks Still Lurking for Retirement Plan Sponsors
A recent federal court decision does not let plan sponsors off the hook, and various state laws may be applied to cases against them.
J.C. Penney Pension Plan Taken Over by PBGC
The company recently entered an asset purchase agreement designed to allow it to emerge from Chapter 11 bankruptcy, but the pension plan was not part of the deal.
IRS Publishes Guidance for Terminating 403(b) Plans
In tandem with the Treasury Department, the IRS is also requesting comments on the application of annuity and spousal rights provisions related to distributions in certain 403(b) plans.
Finding the Right Plan Auditor
While implementing a request for proposals (RFP) isn’t necessary for every plan, issuing one can be a crucial step in determining a quality plan auditor.
Best of PSNC 2020: Legislative and Regulatory Update
Speakers discussed the SECURE Act, the CARES Act and the DOL’s guidance on ESG during the first day of the Best of PLANSPONSOR National Conference