What Safe Harbors Are Available to Retirement Plan Sponsors?
Safe harbor provisions protect employers from liability. That’s one good reason to understand them.
Compliance
U.S. Argues for CalSavers ERISA Preemption in Court Filing
U.S. Attorneys have filed a Statement of the Interest of the United States in a lawsuit, offering evidence that the state-run auto-IRA program is preempted.
Proposed Financial Transactions Tax Would Hurt Retirement, Education Savers
Two analyses found the proposed tax in Senate bill S. 1587 would require investors to work two to two-and-a-half years longer before retiring in order to reach the...
There’s a New IRS Mailing Address Plan Sponsors Need to Know
The mailing address for Employee Plans (EP) submissions for determination letters, letter rulings, individual retirement arrangement (IRA) opinion letters, and others has changed.
Parties in MIT Excessive Fee Lawsuit Agree to Settle
They have filed a joint motion to stay all trial dates, but have not yet prepared details of the settlement agreement.
Inherent Murkiness of ERISA Litigation Prevents Progress
There has actually been relatively little helpful legal insight published by the courts, due to the fact that many ERISA cases end with settlements, while others are dismissed...
MIT ERISA Lawsuit Plaintiffs Seeking More Information About Gifts From Fidelity
The plaintiffs say new evidence came to light from MIT President Rafael Reif’s response to revelations that improper donations were received by MIT from the now-deceased financier Jeffrey...
Greystar Moves to Compel Arbitration of ERISA Complaint
Following a high-profile 9th Circuit decision, Greystar argues that the plaintiff signed a Mutual Agreement to Arbitrate Claims that not only requires arbitration of her claims but forecloses...
Schwab Arbitration Ruling Leaves Unanswered Questions
The effect of the 9th Circuit decision on ERISA lawsuits is uncertain, and arbitration is not the perfect option plan sponsors may think.
Lowe’s Defense Fails to Get ERISA Suit Dismissed
The fiduciary breach lawsuit accuses plan fiduciaries of mapping $1 billion into a fund that lagged peer performance and was unpopular in the marketplace.
Broad ERISA Lawsuit Targets Texas Grocery Chain
Plaintiffs suggest higher than average fees were not attributable to enhanced services for participants, but instead to defendants’ use of high-cost investment products and managers.
Court Finds Atrium Health’s Benefit Plans Are Governmental Plans
A U.S. District Judge in North Carolina determined the health system’s retirement and health plans were established and maintained for its employees by a political subdivision of the...
Court Dismisses Prohibited Transaction Claim in MIT Excessive Fee Suit
A federal court judge moved forward most claims, but granted summary judgment to Massachusetts Institute of Technology defendants for a claim alleging a prohibited transaction between MIT and...
Nonqualified Deferred Compensation Plans and Section 409A
NQDC plan sponsors must understand Section 409A rules to avoid unintended tax consequences and, possibly, participant lawsuits.
Groups Urge Supreme Court Not to Undermine Value of Plan Disclosures
They argue that retirement plan disclosures give retirement plan participants the “actual knowledge” required by ERISA, whether participants read them or not, and that an appellate court decision...
Court Decides Lawsuit Over Multiemployer Plan Withdrawal Liability Is Time-Barred
According to an appellate court, a cause of action against a plan sponsors for defaulting on its multiemployer plan withdrawal liability began when the plan trustees first accelerated...
UBS Cleared of Wrongdoing in Enron Stock Option Case
A federal court decides that, as stock options were not purchased securities, UBS did not violate sections of securities acts that required disclosures.
Court Remands Case Over OSF Healthcare’s Church Plan Status
The 7th Circuit found a district court was hasty in granting summary judgment to the health care system before all discovery was obtained to prove or disprove the...
Lawsuit Over TDFs Names Provider as Defendant
Participants in the CHS/Community Health Systems, Inc. Retirement Savings Plan have filed a lawsuit against the company, its retirement plan committee and the provider of target-date funds (TDFs)...
Closed DB Plan Nondiscrimination Relief Extended Again
The IRS anticipates that final regulations on closed DB plan nondiscrimination testing will not be published in time for plan sponsors to make plan design decisions before expiration...