Members of Congress Ask Trump to Protect ESOPs
In a letter, members of Congress accuse the DOL of “regulation through litigation” and ask that clear guidance regarding valuation and other important issues be developed.
Compliance
HSA Conference 2018: Regulatory and Legislative Update
This year, Congress is actively taking up legislation that would expand the use and benefits of health savings accounts (HSAs).
Reliance Trust Settles DOL Lawsuit Over ESOP Valuation
The lawsuit alleged that employee stock ownership plan participants overpaid for company stock.
Company That Acquired DST Systems Sued Over Profit Sharing Plan Investment
As in a previous lawsuit, the complaint questions the fiduciary prudence of investing profit sharing plan assets in the Sequoia Fund, distributed and advised by Ruane, Cunniff &...
Court Pares Down 401(k) Self-Dealing Suit Against Neuberger Berman
Leaving only the prohibited transaction claim to move forward, a federal judge found most defendants were not fiduciaries with respect to the claim and dismissed all but the...
Legislator Introduces Portable Retirement Account
The account stays with an individual from job to job and in between.
EEOC Continues to Crack Down on Age Bias
The agency has alleged violations of the ADEA against Norfolk Southern and Llanerch Country Club in two new lawsuits.
District Court Soundly Dismisses Washington University 403(b) Lawsuit
The court holds that bundling services or revenue sharing are common and acceptable investment industry practices that frequently inure to the benefit of ERISA plans.
Sponsors Must Submit IRS Voluntary Correction Program Docs Digitally
According to IRS Revenue Procedure 2018-52, in general, beginning April 1, 2019, plan sponsors must use the www.pay.gov website when filing a VCP submission and paying applicable user...
Court Deems Principal Not a Fiduciary in Lawsuit Over GICs
The court granted the Principal defendants’ motion for summary judgment on all counts in a case questioning guaranteed investment contract arrangements.
Family Savings Act, Which Boosts Open MEPs, Passes House
Before the House passed the Family Savings Act, leadership added the Senate’s annuity selection safe harbor provision from RESA, potentially increasingly the appetite for compromise legislation.
Annuity Selection Safe Harbor Tacked Onto Retirement Bill
The House Ways and Means Committee Chairman submitted an amendment to the Family Savings Act.
EEOC Cracks Down on Age Discrimination With a New Lawsuit
The agency is accusing an internet-based auto parts seller of violating federal law when it refused to hire a 64-year-old job applicant.
KRS Wins Lawsuit While Another Suit Over Hedge Fund Investments Is Ongoing
A court agreed that the Kentucky Retirement System board of trustees were permitted by law to choose alternative investments one city claimed produced small returns and high fees.
Divisions Remain in Courts Regarding the Burden of Proof
A case set to go to the U.S. Supreme Court for a decision about who bears the burden of proof when fiduciary harm is alleged in ERISA cases...
IRS Modifies Safe Harbor Explanations for Rollovers
The modifications take into consideration changes related to qualified plan loan offsets and other statutory changes.
ERISA Section 404(c): Back to Basics
To be 404(c) compliant, a plan must offer a broad range of investment options and make it possible for participants to view and control their investments; the prescription...
Sanctions Called for Workers and Attorneys in Sacerdote et al. v. NYU
There are several bases on which the court could impose sanctions.
Protecting the Rights of Alternate QDRO Payees, When it Comes to Divorce
Senator Patty Murray (D-WA) sent a letter to Government Accountability Office (GAO) requesting a study on the QDRO process.
Business Owner Gets Prison for Benefit Plan Embezzlement
A DOL investigation found the business owner used benefit plan contributions for corporate and personal expenses.