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Bogard & Denton has a new target in an excessive fee suit—the plan’s investment advisor. More specifically, plaintiffs Michelle Mills, Coy Sarell, Chad Westover, Brent Aleshire, Barbara Kershner, Paula Schaub, and Jennifer Silva—who just two months ago filed suit[1] against the plan... READ MORE
How much injury do you need to suffer in order to bring an excessive fee suit? That issue arose in one of a half-dozen cases that had been frozen in place last fall pending the U.S. Supreme Court’s decision in Hughes v. Northwestern University, decided this past January. The case at hand was... READ MORE
“Saving is the No. 1 priority,” says Robert Kaplan, the American Retirement Association’s Director of Technical Education. Kaplan made his comments during a recent ASPPA webcast that highlighted tax credits and deductions relevant to retirement saving, as well as proposals intended to increase it... READ MORE
The American Retirement Association is strongly opposed to legislation moving through Congress that would prohibit arbitration of claims and discretionary clauses in all ERISA covered retirement plans.  “On behalf of the over 30,000 members of the American Retirement Association (ARA), we hereby... READ MORE
Spring can be a time of explosive growth—and April, as well as the first quarter of 2022, proved that to be the case for private-sector pension plan funding, recent reports indicate. And in the process, liabilities continued to fall.  The funded status surplus for the plans measured by the... READ MORE
In the wake of the SEC announcing a $6 billion securities fraud deal against Allianz Global Investors U.S. LLC (AGI U.S.), the firm off-loaded most of its U.S. investment management business as part of the terms of the deal.    The SEC announced May 17 that it had charged AGI U.S. and three former... READ MORE
Two Senate bills have been introduced and a bicameral working group formed that seek to ease the administrative burdens for small businesses, as well as expand access to those without an employer-sponsored retirement savings plan.  Sens. John Hickenlooper (D-CO) and Susan Collins (R-ME), who both... READ MORE
Citing the current lack of a “compelling policy objective that comports with the Department’s mandate,” the American Retirement Association has commented that the Labor Department shouldn’t call out climate-related risks for special attention.  The comments came in response to the Labor Department... READ MORE
A bill is before the California Senate that would expand CalSavers, the state-run retirement plan that provides coverage to those whose employers for not, to cover almost all employers in the Golden State. SB 1126, introduced by Sen. Dave Cortese (D-Santa Clara), would expand the definition of “... READ MORE
Hurricane season is looming on the horizon, but that is just one of the natural disasters that can affect a retirement plan and its sponsor. The IRS has issued some tips to aid in being ready for any eventuality.  Documents  Place original documents inside waterproof containers in a secure space... READ MORE
As businesses contend with geopolitical issues, interest rate hikes and a shifting labor force, improving the employee experience is key for retention, the findings in a new report suggest.  Consequently, the significant role employee benefits play is more important than ever, according to the... READ MORE
While the Great Resignation may have lost a bit of its novelty, it certainly is not slowing down young professional from evaluating their next career move, including the employer benefits that are most meaningful to them.  According to Fidelity’s 2022 Career Assessment Survey, 6 in 10 young... READ MORE
Perhaps they have not heard of the many benefits in the SECURE Act to help with starting a retirement plan, but a new survey finds that many small business owners remain on the fence.  Apparently long-standing misperceptions about access, matching and cost remain the top barriers to adoption,... READ MORE
A new survey finds that small employers are interested in learning more about pooled employer plans, although there is still some hesitancy on the road to implementation. In fact, more than half of smaller employers surveyed by the Secure Retirement Institute (SRI) that are considering a defined... READ MORE
The IRS on May 13 announced that it is extending to the end of 2022 the temporary relief from the requirement that certain participant elections be witnessed in the physical presence of a plan representative or a notary public.  In Notice 2022-27 the IRS says that due to the pandemic, it is... READ MORE
In less than a year, the law firm of Capozzi Adler has wrested a settlement from a multiple employer plan accused of breaching its fiduciary duties.  The plan in question—more specifically the plan fiduciaries—targeted are those of Nextep, Inc., a professional employer organization (PEO), as well... READ MORE
In April, equity markets posted their worst month in more than two years, but 401(k) investors were holding firm, according to Alight’s April 2022 401(k) Index. Surprisingly, there were no above-normal trading days in April, and on average, 0.011% of 401(k) balances were traded daily, the firm... READ MORE
A consulting firm’s data breach has triggered a second class action lawsuit by an affected participant on behalf of a class of some 2,500,000 individuals. The suit, brought by plaintiff Greg Torrano, claims that 2,537,261 individuals signed up for benefits plans through their employers—only to... READ MORE
Legislation before the U.S. Senate seeks to ensure that terminated vested participants and their beneficiaries are well-informed regarding how they receive payments. The Information Needed for Financial Options Risk Mitigation (INFORM) Act (S. 4087), introduced by Sen. Patty Murray (D-WA),... READ MORE
The impact of the pandemic over the last two years has prompted businesses of all sizes to reevaluate their benefit packages—and small businesses are no exception.   In fact, nearly all small business owners surveyed (93%) have reevaluated their strategy and plan to make changes to their business... READ MORE

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