JD
Recent DOL guidance on missing participants seems to fall short of what plan fiduciaries want/need—but may offer fiduciaries some key insights to avoid future problems.
On Jan. 12, 2021, the Department of Labor (DOL) released a triple dose of guidance related to helping retirement plan fiduciaries...
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The average 401(k) had a pretty good year in 2020, but 2021 is a whole new year.
U.S. stocks ended the month with their worst week since October—though on the last day of that month those two stocks that have been at the center of recent social media controversy—GameStop and AMC Entertainment—rose...
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We just noted the day upon which America turns its attention to Punxsutawney, PA (and what seems to be a rapidly expanding array of Punxsutawney Phil wannabes) to get a read on the duration of winter.
The theory, of course, is that if your local groundhog sees his (or her?) shadow when he/she...
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It may just be because I’ve a birthday looming, but it would be hard to miss all the “fuss” about age and retirement during the NFL playoffs, a topic that now seems sure to carry on into the Super Bowl.
This past weekend we got to see two “old” quarterbacks fight it out for the NFC title—Tom Brady...
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A case involving custom target-date funds that made its way all the way to the U.S. Supreme Court (and back) has concluded—for the moment—in favor of the plan fiduciaries.
The original lawsuit, filed in November 2015 in the U.S. District Court for the Northern District of California by former...
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The target of a new 401(k) suit is familiar, as is the law firm representing the participant-plaintiffs—but the combination is new.
The plan “target” this time is the $1.8 billion 401(k) plan of Takeda Pharmaceuticals USA Inc., more specifically the fiduciaries of that plan and their selection—and...
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Most retirement planning focuses on the “when,” and then moves quickly to “how much.” But there’s a question that often doesn’t get asked—at least not directly—that has a huge bearing on both.
That question is “where.”
More specifically, “where… do you plan to retire?” Because that decision can...
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A new case of 401(k) theft has led to a lawsuit by the participant—and the plan—against a provider.
The suit—filed by Raymond J. Mandli and Mandli Communications, Inc.—alleges that on Feb. 14, 2020, “American Trust made an unauthorized distribution in the total amount of $124,105 from Mr. Mandli’s...
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A lawsuit filed against a (relatively) small plan has been dismissed—essentially for failing to state sufficient specific allegations to warrant going to trial.
This suit, filed in February, targeted the 401(k) plan of Vail Resorts, which as of 12/31/18 had 8,276 participants with account balances...
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In a year in which uncertainty and confusion reigned supreme, almost overnight our industry packed up and went home one night and opened up for business the next day from… what seemed a zillion different locations.
Most doubtless did so anticipating a short disruption—a couple of weeks, a month...
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At the end of every year, and as we approach a new one, it’s natural to look back at experiences and lessons learned—and to ponder ways to apply them productively going forward. Here’s some thoughts from 2020 that I hope will help you do just that.
3 Things That (Seem to) Scare Plan Sponsors...
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So much of our lives have been disrupted by the COVID-19 pandemic—but the pace of 401(k) litigation, it seems, has, if anything, accelerated.
Now, some may find the label “terror” in the title extreme. In fact, it hadn’t really occurred to me until I read the response of defendants to a suit...
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I’m sure we all have done things in our youth that we regret—or things we didn’t do for which we’d love to have a second chance.
It may seem a small thing, but I’ve long regretted discarding some 18 months of piano lessons in my youth. It was just one of those days when my desire to play ball (...
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Once upon a time, as Christmas neared, it was not uncommon for my wife and I to caution our occasionally misbehaving brood that they had best be attentive to how their misbehaviors might be viewed by the big guy at the North Pole.
In support of that notion, a few years back—well, now it’s quite a...
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The Department of Labor has rolled out a new prohibited transaction exemption for offering investment advice, and some good news on rollover advice—but it may be short-lived.
Less than 24 hours after the release from review by the Office of Management and Budget, the DOL has unwrapped a new...
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There’s been increasing awareness—and litigation—regarding cyber security and participant accounts—and the Labor Department has taken notice.
Sources tell us that plan audits are now asking to see employers’ written cybersecurity policies and procedures—and asking about cybersecurity attacks, and...
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Once again, the Department of Labor has taken comments on a controversial proposal to heart, and pulled back on the letter, if not the impetus, in its final rule of plan proxy voting.
As had been the case with its recent rulemaking on Environmental Societal & Governance (ESG) investing (more...
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Most of the focus on retirement savings is on those who haven’t saved enough, or who lack access to the platforms to make saving enough easy. But even those that have done the “right” things can nonetheless have their retirement planning realities tripped up.
Here are three[1] retirement income...
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Apparently, the obligations of a plan sponsor can live on (long) after the existence of the organization itself—at least if you continue to act as one.
In a case just decided in the Eleventh Circuit (Pension Benefit Guaranty Corp. v. 50509 Marine LLC, No. 19-14968 (11th Cir. 2020)), the court...
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Recent reports of 401(k) thefts and an ongoing concern about cybersecurity (should) have everybody on the alert. Here’s some things you, your clients, and their participants should check out—now.
Find Your Account(s)
It may have been a while since you checked out your 401(k) balance—indeed, many...
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