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After “…substantial discovery, the exchange and review of key documents, and arm’s-length negotiations between experienced ERISA class-action counsel directed by a seasoned and respected mediator,” the parties in a suit involving proprietary fund investments have come to terms.
The cash settlement...
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Teresa Ghilarducci doesn’t give American employers—or advisors—much credit.
She recently penned an article in Forbes titled “Employers Can’t Provide Retirement Plans. Let’s Stop Pretending They Can.” The article’s premise is false on its face, of course. Employers[1] have long provided retirement...
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A month ago, the Labor Department unveiled an interim final rule on lifetime income disclosures on participant statements. Today the window for comments opens.
Under the Interim Final Rule, retirement plans would provide lifetime income illustrations using prescribed assumptions designed, the DOL...
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Born in the immediate aftermath of 9/11, the Class of 2024 finished their senior year of high school—and began their college experience—during a global pandemic. How might that impact their retirement—and retirement planning?
Several years back, I was talking with a colleague about the then-...
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The law firm of Schlichter Bogard & Denton has a new target—multiple employer plans, and they’ve just filed their second excessive fee suit in that genre.
This time the target is the Pentegra Defined Contribution Plan for Financial Institutions, a multiple employer plan, or MEP. The Schlichter...
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Early on a bright Tuesday morning in 2001, I was in the middle of a cross-country flight, literally running from one terminal to another in Dallas, when my cellphone rang.
It was my wife. I had been on an American Airlines flight heading for L.A., after all—and at that time, not much else was...
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Recently, a column in Roll Call titled “Biden retirement proposal would upend traditional 401(k) plans” claimed that the plan to “equalize” the incentives in 401(k) by ending such deductions and replacing them with flat tax credits for each dollar saved. That was, in turn, picked up by Forbes...
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Citing the “imminent harm of being solicited for non-Plan services,” the plaintiffs in an excessive fee suit have filed a response to a motion to dismiss the case by fiduciaries of the $4.4 billion ADP TotalSource Retirement Savings Plan.
The suit was filed in mid-May in the U.S. District Court...
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I’ve always been just a bit paranoid about my personal data. All the more so because in a half dozen different circumstances over the past two decades, someone who had access to that data for legitimate purposes… lost it.
Those data breaches notwithstanding (and one did involve a 401(k) account)...
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Late on the afternoon of Aug. 21, the Employee Benefits Security Administration (EBSA) announced that it will hold a public hearing on its new fiduciary rule proposal.
Specifically, the notice, which is expected to be published in the Aug. 25 Federal Register, is being held “to consider issues...
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The parties in an excessive fee suit that had been dismissed by a federal court—have now come to terms.
Indeed, it was only just over a month ago that the suit, filed last fall by Carl Martin against CareerBuilder, his former employer, claiming that the plan fiduciaries (and unnamed “monitoring...
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In the latest of a series of regulatory announcements, updates and proposals, the Department of Labor (DOL) has unveiled an Interim Final Rule on lifetime income disclosures under the SECURE Act.
Under the Interim Final Rule, retirement plans would provide lifetime income illustrations using...
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It seems that the Department of Labor (DOL) is doubling down on its ESG information request campaign, now looking to the practices behind investments in, and monitoring of, ESG-themed ERISA plan investments by Registered Investment Advisory (RIA) firms.
Earlier this year information requests...
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A social media name brand now finds itself “linked” to a 401(k) excessive fee suit.
The plaintiffs here (Bailey v. LinkedIn Corp., N.D. Cal., No. 5:20-cv-05704, complaint 8/14/20) are two former, and one current participant of the LinkedIn Corporation 401(k) Profit Sharing Plan and Trust. For...
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A recent analysis finds that while only 6% of HSA accountholders actively invest those funds—nearly two-thirds of those do so within the first year.
The analysis by the Employee Benefit Research Institute (EBRI) characterizes those early investors as “born,” and while what distinguishes them...
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In a remarkably short period, an excessive fee suit involving proprietary funds has settled for what may be the largest monetary settlement among those cases to date.
The suit—filed on Feb. 15, 2019 by plaintiff (and former McKinsey plan participant) Tushar Bhatia against McKinsey and MIO (MIO...
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A 4½-year-old suit regarding the lack of a stable value alternative—where a judge once ruled that an $8.8 million settlement was insufficient—has been decided in favor of the plan fiduciaries.
According to U.S. District Judge John McBryde’s recitation of the case background, the American...
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We’ve only just passed the effective date for the new e-delivery rules—but the campaign to undermine their impact is already underway.
Coincident with the official effective date of the new rules, the Pension Rights Center, a pension advocacy group, has just unveiled an “Ask for Paper” campaign...
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For reasons that elude me—other than perhaps because it has a “click bait” headline—the folks at Bloomberg recently published an “op-ed” titled, “401(k) Plans No Longer Make Much Sense for Savers.” Sadly, it’s gotten some attention, aided and abetted even by industry publications, some of which...
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On Oct. 22, the Department of Labor (DOL) released a proposed rule that would provide the ability to default participants into electronic disclosure of certain required participant documents. This week, we’d like to know what you think, and how you’d improve/modify that proposal, if at all.
As...
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