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Yet another 401(k) excessive fee suit has been dismissed for failing to allege a “plausible” claim of injury. The most recent—a suit filed against Fluor Corp.’s 401(k) a little more than a year ago by former participants Deborah Locascio and David Summers. Represented by Miller Shah LLP and... READ MORE
Mere days before the Labor Department’s ESG regulation is set to go into effect, a coalition of 24 states has filed suit to stop it. More specifically, the coalition, led by Texas Attorney General Paxton, says in a press release that the 2022 Rule “undermines key protections for retirement savings... READ MORE
As it happens, I commemorated an anniversary of my birth this last weekend. It’s not a particularly significant one — it doesn’t end in a 5 or a 0, won’t trigger any new savings opportunities or impact (catch-up, RMD trigger, forbearance of withdrawal penalties, or Social Security) — but it is a... READ MORE
Just four years after striking an excessive fee settlement, a fund company has been sued again — for allegedly not making the changes to its 401(k) lineup the settlement contemplated. The defendants in the case are Allianz Asset Management of America, and the (new) participant-plaintiffs are Chad... READ MORE
It’s ironic that programs designed to provide retirement income pay so little attention to the realization of that objective. Still, some have said that this could be the year for retirement income — a combination of new offerings, volatile markets, and rising interest rates — and yet, it still... READ MORE
Another suit filed by Capozzi Adler has failed to get past a plan fiduciaries’ motion to dismiss. The suit — filed in October 2021 by Rupinder Singh, Jeffrey S. Popkin, Joni Walker and Jenny Mark on behalf of the Deloitte 401(k) Plan, and the Deloitte Profit Sharing Plan with the 401(K) Plan and... READ MORE
A new suit — with a plaintiff represented by a new (but suddenly active) law firm claims to be “another example of a large plan filling its 401(k) plan with (1) lower yielding, expensive investments when identical, cheaper classes were available at the time of selections/retentions, while (2)... READ MORE
A new survey once again highlighted a consistent regret among American workers.  According to the survey by American Century Investments, they wish they had saved more for retirement.  Now, only about a third shared that regret—but it was more than twice the number that had regrets about career,... READ MORE
A recently unveiled settlement in a 401(k) excessive fee suit has hit a snag. In fairness, the announced settlement was only a “partial” settlement—one that plaintiffs Wendy Berry, Lorri Hulings, and Kathleen Sammons announced with regard to claims against Aon Hewitt Investment Consulting, Inc. as... READ MORE
Three parties have been sued as fiduciaries in a case involving theft of a 401(k) balance—a federal judge just let one off the case. The participant-plaintiff whose account was stolen is one Paula Disberry, who worked for Colgate-Palmolive from December 1993 to March 2004, in England, Mexico and... READ MORE
This is the time of year when resolutions for the cessation of bad behaviors and the beginning of better ones are in vogue. Here are five for plan fiduciaries for 2023. Develop a plan budget. Most financially-focused New Year’s Resolutions focus on spending (less) or saving (more) — and the... READ MORE
Loaded up with a fresh set of plaintiffs, a familiar plaintiffs’ attorney is having yet another “go” at plan fiduciaries in an excessive fee suit. The law firm in question is none other than Capozzi Adler PC[1] (and Johnson Fistel LLP), which filed a similar (identical?) suit against this same... READ MORE
There was a LOT going on this year — and you rewarded our hard work in bringing you the latest news and trends by clicking, sharing, and occasionally commenting on our content.  What were the top five clicked-on stories of 2022? Oddly, the fifth-most clicked on story of 2022 — was actually written... READ MORE
A $4 billion plan has struck a $4 million settlement—and “meaningful prospective relief” — in a suit that challenged the fees it paid itself as recordkeeper for its own plan. Plaintiffs Chris Carrigan, Michael Venti, and Sylvain Yelle (represented by Nichols Kaster PLLP[1] and Garrison, Levin-... READ MORE
There was a LOT going on this year — and you rewarded our hard work in bringing you the latest news and trends by clicking, sharing, and occasionally commenting on our content. What were the top clicked stories of 2022? The lives (and experiences) of ASPPA Connect readers are often shaped by... READ MORE
After over four years of hard-fought litigation, the parties in a suit involving fund menu construction have come to a partial settlement. By partial, we mean that plaintiffs Wendy Berry, Lorri Hulings, and Kathleen Sammons have come to terms with Aon Hewitt Investment Consulting, Inc. as part of... READ MORE
After months of speculation on whether the House and Senate would attach a final retirement security legislative package with a must-do, year-end spending bill, we now have an answer. While most were nestled all snug in their beds in the waning hours of Dec. 19, House and Senate leaders released... READ MORE
“You better watch out, you better not cry, you better not pout…”  Those are, of course, the opening lyrics to that holiday classic, “Santa Claus is Coming to Town.” And while the tune is jaunty enough, the message — that there’s some kind of elfin “eye in the sky” keeping tabs on us has always... READ MORE
A little more than a week ago, the U.S. Department of Labor unveiled its much-anticipated final ESG rule.  There’s a lot to unpack in that regulation (and the rest of the 236-pages that help explain its process and rationale), but here’s a few things that seem particularly important to note at the... READ MORE
A participant suit targeting TIAA for its loan practices in retirement plans has come up short in identifying a potential class on whose behalf to bring suit. The suit—filed back in early 2017 (Haley v. Teachers Inv. & Annuity Assoc., S.D.N.Y., No. 1:17-cv-00855, complaint filed 2/3/17)—was... READ MORE