Skip to main content

You are here


“…after meaningful motion practice, discovery, and arm's-length negotiations by experienced counsel, including a private mediation with an experienced neutral mediator,” the parties in an excessive fee suit have come to terms—in less than a year. The parties here—plaintiffs Trudy Clark, Donna... READ MORE
This year’s TPA Growth Summit offered a series of insights on team building, including a special session focusing on the importance of company culture. The Oct. 24 session at the ASPPA Annual conference was titled “Leader ‘Shifts’:  How Leaders Create and Master a Service Oriented, Engaged Culture... READ MORE
Most of the claims were familiar (as was the plaintiffs’ attorney), but there were some interesting nuances in the arguments in the latest excessive fee case — which happens to involve a multiple employer plan, or MEP. This one (McLachlan v. Int’l Union of Elevator Constructors, E.D. Pa., No. 2:22... READ MORE
As federal courts turn their attention(s) to a series of suits challenging plans with a series of BlackRock target-date funds on their hands, the American Retirement Association has joined the fray in a “friend of the court” brief. The amicus[1] brief (Tullgren v. Booz Allen Hamilton Inc., E.D. Va... READ MORE
If you work with TPAs—third party administrators—you might want to avoid bugging them today.  As you may well know (certainly if you work with, or are, a TPA), this year, Monday (Oct. 17th) is the deadline to file Form 5500s, and for most TPAs, that’s a pretty all-consuming focus (that may be the... READ MORE
The fiduciaries of a relatively small retirement plan have come to relatively smaller terms in an excessive fee suit. First and foremost, the settlement proposed provides $330,000 in the form of a “Settlement Fund.” This litigation was initially commenced on Sept. 3, 2020, alleging that the... READ MORE
Claiming that “granting Defendants’ Motion would invite a brave new world of agency lawlessness,” the ForUsAll plaintiffs that have sued the Labor Department based on the impact of the latter’s position on cryptocurrency investments in retirement plans, have moved to dismiss their motion to dismiss... READ MORE
Let’s face it — nobody wants to be “average.” And yet, there are now a handful of consultants that, each year, publish a ranking of how the world’s retirement systems rate—  and year after year the United States generally comes in about the middle of the pack. The latest was one by Mercer that... READ MORE
The latest excessive fee suit targets “wildly excessive compensation,” an allegedly imprudent stable value offering, and the unmonitored use of “float” income.  More specifically, the participant-plaintiffs of Miami, Florida-based Lennar Corp. are raising issues with the recordkeeping/... READ MORE
A recent development regarding a rule by the Employee Benefits Security Administration suggests that we could have a final regulation from the Labor Department by year-end.  The regulation, submitted for review on Oct. 6 to the White House’s Office of Management and Budget as “Prudence and Loyalty... READ MORE
A federal court decision establishing a new, higher burden of proof in excessive fee suits has — for now — handed fiduciary defendants another win. The win in this case — Baumeister v. Exelon Corp., N.D. Ill., No. 1:21-cv-06505, 9/22/22—was a suit filed by participant-plaintiffs Fred Baumeister,... READ MORE
We deal with a lot of gaps in our lives—gaps because there is a difference between what we want and/or expect and reality.   Among others, there are wealth gaps, communication gaps, generation gaps, and — when it comes to retirement — coverage gaps. But when it comes to helping people make good... READ MORE
A trio of Republican legislators have introduced a bill that would widen the acceptable investment classes in defined contribution plans to, well, pretty much anything—including “digital assets.” The Retirement Savings Modernization Act was just introduced by U.S. Sens. Pat Toomey (R-PA) and Tim... READ MORE
What’s the most important number when it comes to retirement? Once upon a time it might have been considered to be “65”—that traditional age for retirement—but even though it’s the default in many retirement calculators, until recently it hadn’t even been the most common age for actual retirement... READ MORE
The plan size somewhat smaller, the plaintiff’s law firm relatively unknown in these matters—but the claims are familiar.  This time the plaintiff bringing suit is Grace Angelo—the targeted plan, the NCLC 401(k) Plan, as well as NCL Corporation LTD, and the Plan’s administrator, NCL (BAHAMAS) LTD... READ MORE
We don’t know all the particulars yet, but a number of pending excessive fee suits have announced settlements. In a case of good news, bad news, the pace of excessive fee settlements seems to be accelerating (that would be the bad news), but the size of those same settlements seems to be declining... READ MORE
Another excessive fee suit—and this one involving proprietary funds—has been decided in favor of the plan fiduciaries. The victor here—Goldman Sachs and its $7.5 billion 401(k) plan on behalf of some 35,000 participants, according to the lawsuit—another filed by Nichols Kaster PLLP (and MKLLC Law... READ MORE
Our industry has long fretted over how 401(k) participants will respond to volatile markets. And perhaps not surprisingly, these days the headlines are, generally speaking, full of “stay the course” assurances.    That said, as recently as a month ago the headlines — even OUR headlines read things... READ MORE
Having been sued for issuing its Compliance Assistance Release on cryptocurrency by cryptocurrency recordkeeping platform provider ForUsAll, the Department of Labor (DOL) is pushing back. In fairness, ForUsAll describes itself a little differently — as a “modern” 401(k) provider that also offers... READ MORE
A new suit claims that the decision to retain proprietary funds in the 401(k) was “polluted by self-interest,” driven by a “blind preference” and that “defendants’ favoritism has led to the payment of excessive investment management fees. This time the plaintiff is current participant Sandy... READ MORE