JD

There are plenty of cautionary tales about beneficiary designations and unintended consequences—here’s another. It seems that Sally A. Hogen made contributions to a 401(k) plan during her employment at Honeywell International Inc. She originally designated her husband (Clifford C. Hogen) as the... READ MORE

A federal appellate court took another look at an excessive fee case it had dismissed—and found nothing in a recent Supreme Court decision to change its mind. It was, in fact, the same appellate court (the Seventh Circuit) that had its judgement in the Hughes v. Northwestern University decision in... READ MORE

A lawsuit challenging the Labor Department’s subsequent guidance/application of the so-called fiduciary rule has some support from the American Council of Life Insurers (ACLI). As noted in the filing, the ACLI was one of the lead plaintiffs in the Fifth Circuit decision that vacated the 2016... READ MORE

A recent report—and a new wave of litigation—reminds us that all target-date funds are not designed the same.  We all know that target-date funds are different, even if their names sometimes suggest otherwise.  Different management teams both set and monitor asset allocations—allocations that can... READ MORE

Capozzi Adler PC has found another $1 billion 401(k) plan with “astronomical” fees in which “high recordkeeping fees” and underperforming target-date funds left participant accounts “languishing” in the plan. The target this time is Marmon Holdings, Inc., a Berkshire Hathaway company, which... READ MORE

A federal appellate court says that the Labor Department is allowed to pursue its inquiry into the cybersecurity practices at a large recordkeeper. Judge Michael B. Brennan (joined in the opinion by Judges Frank H. Easterbrook and Ilana D. Rovner) of the U.S. Court of Appeals for the Seventh... READ MORE

As if there wasn’t enough to worry about regarding retirement—a new research paper suggests we’re not worrying about the “right” things. More precisely, that paper, published by the Center for Retirement Research at Boston College, was titled, “How Well Do Retirees Assess the Risks They Face in... READ MORE

L Brands, parent company of Bath & Body Works has come to terms with the plaintiffs in a 401(k) excessive fee suit.  The suit—which had been filed in late 2020 by Shepherd, Finkelman, Miller & Shah LLP and Goldenberg Schneider LPA on behalf of participants in the $1.5 billion plan—had... READ MORE

By some accounts, I recently spent a week in “retirement” — driving around sightseeing, reading some good books, hanging out with family, and yes — even walking on a beach. And I have to tell you — if that was retirement, I don’t know how I’m going to afford it. Now, I realize that isn’t the... READ MORE