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ERISA
The nation’s highest court has decided not to decide the applicability of an arbitration clause in fending off an ERISA suit.
The case that had been appealed to the United States Supreme Court was decided in favor of the participant-plaintiffs by the United States Court of Appeals for the 10th...
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An explanation and history of fiduciary liability insurance were among the topics addressed at the recent ERISA 403(b) Conference in Washington, D.C.
The panel discussion “Fiduciary Liability Insurance” featured Euclid Fiduciary’s Daniel Aronowitz, Sompo International’s Joe Kelly, and Marsh...
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For the second time in a month, a law firm has brought suit challenging the use of forfeitures in a 401(k) plan.
The lawyers are from Hayes Pawlenko LLP, a South Pasadena, CA-based duo (who met in law school, according to their website) positioning themselves as an employment litigation firm “...
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Concerns about increasing partisanship in traditionally bipartisan retirement policy and legislation was the theme of a conversation between Brian Graff and Preston Rutledge at the ERISA 403(b) Conference in Washington, D.C., on Oct. 2.
Graff, CEO of the American Retirement Association, and...
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Another federal judge has weighed the assertions made in an excessive fee suit—and found them lacking both in terms of a “meaningful benchmark,” and specificity of the claims made.
The Suit
The plaintiffs here—Jennifer R. Lard, John G. Juergens, Gerald L. Robinson, Scott W. Anderson, Thomas A....
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Many (if not most) defined contribution plan documents provide that the plan administrator may use forfeitures to reduce contributions, pay plan expenses, or allocate to participants as additional benefits.
In fact, the Treasury and IRS recently suggested that plans be drafted this way to avoid...
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Plaintiffs have had their appeal of a district court’s dismissal of their excessive fee suit rejected by the appellate court.
Appellants Cole Matney and Paul Watts[1]—participants in the Barrick Gold 401(k) plan—filed suit against Barrick Gold of North America, Inc., Barrick Gold’s Board of...
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Noting that “prolonged investigations carried out by federal agencies, such as EBSA, create tremendous strain on retirement plan sponsors,” two key House Republicans are pushing back.
In a Sept. 19 letter to Acting Secretary of Labor Julie Su, Rep. Virginia Foxx (R-N.C.), chair of the Education...
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Noting that “a decision in this appeal has the potential to significantly affect Amici’s members, which include plan sponsors and fiduciaries…,” a group of industry trade groups has filed in support of fiduciaries and providers in a federal court.
More specifically, the ERISA Industry Committee (...
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The Department of Labor’s Employee Benefits Security Administration is seeking nominations to fill five vacancies to serve three-year terms on the ERISA Advisory Council, known officially as the Advisory Council on Employee Welfare and Pension Benefit Plans.
Nominations are being accepted for one...
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The Department of Labor (DOL) sent a new version of a proposed fiduciary rule to the Office of Management and Budget (OMB) late Sept. 8 for review.
Known officially as “Conflict of Interest in Investment Advice,” it would redefine fiduciary investment advice under ERISA.
According to a post on...
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Less than a year after being sued for the standard series of alleged missteps, the parties in an excessive fee suit have struck a “deal.”
The plaintiff bringing suit just a year ago was Grace Angelo (she was later joined in the action by Kerstin Thompson as a second class representative)—the...
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Pension risk transfers (PRTs) are, at their core, financial transactions. But there are other important factors to keep in mind when contemplating and conducting a PRT—among them, fiduciary responsibility.
With PRTs heating up lately, a discussion of how fiduciary duty factors in may be timely...
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The Pension Benefit Guaranty Corporation (PBGC) has updated certain information and rates relevant to premiums.
Premium Funding Targets
The PBGC has updated the information it makes available concerning the interest rates used to determine the "premium funding target" (that is, the present value...
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The Department of Labor (DOL) on Aug. 28 announced that its Employee Benefits Security Administration (EBSA) will extend the grace period to obtain new Login.gov credentials for the EFAST2 filing system until Dec. 31, 2023.
The ERISA Filing Acceptance System (EFAST2) is the system by which the...
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An apparent electronic glitch with a regulatory filing system is causing confusion.
More specifically, the American Retirement Association (ARA) is hearing from many members regarding erroneous 2022 8955-SSA late filing notices.
It appears that several plan sponsors for whom complete Form 8955-...
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The EFAST2 website authentication process is being modernized in 2023. Some changes have already taken place; some deadlines are still ahead—including a grace period that ends Sept. 1.
The Department of Labor (DOL) is changing the method of logging in to the EFAST2 website with an EFAST2-issued...
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The Department of Labor’s Employee Benefits Security Administration (EBSA) has issued a request for information (RFI) on SECURE 2.0 mandates related to ERISA’s reporting and disclosure provisions.
Several sections of SECURE 2.0 establish new, or revise existing, ERISA reporting and disclosure...
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Principal Deputy Assistant Secretary for the DOL’s Employee Benefits Security Administration (EBSA) Ali Khawar on July 25 shared with delegates at the 2023 NAPA D.C. Fly-In Forum the key priorities of the department, including new guidance on SECURE 2.0, an update to the fiduciary rule, and...
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A “painstakingly negotiated global Settlement” of some $124 million involving multiple suits (and the involvement of the Labor Department) has been reached in a long-standing ERISA suit.
The original suit was filed in March 2016 by Clive Cooper, a former employee (and participant) of DST Systems,...
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