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ERISA
Multiple employer plans (MEPs) continue to generate plenty of discussion.The reason is the Small Business Employees Retirement Enhancement Act, introduced earlier this month by Sen. Tom Cotton (R-AR), which includes provisions regarding so-called “open” MEPs, a type of employee benefit plan that...
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Having lost on claims of violating their fiduciary duty of prudence in failing to disclose sales practices that led to a drop in stock value in the firm’s 401(k) plan, plaintiffs got another shot regarding claims that Wells Fargo violated their duty of loyalty to plan participants.
The ruling comes...
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Are you tired of the everyday grind? Looking for an opportunity to take a step back and re-energize yourself? Earn those final CE credits needed by attending the last of the only two live regional conferences offered during the 2018 continuing education reporting cycle. The ASPPA Cincinnati...
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A good offense is often the best defense. A maxim used in many contexts, and a July 10 ASPPA Webcast suggests that taking extra care to ensure that your Form 5500 is correct is one of them.In “Resolving 5500 Filing Issues,” Kristina G. Kananen, QPA, QKA, DC Customer Support for DATAIR Employee...
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Thinking outside the box is often a valued attribute; in the retirement plan universe, it can find expression in arrangements and plan features that offer flexibility, liquidity and portability. But a recently released paper suggests that it is important to be mindful of fiduciary duties while...
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While reiterating some long-standing positions on socially responsive investing, the Department of Labor (DOL) has some new cautions about an ESG emphasis in plan design and proxy voting.It has done so in the form of Field Assistance Bulletin 2018-01, issued April 23, which is designed to provide...
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Scottrade wants to make a federal case out of an administrative proceeding filed by Massachusetts alleging violations of internal policies adopted in anticipation of the Labor Department’s fiduciary rule.Specifically, Scottrade has filed a legal motion to have the administrative proceeding filed by...
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Sign up now for the 2018 ASPPA Eastern Regional Conference to take advantage of the extended Early Bird registration rate, which is now available until April 3.The 2018 Eastern Regional Conference will be held at the Doubletree Center City Hotel in Philadelphia on Thursday, April 26 and Friday,...
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The DOL Advisory Council on Employee Welfare and Pension Benefit Plans’ latest report centers on one overarching theme: simplifying plan disclosures to participants and beneficiaries. The report also recommends further exploration of the utility and effectiveness of electronic delivery mechanisms.“...
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Given the recent attention and lack of formal guidance addressing missing participants for ongoing DC plans, there are increasing calls for the government to formally address how far plan sponsors need to go to find missing participants.Noting that the IRS, Labor Department and PBGC have been...
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A recent blog post argues that it is wise for plan fiduciaries to be aware of the importance of plan documents in meeting their fiduciary duties.In “Those Pesky Plan Documents…What Do They Have To Do With my Fiduciary Duties?” an article in a recent Boutwell Fay, LLP newsletter, Deborah Fabricant...
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An amended claim in an excessive fee litigation treads some new ground – including naming the plan’s investment advisor as a defendant.
New York University was one of the first of the university 403(b) excessive suits filed in August 2016, and representing the plaintiffs then (and now) was the law...
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A recent analysis suggests that the SEC’s take on a fiduciary standard may be inching closer to that of the DOL.In “SEC Enforcement Slowly Tilting Fiduciary Needle toward ERISA,” an article appearing on the Corporate Compliance Insights website, Duane Thompson argues that “the SEC’s examination and...
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The headline of a recent article didn’t pose that as a question. And that should make you think.The article, penned by a not-yet-30-year old, was mostly negative on the nation’s primary private retirement savings vehicle, but to my read, that wasn’t her fault. Rather, it was the net result of the...
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Work on the Labor Department’s effort to expand, streamline and modernize the Form 5500 Series has been halted until a new head of the DOL’s Employee Benefits Security Administration (EBSA) is in place, according to ERISA attorney S. Derrin Watson.
Leading a workshop session at the 2017 ASPPA...
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The ERISA Industry Committee (ERIC) filed a lawsuit Oct. 12 against the Oregon Retirement Savings Board, saying that a provision of the state’s OregonSaves retirement program for private-sector employees obstructs ERISA.
The complaint, filed in the U.S. District Court for the District of Oregon...
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In the course of my day, I talk to (and email with) people, read a lot, and every so often jot down a random thought or insight that gives me pause and makes me think. See what you think.1. Disclosure isn’t the same thing as clarity. Sometimes it’s the opposite.2. It’s not what you’re doing wrong;...
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In addition to the books, reference guides, and a few personal “knick knacks,” I have for years had in my office a couple of model cars — but not for the reason people generally think.
These models happen to be Studebakers (a 1950 Champion, a 1953 Starliner and a 1963 Avanti). I’d wager that a...
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Earlier this year, the 6th U.S. Circuit Court of Appeals ruled that the participants in a university’s pension plan do not have to exhaust administrative remedies before they pursue claims of ERISA violations. A recent blog entry discusses what this ruling means for plan fiduciaries.In “Exhaustion...
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What comes to mind when you think of Socrates? Probably not defined benefit plans. And yet, a recent blog entry posits that there is indeed a connection.In “Know Thyself: Socratic Thoughts on Defined Benefit Fee Policy Statements,” Mike Clark, Consulting Actuary at Principal Financial Group, argues...
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