ERISA

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,... READ MORE

An important deadline fast approaches for many plans—the Form 5500 is due to be filed by July 31.  Plan sponsors of calendar-year plans must file their Form 5500 series returns by the last day of the seventh month after the plan year ends, which for calendar year plans is July 31 of the year after... READ MORE

A federal judge has approved the recommendation to certify a class in a proprietary fund suit—determining that even a “well-educated, well-informed, and careful investor”—might lack actual knowledge of fiduciary breaches. The Suit The participant-plaintiff in question here is one Brian Waldner,... READ MORE

Terms of a proprietary fund suit settlement with Mutual of America have been revealed. The plaintiffs had claimed the plan fiduciaries had “an imprudent and disloyal preference for its own proprietary funds.” Represented in the action by Nichols Kaster PLLP, the participant/plaintiffs had claimed... READ MORE

The U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) is resoliciting comments on its Voluntary Fiduciary Correction Program (VFCP) for input on changes mandated by the SECURE 2.0 Act of 2022.   Also cited were comments to the proposed amendment to Prohibited Transaction... READ MORE

Efforts by proponents to carve out an exemption to a Nevada state fiduciary law for ERISA-covered retirement plan advisors continued this week, with the American Retirement Association (ARA) submitting a letter supporting the exemption.  Nevada State Senate Bill 383 (SB 383), effective July 1,... 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

In comments to the Department of Labor (DOL), the American Retirement Association (ARA) argues that proposed changes to the QPAM Exemption would “needlessly” disrupt plan relationships and increase costs for plan sponsors and participants — with no obvious corresponding benefit.  The ARA’s letter ... READ MORE

Legislation that could affect retirement plans is pending on Capitol Hill — the midterm elections loom and its remaining weeks after that will be a “lame-duck” session. But that may not spell doom for those bills, suggested American Retirement Association CEO Brian Graff at the Oct. 3 opening... READ MORE