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Fiduciary Governance

A plan sponsor fiduciary won their case in court, refuting allegations that they should have removed a fund from the plan’s investment menu. The plaintiff in this case was Marc J. Muri, an employee of National Indemnity, an insurance provider located in Omaha, Nebraska, and a participant in... READ MORE
Compliance is serious business and audits of an employee benefit program are no joke. But the mere fact that one is scheduled need not spell imminent doom. As a recent blog entry points out, there are steps one can take to be ready — and, in the process, better ensure that the plan is in compliance... READ MORE
Not wasting any time, the Garden State has announced that it will hold a July 17 hearing in connection with its proposed new fiduciary standards. According to an announcement in the New Jersey Register, the Bureau of Securities also simultaneously announced that it is extending the comment period... READ MORE
Editor’s Note: This is the second in a two-part series about creating and managing retirement plan committees. Part 1 is here. Fiduciary duties and fulfilling them includes managing the investment of plan assets — and one of the tools for accomplishing that is the investment committee. Investment... READ MORE
Consistent with prior input from the American Retirement Association, New Jersey correctly excluded ERISA plan fiduciaries from the application of its proposed new fiduciary standards. In a June 14 comment letter, the ARA – parent organization of the ASPPA/NTSA – expressed support for the proposed... READ MORE
Please hold on to the bar. That’s sound advice when seated in an amusement park thrill ride. But a recent blog entry suggests that the maxim is applicable to how a plan fiduciary approaches how participants invest their funds amid the vagaries of market volatility. The rises and falls in the... READ MORE
Defined contribution plans are practically ubiquitous. But like most things that are common, the mere fact that they are does not necessarily mean that comprehension of investing the funds they contain is. A recently released research paper discusses the problem posed by poor financial literacy and... READ MORE
An excessive fee suit has been granted class action status in federal court. This time it’s a group of former participants in the JPMorgan Chase 401(k) Savings Plan, a plan that has approximately 266,000 to 300,000 participants and more than $14 billion in assets. Suit ‘Case’ In considering the... READ MORE
Editor’s Note: This is the first of a two-part series about establishing and managing retirement plan committees. The last 10-plus years have brought into sharp relief the importance of fiduciary duties and fulfilling them as ERISA requires. Offering a retirement plan has many moving parts, and... READ MORE
The official hurricane season has just begun (the National Oceanic and Atmospheric Administration says it starts June 1). But we’ve already had a tropical system in the Atlantic (Andrea) — and that serves as a reminder that it can be helpful to a service provider and plan administrator to prepare…... READ MORE
Whether you are a Game of Thrones aficionado – or haven’t watched a single episode – there are lessons to be learned nonetheless. Not only are there fiduciary admonitions from the HBO series, it turns out there are words of wisdom for individual retirement savers as well. Check these out. “When... READ MORE
The Department of Labor’s Employee Benefits Security Administration (EBSA) is responsible for overseeing millions of employee benefit plans, including investigating retirement plans when necessary. A recent blog entry examines what an employer should know about that. In Thompson Coburn LLP’s blog... READ MORE
Words matter. Don’t think so? The publisher of a King James Bible in the 17th century who left out the word “not” in the commandment “thou shalt not commit adultery” and who suffered the consequences would beg to differ. And words matter in retirement plan communications as well, as recent analyses... READ MORE
Cyber threats morph and evolve as quickly as the technology and data they compromise. Speakers at SPARK’s national conference in Falls Church, VA suggested ways to protect against them. Evolving Challenges Wendy Young Carter, a VP and Defined Contribution Director, Public Sector at Segal Group,... READ MORE
The U.S. Supreme Court will, once again, take up the issue of where, and how, to draw the line between the obligations of corporate officials and ERISA plan fiduciaries. Specifically, the Supreme Court has now decided (Ret. Plans Comm. of IBM v. Jander, U.S., No. 18-1165, certiorari granted 6/3/19... READ MORE
The Department of Labor (DOL) is preparing to act on a variety of issues relevant to retirement plans and participants, according to a department official who offered an outline at a June 5 session of the SPARK national conference held in Falls Church, VA. Jeanne Klinefelter Wilson, Deputy... READ MORE
I was late to the Game of Thrones – and though its final season seems a bit “rushed” – there has been plenty to not only watch, but mull over in its eight-season run. And yet, as the series wound to a close, I kept thinking there were some lessons for retirement amidst the mayhem. ‘A man’s gotta... READ MORE
It’s often said that “if at first you don’t succeed, try, try again.” But that didn’t work for the plaintiffs in a suit challenging the use of a money market fund, rather than a stable value option. The plaintiffs here have been “trying” since February 2016, when they, represented by the St. Louis... READ MORE
There are many moving pieces and factors to keep track of regarding retirement plans and individual accounts. But two recent blog entries remind that despite the multiplicity of concerns and duties, it’s also important to keep one’s eyes on the ultimate prize and not forget the ultimate reason for... READ MORE
ASPPA is always providing information and insights that will be valuable to its members! Following is a summary of upcoming webcasts and events. Live Webcasts  ASPPA Webcast: Late Deferral/Loan Deposits and Form 5330Thursday, June 6, 2019 2:00–2:50 p.m. ET Speaker: Kristina Kananen, QPA QKA,... READ MORE

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