Fiduciary Governance

The parties in an excessive fee suit—that also raised issues regarding an arbitration clause—are “…pleased that after years of hard-fought litigation, they are able to present for preliminary approval a proposed settlement.” That settlement includes a cash payment of $4,000,000.00 (four million... READ MORE

A new report offers a new level of transparency on recordkeeping fees paid by the large plan targets of excessive fee suits—and calls out a number of misleading claims and benchmarks used by the plaintiffs’ bar in bringing those suits. According to the announcement from Encore Fiduciary, formerly... READ MORE

Noting that “at some point, there must be some endpoint to this time-consuming and expensive cycle of litigation,” a federal judge has dismissed a 401(k) excessive fee suit. That “expensive cycle” dates back to October 2020 when a suit (Guyes et al. v. Nestle USA Inc. et al.) was brought in the U.... READ MORE

Often there can be confusion in more ways than one when trying to understand why actuaries report liabilities for defined benefit plans. The reason actuaries report plan liabilities in different manners has to do with the interplay between interest rates, the economy, and the reporting purpose.... READ MORE

It’s a big year for the implementation of certain SECURE 2.0 provisions. While many of the items are optional, it represents an excellent opportunity to explain what they mean and their potential impact. “There are two that are the big standouts,” Kevin Gaston said when asked about the provisions... READ MORE

With several references made to the movie Groundhog Day, witnesses testifying at a House subcommittee hearing to examine the DOL’s proposed investment advice fiduciary rule suggested the proposal goes beyond its legal authority and called on Congress to act before the guidance ends up in litigation... READ MORE

While many financial services firms and related trade groups have expressed their opposition, several high-profile firms have come out in support of the latest iteration of the Department of Labor’s (DOL) proposed fiduciary rule, officially known as the "Retirement Security Rule: Definition of an... READ MORE

There is a “common wisdom” in our business that suggests that all plan sponsors are, more or less, alike; that large plans are the inevitable early adopters of trends that, sooner or later, trickle down to plans of all sizes. Consequently, those who make their living trying to discern trends and... READ MORE

A brand new year awaits us – and with the New Year comes an opportunity to assess and reassess – for some when, resolutions for the cessation of bad behaviors and the beginning of better ones are in vogue. Here are some for plan fiduciaries for 2024 – that could benefit plan outcomes for years to... READ MORE