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Fiduciary Governance
Sometimes too much of a good thing is…too much. And that’s the case when a participant is overpaid. A recent blog entry discusses the importance of having a process for recovering those overpayments.
In “Recovering Retirement Plan Overpayments: Process Is Key,” Eric Gregory, an Employee Benefits...
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President Biden has issued an Executive Order that, among other things, directs the Labor Secretary to reconsider rules that would have barred consideration of ESG factors in investment decisions.
Specifically, the May 20 Executive Order on Climate-Related Financial Risk directs the Secretary of...
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One of the most active ERISA litigation firms has, once again, targeted one of the nation’s largest 401(k) plans.
This time the firm is representing Kena Moore, Timothy K. Sweeney, Russell A. Hohman, Susan M. Smith and Veronica Cargill who have filed suit on behalf of participants in the $5.354...
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A class action involving a $1.6 billion 401(k) plan has been fast-tracked to the U.S. Court of Appeals for the Third Circuit for a ruling on an issue of emerging concern in ERISA excessive fee litigation.
The case involves three participant-plaintiffs—Mary K. Boley, Kandie Sutter and Phyllis Johns...
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Mistakes in complying with reporting requirements happen; they may even be all but inevitable. And when they do take place, corrective amendments are a way to fix those errors. A recent ASPPA webinar took a look at some of them.
“Plan document failures are always considered significant,”...
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Editor’s Note: This is the fourth in a series about the guidance the Department of Labor’s Employee Benefits Security Administration (EBSA) issued on April 14 concerning cybersecurity. The first is here; the second is here; the third is here.
The Department of Labor’s Employee Benefits Security...
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When the Labor Department issued last month what it called “new guidance” that it further described as “the first time the department’s Employee Benefits Security Administration has issued cybersecurity guidance”—well, I, for one, was expecting… guidance.
However, rather than an advisory opinion...
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Editor’s Note: This is the third in a series about the guidance the Department of Labor’s Employee Benefits Security Administration (EBSA) issued on April 14 concerning cybersecurity. The first is here; the second is here.
The Department of Labor’s Employee Benefits Security Administration (EBSA...
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Yet another stock drop case has made its way to the doors of the U.S. Supreme Court—but no further.
The defendants in this case (Allen v. Wells Fargo & Co.) were the fiduciaries of the Wells Fargo 401(k) plan—and the plaintiff filed on behalf of Wells Fargo 401(k) plan participants whose...
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A federal judge has approved the settlement struck by parties in a long-standing stock drop suit.
The settlement was announced in February, following nearly six years of litigation—and a trip all the way up to the U.S. Supreme Court. The suit was filed by plaintiffs Larry W. Jander against the...
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Forewarned is forearmed—so says the maxim. And in that spirit, the IRS has issued a reminder that hurricane season is not here yet, but it suggests that now is the time to prepare, and offers some suggestions regarding how to do that.
“Individuals, organizations and businesses should take time...
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In July 2019, the Accounting Standards Board issued SAS No. 136, Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA (SAS 136). SAS 136 reflects a new reporting model for ERISA audits.
One of the most significant changes of the Statement of SAS...
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Plan fiduciaries have struck a deal in a suit alleging imprudent investments—but the investment consultant who recommended the challenged funds is still facing trial.
The suit was filed nearly two years ago against the plan fiduciaries of the $5.2 billion Lowe’s 401(k) plan and Aon Hewitt...
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A little more than a year after plaintiffs alleged that their “account would have been worth more at the time it was distributed from the Plan had Defendant not violated ERISA,” the parties have come to terms.
The defendant in this case is John Hancock, which was sued by plaintiff Jennifer Baker,...
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Editor’s Note: This is the second in a series about the guidance the Department of Labor’s Employee Benefits Security Administration (EBSA) issued on April 14 concerning cybersecurity. The first installment is here.
The Department of Labor’s Employee Benefits Security Administration (EBSA) on...
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The closing session of the Plan Sponsor Council of America’s National Conference featured a wide-ranging and impactful conversation between American Retirement Association CEO Brian Graff and Mellody Hobson, President and Co-CEO of Ariel Investments and chairwoman of Starbucks.
The discussion...
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Alleging that “…Defendants did not engage in any objectively reasonable and/or prudent efforts when paying fees for RPS to covered service providers…,” a $4 billion plan finds itself in the litigation crosshairs.
This time the target is the Kimberly Clark Corporation 401(k) and Profit Sharing Plan...
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Editor’s Note: This is the first in a series about the guidance the Department of Labor’s Employee Benefits Security Administration (EBSA) issued on April 14 concerning cybersecurity.
The Department of Labor’s Employee Benefits Security Administration (EBSA) on April 14 issued comprehensive...
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Who exactly is responsible if a participant’s balance is stolen? While that may not be exactly clear, a recent blog entry suggests that it may be prudent to take steps to protect participants’ retirement accounts from cyber crime nonetheless.
In “Employer 401k Cybersecurity Responsibilities,”...
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In a complicated case that a federal judge acknowledged “…presents interesting issues about what it means to be an ERISA fiduciary under the circumstances presented,” Principal Life once again fended off fiduciary claims regarding the operation of its PFIO offering.
A little more than a year ago...
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