Fiduciary Governance

In the first enforcement action of its fiduciary rule, Massachusetts has charged online trading platform Robinhood with, essentially, taking advantage of inexperienced investors. More specifically, Secretary of the Commonwealth William F. Galvin has charged Robinhood Financial, LLC over the... READ MORE

There’s been increasing awareness—and litigation—regarding cyber security and participant accounts—and the Labor Department has taken notice. Sources tell us that plan audits are now asking to see employers’ written cybersecurity policies and procedures—and asking about cybersecurity attacks, and... READ MORE

Once again, the Department of Labor has taken comments on a controversial proposal to heart, and pulled back on the letter, if not the impetus, in its final rule of plan proxy voting. As had been the case with its recent rulemaking on Environmental Societal & Governance (ESG) investing (more... READ MORE

There is never a bad time to do the right thing, and a Dec. 2 ASPPA webcast provided a reminder of why that is important for a retirement professional to remember and apply.  In “Ethics—It Is Never the Wrong Time to Do the Right Thing,” American Retirement Association Director of Technical... READ MORE

The owners of Vantage Benefits Administrators have been sentenced by a federal judge for their role in a $15 million embezzlement scheme—and it seems fair to say he “threw the book” at them. Vantage Benefits Administrators co-owners Jeffery Richie, 55, and his wife Wendy Richie, 59, pled guilty to... READ MORE

The importance of information technology, which had already been growing, is in even sharper relief with the challenges businesses face this year. In an ASPPA All Access session, industry experts offered ideas and insights concerning IT and how it figures in business operations and decision makers... READ MORE

A suit which had alleged that a profit-sharing plan’s investment allocation was “inappropriate” and the plan fiduciaries’ actions in establishing and maintaining it imprudent has settled. The settlement (Toomey v. DeMoulas Super Markets, Inc., D. Mass., No. 1:19-cv-11633, motion for settlement... READ MORE

The sudden rise and spread of COVID-19 wreaked havoc with plan administration—including communication with plan participants concerning the plan and changes to it.  In “Communicating Retirement Plan Changes During COVID-19,” an entry in Cammack Retirement’s Insights blog, Joey Payne discusses the... READ MORE

Thanksgiving has been called a “uniquely American” holiday—and so, even in a year in which there has been an unprecedented amount of disruption, stress, discomfort and loss—there remains so much for which to be thankful.  I’m thankful that so many employers (still) voluntarily choose to offer a... READ MORE