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Fiduciary Governance

Calls for bipartisan action to address the problems facing multiemployer pension plans highlighted a March 7 hearing of the House Education and Labor Committee’s Subcommittee on Health, Education, Labor and Pensions. The crisis facing multiemployer pension plans “Is not years away, it is happening... READ MORE
Since enactment of the Pension Protection Act in 2006, automaticity has been highly successful in improving retirement readiness. But new, highly personalized fintech advances may help drive retirement readiness to the next level, according to a new white paper.  Building on the success of auto-... READ MORE
Picking up where they left off in the last Congress, Reps. Lisa Blunt Rochester (D-DE) and Tim Walberg (R-MI) have reintroduced legislation to make it easier for retirement plan sponsors to provide guaranteed lifetime income products as part of their DC plan.    In general, the Increasing Access... READ MORE
A group consisting of 12 separate financial services trade associations – including SIFMA, ACLI and the U.S. Chamber of Commerce – have highlighted both preemption issues and legal deficiencies with Nevada’s proposed fiduciary regulation that they say goes “well beyond” the state’s legal authority... READ MORE
The Silver State managed to overlook the long history of ERISA preemption in its recent draft fiduciary regulations. Once again, the American Retirement Association has brought this to their attention. The comments came in response to draft regulations issue in mid-January by Nevada’s Office of... READ MORE
Plan fiduciaries have asked the nation’s highest court to weigh in on when ERISA’s three-year statute of limitations begins – and if disclosure alone is enough to start that clock.  In asking the U.S. Supreme Court to take up the case, plan fiduciaries at Intel said the question presented was “... READ MORE
Running and maintaining a plan can be complicated — and fiduciary rules are part of the reason. A recent blog entry offers some suggestions regarding how to reduce the risk of making fiduciary errors in operating a plan. “Operational errors can arouse the same severe consequences as an investment... READ MORE
Plan loan features in DC plans can encourage workers to participate in the plan. But the rules governing plan loans can be complicated, and mistakes can be made. A recent ASPPA webcast offered a look at common plan loan mistakes and how to correct them, using case studies to illustrate. In “St.... READ MORE
A recent study analyzing common language used to describe features of defined contribution plans reveals an apparent disconnect between what plan sponsors are saying and what participants are hearing. As part of the study, Invesco, along with Maslansky + Partners, conducted participant focus... READ MORE
The ratification of the 22nd amendment in 1951 may limit U.S. Presidents’ tenure, but that doesn’t mean their influence over a host of areas ends when their terms of office do. And that includes retirement readiness. In “How 5 U.S. Presidents Continue to Influence Your Retirement Readiness Today... READ MORE
“Fiduciaries that manage employer-sponsored benefits plans will likely get sued no matter what they do.” Thus begins a request from a number of retirement industry groups – including the American Retirement Association – that the U.S. Supreme Court weigh in on a controversial fiduciary case. Said... READ MORE
In his First Quarter 2019 Washington Update, Robert Kaplan, the American Retirement Association’s Director of Technical Education, provided an overview of the new climate on Capitol Hill as well as recent regulatory developments affecting retirement plans. On the Hill With the changes that took... READ MORE
Having a retirement plan and a commitment to facilitating employees’ saving for their retirement is important. But the good that accomplishes can be blunted if the employer and the plan administrators don’t communicate about the plan effectively. In “Effectively Communicating Your Retirement Plan... READ MORE
Fee litigation trends and disclosure requirements have compelled plan sponsors to focus on how recordkeeping fees are allocated to participants, but beyond ERISA’s general fiduciary requirements, there is limited legal guidance, explains a new white paper. Under the Department of Labor’s fee... READ MORE
Another state has moved to impose its own fiduciary standard with no ERISA exemption. The Maryland legislature aims to implement a state level fiduciary standard through a comprehensive consumer protection bill introduced this week by State Sen. Jim Rosapepe (D-Prince George’s). The bill grants... READ MORE
The Pension Benefit Guaranty Corporation (PBGC) has updated its Staff Responses to Practitioner Questions webpage to include additional information about guaranteed benefits, reportable events and standard terminations. The page provides a useful look at the PBGC’s take on particular situations... READ MORE
We have more access — and easier access — to information than at any time in human history. And a good fiduciary can identify which of it will most affect clients and their accounts, argues a recent blog entry. In “A Fiduciary Must Separate the Wheat from the Hype,” Christopher Carosa argues that... READ MORE
The political climate has changed and this necessitates some new approaches, American Retirement Association (ARA) CEO Brian Graff indicated in remarks at a Jan. 28 session at the 2019 30th Anniversary NTSA Summit held in Tampa, FL. Graff attributed the results of the November 2018 elections not... READ MORE
A managed account provider and a recordkeeper platform have been sued for conspiring to direct participant savings to expensive, affiliated funds. Plaintiff Kimberly Davis worked for Palace Entertainment in Greensboro, NC and Riverhead, NY, and participated in its 401(k) retirement plan that... READ MORE
Has an index fund become a presumption of prudence? You may remember that not so very long ago, courts had determined that the holding of employer stock in Employee Stock Ownership Plans (ESOPs) was entitled to a presumption that their fund management was prudent under a “presumption of prudence”... READ MORE