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Fiduciary Governance

A recent decision by the nation’s highest court could have implications for the Labor Department’s fiduciary rule. The case itself (Kisor v. Wilkie) didn’t have anything to do with the fiduciary rule, or even the Labor Department. The plaintiff here was James Kisor, a Vietnam War veteran who... READ MORE
The Auditing Standards Board (ASB) of the American Institute of CPAs (AICPA) has issued two new statements on auditing standards: one concerning auditor reporting on financial statements by plans covered by ERISA, and the other concerning transparency in annual reports. Statement on Auditing... READ MORE
Having been named in at least three separate suits regarding its FundsNetwork platform structure, Fidelity has filed a response. The suits have been brought by participants in various 401(k) plans served by Fidelity (including the Publicis Benefits Connection 401(k) Retirement Savings Plan, the... READ MORE
Pension plans managed by religious organizations in Rhode Island now must provide regular updates to participants on the financial health of the plans. Gov. Gina Raimondo (D) signed a measure on July 2 setting that requirement into law. House Majority Leader K. Joseph Shekarchi (D-Warwick)... READ MORE
A majority of pension plan sponsors in a recent study are seeking to reduce their roles and responsibilities with their plans. Almost two-thirds plan to outsource some or all of their plan-related investment responsibilities and more than 60% plan to terminate their plans in the next five years,... READ MORE
Our industry has long disparaged the apparent “overindulgence”1 of participants in the stock of their employer as a retirement investment. However, for plan fiduciaries – and those who advise them – there may be a more pressing concern. Anyone who has been paying attention to 401(k) plan... READ MORE
The U.S. Supreme Court has agreed to take on yet another ERISA case this term. This case – Thole v. U.S. Bank, N.A., U.S., No. 17-1712, certiorari granted 6/28/19 – involves a suit by participants in U.S. Bank’s pension plan who, after the plan fiduciaries alleged mismanagement resulted in $750... READ MORE
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

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