Fiduciary Governance

“Best Interest” has become part of the American lexicon… as an aspirational goal or a demanding standard — depending on the point of view. But, what does best interest mean? In a recent blog post, noted ERISA attorney Fred Reish identifies two different best interests: the first a standard of care... READ MORE

The start of a new year is an opportune moment to take stock of the way things are done and consider new approaches. A benefits-related organization offers some ideas of things to consider regarding designing and providing a workplace financial education program. The International Foundation of... READ MORE

Having lost their case in a recent appellate court decision, plan fiduciaries are now seeking a hearing with the full court. The plaintiffs in this case had alleged that the IBM defendants (IBM itself, along with the Retirement Plans Committee of IBM; Richard Carroll, IBM’s Chief Accounting... READ MORE

Some things are inexorable. Seasons. Tides. And, argues a recent blog entry, plan litigation. But as with natural phenomena whose effects can be mitigated, the analysis suggests that lessons from the litigation that has taken place can benefit 401(k) and 403(b) plan fiduciaries in 2019. Litigation... READ MORE

A plan sponsor who had been sued for allegedly breaching its ERISA fiduciary duties in shifting allocations in a plan’s custom target-date portfolios to “risky and high-cost” investments will have to go back to court. Suit ‘Able’ The original lawsuit, filed in November 2015 in the U.S. District... READ MORE

After “more than two years of litigation, multiple motions and the review of more than 100,000 pages of documents exchanged in discovery,” the plaintiffs and defendants in an excessive fee suit have come to terms. The settlement (Schultz v. Edward D. Jones & Co., LP, E.D. Mo., No. 4:16-cv-... READ MORE

There are many challenges facing plan sponsors, and in a recent blog entry Christopher Carosa has identified the top challenges of which they are not aware. Understanding the Extent of Legal Liability “The eye cannot be on two balls at once,” writes Carosa, noting that most plan sponsors “stay... READ MORE

The American Retirement Association (ARA), in a Dec. 12 letter to Joe Canary, Director of the Office of Regulations and Interpretations of the DOL’s Employee Benefits Security Administration, has suggested steps the agency can take to improve retirement security. The ARA sent the letter as part of... READ MORE

It’s always unpleasant when a TPA gets a call or a letter from the Department of Labor (DOL) about an investigation of a client’s qualified plan. What should a TPA do? As a first step, a TPA should notify its client about the inquiry from the DOL, so that the client can, if desired, relay that... READ MORE