Regulatory Compliance

Three years to the day after filing suit, a 401(k) plan participant has dropped his excessive fee suit – with a whimper, not a bang. The suit, originally filed Jan. 14, 2016 in the U.S. District Court for the District of Colorado, was filed by Wahan Krikorian, a participant in the TPS Parking... READ MORE

Putnam Investments, LLC has officially asked the nation’s highest court to weigh in on an issue on which district courts have split 6-4: Who bears the burden of proof when alleging losses due to a fiduciary breach? Indeed, the issue seems ripe for consideration. As Putnam states in its petition to... READ MORE

The gym parking lot is full — must be January, with New Year’s resolutions fresh on people’s minds. But a recent blog argues that resolutions about physical fitness are not the only kind that should be made; it suggests that they should also include being ready for a plan audit by the IRS or... READ MORE

After more than a decade of litigation, a federal judge has approved the $6.9 million settlement struck by the parties, including $2.3 million to the plaintiffs’ attorneys. The original lawsuit, filed in 2007, claimed that Citigroup’s 401(k) plan fiduciaries “put Citigroup’s interests ahead of the... READ MORE

“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 confetti has been swept from Times Square and the bubbly bottles are in the recycling, and the nitty-gritty of applying those new year’s resolutions has begun. A recent blog entry has some suggestions for resolutions to follow in order to better fulfill fiduciary duties. In “6 New Year’s... READ MORE

A proposed settlement in an excessive fee suit has been sent back to the parties for some clarifications. The suit (Barrett v. Pioneer Natural Resources USA, Inc., D. Colo., No. 1:17-cv-01579-WJM, complaint filed 6/28/17) was brought by plaintiff William Barrett, a participant in the Pioneer... READ MORE

The IRS has released the updated version of Form 8950, the application for the voluntary correction program (VCP) under the Employee Plans Compliance Resolution System (EPCRS) for 2019 use. It also has updated a form used for reporting qualified distributions made due to disasters that occurred... READ MORE

The Pension Benefit Guaranty Corporation (PBGC) has issued new maximum civil penalties that it can assess for failure to provide certain notices or other material information and for failure to provide certain multiemployer plan notices. The new maximum amounts are $2,194 for section 4071... READ MORE