Section 413 of ERISA provides in general that no action for breach of fiduciary duty may be brought after the earlier of: (1) six years after (A) the date of the last action which constituted a part of the breach, or (B) in...more
I have been to many funerals and many 401(k) enrollment meetings and I have to say that most funerals are livelier than 401(k) enrollment meetings. It doesn’t have to be that way....more
The White House unveiled their plan to direct the Department of Labor to unveil a new fiduciary standard rule that will curb the conflict of interest and excessive fees that the White House says that mars 401(k) and IRA...more
Lockhead Martin settled their excess fee lawsuit concerning their 401(k) plan by making a $62 million settlement with plan participants. That is probably the highest excess fee settlement on record. I know how people think...more
On February 2, 2015, the White House released its Fiscal Year 2016 Budget, which includes a number of tax code changes targeting retirement savings. If enacted as presented, the proposals would have a significant effect on...more
In This Issue:
- Marketing and Management Tips For Retirement Plan Providers
- There is a price to pay for being outspoken
- Never give into disillusionment
- Tread Carefully with Plan Provider...more
A few years ago, researchers from the business schools at the University of Indiana and the University of Texas at Austin looked at some data to try to figure out why many poor 401(k) investment choices linger on fund...more
The deposit timing rules are relatively straightforward, or so we thought...
Just a few weeks ago, a client asked us for assistance in completing the 401(k) recordkeeper’s 2014 Form 5500 data questionnaire. As...more
In Tibble v Edison International, Plaintiffs brought fiduciary duty claims against Edison International for alleged mismanagement of Edison’s 401(k) Plan. Plaintiffs’ claims centered upon the fact that the Plan’s investment...more
Court cases challenging the actions of Employee Retirement Income Security Act fiduciaries have continued unabated since the scandal of Enron in 2002. Since then, a large number of cases are in the ‘‘stock...more
In August 2014, GRQ Investment Management, LLC (GRQ) sued Financial Engines, Inc. and Financial Engines Advisors, LLC (collectively, Financial Engines), alleging that Financial Engines’ sale of account management and advisory...more
A federal district court in Iowa dismissed a putative class action complaint brought by several 401(k) plan sponsors who alleged that Principal Life Insurance Company breached its fiduciary duties to the plans by charging...more
Plan sponsors seeking to provide employees with the ability to make after-tax contributions to a 401(k) plan may be interested in adding, along with the common Roth contribution feature, non-Roth after-tax contribution and...more
In This Issue:
- Stuff That Prospective 401(k) Plan Providers Tell You That's True
- The Conduct Code for Retirement Plan Sponsors
- Stuff That Won't Help A Retirement Plan Sponsor Limit Their...more
Former and current annuity holders sued John Hancock Life Insurance Company in New Jersey federal court several years ago, alleging that, as a service provider to their 401(k) plans, John Hancock was an ERISA fiduciary and...more
Speed Read -
The Ninth Circuit becomes the first appellate court to interpret the Supreme Court’s Fifth Third v. Dudenhoeffer holding. In its ruling, the Ninth Circuit held that participants can maintain a claim...more
The D.C. Circuit affirmed the decision of a district court that Plaintiff Patrick Russell, a 401(k) plan participant, had knowingly waived his right to assert an ERISA stock-drop claim based on, among other things, the...more
With Thanksgiving done, we look to the holidays and the New Year. While many of us are busy shopping for loved ones, many businesses and individuals have their eye geared to- wards next year. As a retirement plan sponsor, you...more
Over the past two years, there has been a sea change in the treatment of same-sex spouses under both federal and state law. Now that federal law, and the laws in 35 states and Washington, D.C., recognize marriage equality for...more
In This Issue:
- Pearls of "Wisdom" for 401(k) Plan Providers.
- Bells and whistles not being used is worse than having no bells and whistles.
- The Fallout from Fee Disclosure continues.
- As a 401(k)...more
Most professionals who work in the 401(k) arena would agree that managed accounts are, on balance, a favorable development for 401(k) plan participants. However, such accounts are, in many ways, still in their infancy,...more
I am no genius and I’m sure all of you will agree. I have only been success- ful as an ERISA attorney because of my ambition and an uncanny ability to connect with my audience even though I’m still that shy kid from Canarsie,...more
An ongoing focus for the IRS and the DOL has been trying to ensure that individuals have a regular stream of income for the duration of their lives. In connection with this goal, in July of this year, the IRS released final...more
What's a QLAC? Effectively, it is a Qualified Longevity Annuity Contract that's owned by a traditional IRA or 401K plan....more
In This Issue:
- Stuff That Prospective 401(k) Plan Providers Tell You That's True.
- An Employer's "Recipe" for having a Great Retirement Plan.
- Why An Employer Can And Should Set Up A Retirement Plan...more
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