News & Analysis as of

Tibble Supreme Court Argument: Fiduciaries Must Monitor Investments

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

The Rosenbaum Law Firm Review - February 2015

In This Issue: - Small Steps That Plan Sponsors Can Take To Limit Their Fiduciary Liability - "Plain" Advice to Retirement Plan Sponsors - Pick Plan Providers Just Because They Are Cheap Is A Bad...more

Small Steps That Plan Sponsors Can Take To Limit Their Fiduciary Liability

When it comes to our health, small preventative steps can help us avoid greater harm to our health later down the line. We have been told of the great health benefits of taking baby aspirin for heart health and how we can...more

DOL Investigations: A Shift in Focus

The Issue: During a recent Department of Labor (“DOL”) investigation for a local California employer, we experienced an increased focus by the DOL on plan expenses. While this isn’t necessarily surprising given the increased...more

Service Provider Not A Fiduciary In Negotiating Its Contract

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

The ERISA Litigation Newsletter - December 2014

This month's newsletter focuses on how Plan Trustees can appropriately settle ERISA breach of fiduciary duty claims in order to achieve "complete peace." The article provides a check list and discusses strategies for handling...more

In Post-Dudenhoeffer Decision, Class Action Plaintiffs Are Allowed to Pursue Their Claims For Fiduciary Breach Against Eastman...

A federal district court has permitted plaintiffs to pursue class actions against the fiduciaries of two Eastman Kodak defined contribution plans on the ground that those fiduciaries failed to prudently manage the plan funds....more

DOL 2014 Fall Regulatory Agenda

Introduction - The Department of Labor has released the 2014 Fall Regulatory Agenda. The updated agenda provides the anticipated publication dates for the next steps in the regulatory process for nearly a dozen ERISA...more

How to Settle an ERISA Breach of Fiduciary Duty Case and Sleep at Night: A Checklist for Plan Trustees to Consider

Plan trustees often look to settle ERISA fiduciary breach claims brought against them as a way to put the past behind them. Assuming there is enough fiduciary liability insurance coverage available to pay the proposed...more

Considerations for Employee Benefit Programs That Benefit Employers and Employees

Employers must compete in the marketplace for talented employees at every level—both in recruitment and retention. It is thus in employers’ best interests to provide employee benefit plans that are attractive to employees and...more

The Rosenbaum Law Firm Review

Plan sponsors should replace the Bad Plan Decision Makers. It's time for them to go. If your company's retirement plan got into some trouble because the powers that be who run the plan (whether it's the C.E.O.,...more

Reasonable Fee Issues for Fiduciaries on the Horizon

The Supreme Court is poised to address whether fiduciaries' decisions—especially in using fee sharing arrangements—are subject to deference when challenged. The Eighth and Ninth Circuit courts recently decided these issues,...more

Lies That Prospective Retirement Plan Providers May Tell You

When we were children, our mothers told us stories that we believed to be true because we always believed what our parents were telling us was the truth. Part of growing up is realizing that a good chunk of what your mom told...more

A Good Plan Sponsor is the key to a Good Retirement Plan

I was a fit at my old law firm sort of like how my son’s toddler clothes fit him at age 7. I wasn’t a good fit because I didn’t take myself too seriously, I tried to push for flat fee billing, and I tried to break down...more

Proactive Steps Retirement Plan Sponsors Should Take

Retirement plan sponsors have a lot of headaches and liability because of their role as plan fiduciaries. They can sit back and do nothing, thereby increasing their potential liability. They can also be proactive and take...more

Fourth Circuit Adds Even More Complexity to Benefit Plan Fiduciaries' Role

The U.S. Supreme Court’s recent Dudenhoeffer decision demonstrated that benefit plan fiduciaries are definitely in the litigation spotlight, and that they should exercise caution to avoid fiduciary liability in garden-variety...more

New Guidance on Locating Missing Participants for Terminated Defined Contribution Plans

On August 14, 2014, the U.S. Department of Labor (DOL) provided new guidance to plan fiduciaries of terminated defined contribution plans for locating missing and unresponsive participants in order to distribute their...more

Fiduciary Notice Obligations Associated with Change of Carriers

This case discusses the fiduciary obligation of plan administrators to inform participants in advance of ERISA’s statutory notice periods regarding the potential impact caused by a change of life insurance carrier under a...more

The Law Firm Review

Plan Sponsors' Misconceptions About Retirement Plan Fee Disclosure. There are many. To me, there is no greater television show than Seinfeld because it's timeless and there is something about each episode that...more

Fees are only part of a 401(k) Plan’s problem

10 years before I went on my own and started my own practice, I started The Rosenbaum Law Firm P.C. It was a side venture, kind of an attempt to see if I can start my own practice without actually having to leave my day job....more

The Debate Continues Over The Fiduciary Status of 401(k) Plan Service Providers

In Golden Star Inc. v. MassMutual Life Ins. Co., 2014 WL 2117511 (D. Mass. May 20, 2014), a district court addressed two issues that have become hotly contested in 401(k) plan fee litigation: (1) whether and when a plan...more

Some plan sponsors will only “get it” when it’s too late

I talk to a lot of advisors and I have many advisor clients around the country and one of the things that I keep on hearing is that even with fee disclosure regulations almost 2 years later, it is still difficult to get...more

The proposed Fiduciary Rule and the selling of Fear

I’m a Howard Stern fan since I was about 11. I’m sorry if you’re offended, but I love that brand of humor. One of the main producers of funny materials are guys by the name of Sal & Richard. Aside from their phony calls, they...more

No Country for Lousy Retirement Plans

In the movie, No Country for Old Men, the hit man Anton Chigurh (played by Javier Bardem) confronts Carson Wells (who was also trying to recover the same money Chigurh was after) in his hotel room. Before killing...more

Advisors Advantage

Do you have it? It will determine whether you'll be a big hit or not. When it comes to being a retirement plan provider and selling your services, you have to have it. Those who have it, succeed. Those who don't,...more

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