News & Analysis as of

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

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 Adopts More Demanding Test for Exercise of Objective Prudence by Retirement Plan Fiduciaries -Tatum v. RJR Pension...

In the latest ruling in a long-running battle arising from company stock fund divestments, the U. S. Court of Appeals for the Fourth Circuit has underscored the importance of procedural prudence in the management of plan...more

U.S. Supreme Court Abolishes the Presumption of Prudence in ERISA Stock Drop Cases

A recurring scenario in ERISA litigation involves claims against fiduciaries of 401(k) retirement plans who are alleged to have breached their fiduciary duty by failing to discontinue investment in employer stock following 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

The ERISA Litigation Newsletter - May 2014

Editor's Overview - This month our authors explore two important areas of ERISA's fiduciary duties applicable to single employer and multiemployer plans. First, Neal Schelberg and Aaron Feuer comment on a growing trend...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

Seeing the Retirement Plan Dentist to avoid a Plan Root Canal

About a dozen or so year ago, there was a medical report that dental plaque could cause heart disease. The cynic in me tells me that this was some sort of dental conspiracy to increase revenue as fluoridated water and other...more

Another Way To Become Personally Liable To A Multiemployer Plan

I have blogged in the past about individuals and businesses that are not signatories to a collective bargaining agreement being found liable for withdrawal liability imposed by multiemployer pension plans (plans jointly...more

Advisors Advantage - January 2014

Things They Never Tell You as a Retirement Plan Provider. Stuff plan providers should avoid. I always say that whatever I learned as an ERISA attorney and the retirement plan business; I couldn't have learned...more

Improve Compliance Of Retirement And Group Health Plans In 2014

Retirement plan fiduciaries should consider the following best practices to improve their plan’s governance in 2014: (i) if fiduciary duties have been delegated, make certain that the delegations are in writing and are being...more

Supreme Court to Address Presumption of Prudence for ERISA “Stock Drop” Cases

The Supreme Court agreed on December 13, 2013 to review an issue critical to ERISA “stock drop” cases and important more generally for ERISA individual-account plans that invest in employer stock....more

Things They Never Tell You as a 401(k) Plan Sponsor

When my wife and I bought our house, there were quite a few things that the previous owner forgot to tell us such as the fact they never bothered to pull the pipes from the dental office run by a previous owner 20 years...more

End of Year Tips For Retirement Plan Sponsors

With the Holiday season about to start, we know that the end of the year will soon follow. While plan participants maybe more concerned about holiday shopping or the firm’s annual holiday party, it’s a great and necessary...more

10 Concepts That Every Retirement Plan Sponsor Should Know

Unless they are involved in the retirement plan industry a plan sponsor must delegate much of their duties to retirement plan providers that may include third party administrators (TPAs), financial advisors, and ERISA...more

The Sixth Circuit Reminds Claim Administrators Of The Dangers Of A Breach of Fiduciary Duty When Handling Plan Assets

The Employee Retirement Income Security Act of 1974 (“ERISA”), 29 U.S.C. § 1001, et seq., was passed with the goal of protecting plan assets so that those assets would be available for plan participants and beneficiaries. See...more

Austin 3(16) Fiduciary: Outsourcing Your Retirement Plan and its Liability at a Reasonable Fee

Running a business is a complicated activity. You have to be an expert in your field, service, or specialty. In order to get your work, there is a point where you will need to outsource some key employer functions such as...more

Employer’s Excuses Why They Don’t Look At Their Retirement Plan And Why They’re Wrong

As an ERISA attorney with a national practice of plan sponsor and retirement plan provider clients around the country (cheap plug here), I hear many excuses as to why plan sponsors don’t want to take a look at their...more

Why Retirement Plan Sponsors are Always on the Hook for Liability

Whoever said the road to hell is paved with good intentions might have been a retirement plan sponsor. While setting up a retirement plan is a good intention, a plan sponsor’s lack of diligence in reviewing what is going on...more

Ninth Circuit Rules on Breach of Fiduciary Duty Claim in Investment Options Case

In Tibble v. Edison Int’l, 10-cv-56406, 2013 WL 1174167 (9th Cir. Mar. 21, 2013), the Ninth Circuit Court of Appeals ruled that 401(k) plan fiduciaries breached their duty of prudence in selecting investment options for the...more

Retirement Plan Sponsors Have More to Fear Than Fear Itself

In his inaugural address in 1933 amidst the Depression, Franklin Delano Roosevelt said that the only thing we had to fear was “fear itself”. 1933 predates ERISA by 40+ years, so FDR clearly didn’t understand the dilemmas of...more

New Rules Coming into Effect Affect Retirement Plans Entering into Swaps

New rules affecting ERISA-covered retirement plans entering into swap transactions will come into effect in May 2013. These rules, known as the “Business Conduct Standards,” implement certain provisions of the Dodd-Frank...more

End of Year Tips for Retirement Plan Sponsors

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 towards next year. As a retirement plan sponsor, you...more

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