Retirement Plan Fiduciary Duty

News & Analysis as of

Universities: Growing Concern With Explosion of Retirement Plan Fee-Related Lawsuits

In a concerning development for universities and other institutions of higher learning nationwide, a growing number of schools, including Massachusetts Institute of Technology, New York University, Yale University, Johns...more

Multiple Universities Sued Over 403(b) Retirement Plan Investment Fees

In the last several days, a number of large private universities have been sued regarding the investment fees in their 403(b) retirement plans. The lawsuits claim that these universities breached their fiduciary duties under...more

Excessive Fee Litigation Hits 403(b) Plans: What Nonprofit Fiduciaries Need to Know

The recent well-publicized announcement of lawsuits against 403(b) plans of Duke, Yale, NYU, Vanderbilt, and other universities opens a new chapter in ERISA litigation over excessive plan fees. We have reported on this type...more

Under Attack: ERISA Class-Action Lawyers Target Colleges and Universities

Class-action lawyers have begun targeting retirement savings plans offered by a number of colleges and universities across the country. These lawsuits are founded in claims of ERISA breaches of fiduciary duty - alleging the...more

The New Front in Retirement Plan Litigation: Higher Education in the Crosshairs

Over the past week, lawsuits have been filed against seven prominent private universities in connection with their respective retirement plans. The suits allege breach of ERISA fiduciary duties to plan participants because...more

Higher ed braces for flood of lawsuits over retirement plans

Numerous colleges and universities sponsor retirement plans—both defined benefit (DB) and defined contribution (DC)—to provide retirement income security for their employees. But recently a number of higher education...more

ERISA Class Actions Filed Against Higher Education Institutions

Several ERISA breach of fiduciary duty class actions involving allegedly excessive retirement plan fees were filed this week against higher education institutions including colleges, universities, and medical schools. The...more

Universities Are Targets of Lawsuits over Retirement Plan Fees

Three lawsuits filed in early August suggest that plaintiffs’ law firms, representing employees of colleges and universities, are looking at higher education retirement plans as potential targets for lawsuits seeking millions...more

Case Note: Court Rules In Favor Of Fidelity And Holds That Float Income Is Not A Plan Asset

The First Circuit Court of Appeals has ruled that float income is not a plan asset and therefore is not subject to fiduciary and prohibited transaction provisions of ERISA. The decision was written by former Justice Souter...more

ERISA Litigation Newsletter - July 2016

Editor's Overview - This month we take a look at the plaintiffs' past successes in fee litigations, and the influx of such lawsuits seeking to impose heightened fiduciary standards for 401(k) plans. Regardless of the...more

Fidelity Prevails In ERISA Float Litigation

The First Circuit joined the Eighth Circuit in finding that Fidelity’s practice of earning overnight “float” interest on the cash paid out to 401(k) participants redeeming shares in mutual funds did not violate ERISA’s duty...more

DOL Fiduciary Rule-Making Overreach? Stay Tuned for the Judgment of the Courts

In April, the Department of Labor issued new regulations under ERISA related to individuals who offer investment advice to ERISA plans, their fiduciaries, or participants for a fee. The DOL now says that a fiduciary is...more

Private Investment Fund Managers and Other Investment Advisers May Be Affected by the U.S. Department of Labor’s New Fiduciary...

On April 6, 2016, the U.S. Department of Labor (DOL) issued its highly anticipated final rule addressing when a person is considered to be a fiduciary under the Employee Retirement Income Security Act of 1974 (ERISA) and the...more

ERISA Fiduciary Rules: Court Challenges and Considerations for Employers

Employers and their financial advisors should consider enacting a multi-step plan amid anticipation that the proposed ERISA Fiduciary Rules turn effective. Last month, several business groups filed a complaint in the...more

Update on Lawsuits Challenging the U.S. Department of Labor’s Fiduciary Rule

As we previously reported, there have been five lawsuits challenging the U.S. Department of Labor’s new fiduciary rule. On July 8, 2016, the U.S. Department of Labor (DOL) filed its first formal response to these...more

Big Fish and Service Provider Lawsuits

It seems like every week, there is another major lawsuit against a plan sponsor and one of their service providers. Allegations of impropriety are just allegations until decided by a trier of fact of whether they are...more

Financial Services Quarterly Report - Second Quarter 2016: Does the Supreme Court’s Dudenhoeffer Decision under ERISA do “More...

Earlier this year, the U.S. Supreme Court decided the case of Amgen v. Harris, in which the Court revisited and clarified its 2014 holding in Dudenhoeffer v. Fifth Third Bancorp.2 Both cases concern the application of a...more

Employee Benefits Innovators Roundtable: Fiduciary Update and the DOL Fiduciary Rule

The US Department of Labor’s new fiduciary rule is aimed at financial advisors, including brokers, who provide retirement plan services. However, the new rule will impact compliance obligations and potentially, costs for plan...more

Fact That Small 401(k) Lawsuit Was Dropped Is Irrelevant

While many of us in the retirement plan world were publicizing a class action lawsuit against a $9 million, apparently the plaintiffs had a change of heart. The case was Damberg et al v. LaMettry’s Collision Inc. and the...more

Pension Plan Governance Policies: Have You Reviewed Yours Lately?

When was the last time you thought about pension plan governance? Or reviewed your pension governance policies? It would be great if your answer is “recently”. However, if you’re like many organizations whose answer is “I...more

Advisors Advantage - July 2016

How Retirement Plan Providers Can Deal With The Fiduciary Rule Change. Adapt to this change. At its prime, Blockbuster Video had 9,000 stores and was actually bought by Viacom in 1994 for $8.4 billion. Then some...more

Industry and trade groups challenge the Department of Labor’s Fiduciary Rule

Earlier this month, eight industry and trade groups launched a broad challenge to the US Department of Labor’s (DOL) Fiduciary Rule (Rule) and related prohibited transaction exemptions that were released on April 6, 2016. ...more

The Rosenbaum Law Firm Review - July 2016

The Future Is Now For 401(k) Plan Sponsors. The future is here. When I was the head ERISA attorney at a New York based third party administrator (TPA), I left because I saw the future of the retirement plan...more

Maryland Enacts Mandatory Private-Sector Retirement Program That Impacts Most Maryland Employers

Maryland joins California, Connecticut, Illinois, and Oregon in leading state initiatives to set up state-sponsored retirement plans for employees. The Maryland Small Business Retirement Savings Program and Trust (“the...more

The Final DOL Fiduciary Rule—Considerations for Plan Sponsors

The final rule has implications for plan sponsors and may impact certain relationships with service providers. On April 6, after a long (and some might say tortured) process, the US Department of Labor (DOL) issued a...more

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