News & Analysis as of

Retirement Plan Fiduciary Duty Fees

Some FAQ News Under ERISA - The DOL Issues Two More Sets of "Investment Advice" Q&As

by Dechert LLP on

The U.S. Department of Labor (the “DOL”) released two additional sets of FAQs on January 13, 2017 regarding the new “investment advice” regulation and related exemptions (the “Rule”) under the fiduciary provisions of the...more

ERISA Fiduciary Issues for Plan Sponsors: What Do 401(k) Plan Fiduciaries Need to Know About Revenue Sharing?

by K&L Gates LLP on

Retirement plan revenue sharing has a bad reputation. Numerous lawsuits have been filed during the past year against employers that sponsor 401(k) plans alleging breach of fiduciary duty under the Employee Retirement Income...more

Top US Universities Hit with Retirement Plan Lawsuits: Lessons for Plan Sponsors

by McDermott Will & Emery on

The recent wave of 403(b) lawsuits against more than a dozen prominent US universities could herald similar suits for other 403(b) plan sponsors. Plan sponsors can minimize their risk by reviewing their plan governance...more

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

by Franczek Radelet P.C. on

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

ERISA Class Actions Filed Against Higher Education Institutions

by Ballard Spahr LLP on

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

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

by Proskauer Rose LLP on

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

US Department of Labor’s Fiduciary Rule Introduces a Brave New World

by Latham & Watkins LLP on

Final rule reflects some concessions, but its broad scope and compliance costs will cause financial services advisers to re-evaluate their business models. On April 6, 2016, the US Department of Labor (the DOL) released...more

Lies That Prospective Retirement Plan Providers May Tell You

by Ary Rosenbaum on

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

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

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

by Ary Rosenbaum on

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

Best Practices in Periodic Reviews of Participant Directed Retirement Plans

by Butler Snow LLP on

Among the duties of a retirement plan fiduciary is the duty to monitor the administration of the plan and to assure that policies and procedures are in place to minimize the risk of errors and deficiencies. While monitoring...more

Another 10 Major Misconceptions Plan Sponsors Have About Their Retirement Plans

by Ary Rosenbaum on

Throughout history, there have been misconceptions that people believe in (even until this day) despite the evidence to the contrary. Mrs. O’Leary’s cow didn’t start the Great Chicago Fire of 1871 and Benito Mussolini didn’t...more

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