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
Nationwide Life Insurance Co. has agreed to settle ERISA fiduciary breach claims brought on behalf of a class of retirement plan trustees that purchased annuity contracts and/or services from Nationwide for their plans....more
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
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
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
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
As a retirement plan provider, tools like Brightscope, fi360, Fiduciary Benchmarks, and FRA Plan Tools among others, are great resources to prospect prospective clients....more
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
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
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
A recent U.S. Supreme Court decision affects fiduciaries of retirement plans that have investments in employer stock. In the decision, the Supreme Court held that a retirement plan fiduciary is not entitled to a presumption...more
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
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
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 Department of Labor (DOL) just announced that they were delaying the implementation of a new fiduciary rule for retirement plans and individual retirement accounts. They claim it will be released in 2015. How many years...more
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
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
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
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.
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
The Eighth Circuit Court of Appeals recently upheld a $13.4 million dollar judgment against retirement plan fiduciaries for their failure to monitor excessive recordkeeping fees in Tussey v. ABB, Inc.
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
A family member once said: “there are a lot of yous (sic) and only one me.” That may not be the nicest and most selfless thing to say, but that’s something retirement plan sponsors should think when it comes to the needs of...more
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
On March 19, 2014, a three judge panel of the United States Court of Appeals for the Eighth Circuit issued its decision in Tussey v. ABB, Inc., No. 12-2056 (8th Cir. Mar. 19, 2014). The case came to the Eighth Circuit on an...more
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