News & Analysis as of

Retirement Plan Fiduciary Duty Retirement Plan Providers

Faegre Drinker Biddle & Reath LLP

The New Fiduciary Rule (6): The Fiduciary Definition of Fiduciary

The US Department of Labor has released its package of proposed changes to the regulation defining fiduciary advice and to the exemptions for conflicts and compensation for investment advice to plans, participants (including...more

Fenwick & West LLP

Considerations When Establishing a New 401(k) Plan or Migrating to a New 401(k) Provider

Fenwick & West LLP on

Establishing a new 401(k) plan or migrating to a new 401(k) provider is a complex process involving multiple stakeholders. Companies should expect up to four months between the commencement of the process until finalization...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Fees need to be benchmarked

Competing plan providers hear it all the time from prospective clients all the time, about how their current provider would never overcharge them. Unless a plan sponsor benchmarks the fee they are being charged (which is...more

BakerHostetler

The Growing Threat to ESG Initiatives

BakerHostetler on

On Jan. 26, 2023, twenty-four states sued the Department of Labor to block a new rule allowing retirement plans to consider environmental, social, and governance concepts (known as ESG) when administering plan assets. The...more

Latham & Watkins LLP

DOL Final Rule on ESG Factors to Take Effect February 1, 2023

Latham & Watkins LLP on

The Final Rule clarifies the application of ERISA’s fiduciary duties of prudence and loyalty to the selection of plan investments that incorporate ESG goals. On November 22, 2022, the US Department of Labor (DOL) released a...more

Parker Poe Adams & Bernstein LLP

DOL Removes Certain Restrictions on ESG Considerations in ERISA Plan Investment Management

In November, the Department of Labor (DOL) issued a final rule (Final Rule) that will remove certain restrictions on environmental, social, and governance (ESG) considerations in plan investments. These restrictions were...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Advisors Advantage - November 2022

Unfiltered 401(k) Views On What Is Going On Now - For years, dating back to college and law school, I had an unfiltered view of things. I have strong opinions and the opinions are based on my experiences. The problem,...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The common thread about bad 401(k) plans

I always say one of the beauties of retirement plans is not one is alike. They are like snowflakes because every plan sponsor has a different retirement plan need based on the size of their business, profits, and demographics...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The Rosenbaum Law Firm Review - Volume 13 Issue 6, June 2022

Organization Ideas For 401(k) Plan Sponsors To Limit Liability Organization tools always pop up for sale after New Year’s because a lot of people want to try to keep their resolutions. My local Costco always trots out the...more

Morgan Lewis

The Interplay Between ESG Investing and ERISA’s Fiduciary Duties

Morgan Lewis on

Environmental, social, and governance (ESG) investing—especially the “E”—is an increasingly hot topic for investors, but it presents unique legal issues for retirement plan decision makers who have strict fiduciary duties to...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

That old law firm

I think if you’ve read my work, you know my animus towards the law firm I worked at as an associate. That stint there, made me realize that I was better off with my own practice because I could fail or succeed on my merits,...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Ricoh sued over 401(k) Plan

Former employees have sued Ricoh USA, alleging breaches of fiduciary duty under ERISA....more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Not all fiduciary issues are the same

As a plan sponsor, you hear the numbers like 3(16), 3(21), and 3(38) thrown around. The selling of fiduciary services is big. Business over the last 10 years as plan providers want to assume some or all of the liability for...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

EBSA hammers NY Courier for ERISA lawsuit

The Department of Labor (DOL) Employee Benefit security Administered has filed a lawsuit in Federal District Court for the Southern District of New York against Velo Corp. of America for breaches of fiduciary duty under...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Northwestern case won’t help bad ERISA litigators

In Hughes v Northwestern, a unanimous Supreme Court held that the Seventh Circuit erred by holding that a plaintiff can’t state a plausible claim against plan fiduciaries based on the inclusion of a few imprudent investment...more

Goodwin

ERISA Litigation Update - April 2022

Goodwin on

Welcome to Goodwin’s ERISA Litigation Update. Litigation involving ERISA-governed benefits plans has exploded in recent years. Lawyers in our award-winning ERISA Litigation practice have extensive experience litigating these...more

Williams Mullen

PODCAST: Williams Mullen's Benefits Companion - What Constitutes Plan Assets Under ERISA?

Williams Mullen on

On this episode of Williams Mullen's Benefits Companion, host Brydon DeWitt is joined by Zan Gormley, a partner in Williams Mullen’s Litigation Section, who discusses the law and guidance on what constitutes “assets of the...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The Rosenbaum Law Firm Review

The Problems With Free and Small Retirement Plans - There is no such thing as a free lunch. There is no such thing as free advice. The more years I spend in the retirement plan business; I know that there is no such thing...more

Shumaker, Loop & Kendrick, LLP

Plan Sponsors on Alert After Recent Supreme Court Decision

On January 24, 2022, the U.S. Supreme Court handed down an important decision affecting plan fiduciaries who select investment options available to participants in a self-directed employee retirement plan (such as a 401(k)...more

Patterson Belknap Webb & Tyler LLP

SCOTUS ERISA Fee Litigation Update: Hughes et al. v. Northwestern University

On January 24, 2022, in a rare, unanimous 8-0 decision (Justice Barrett recused herself from the case), the Supreme Court of the United States (the “Supreme Court”) vacated a Seventh Circuit affirmation of the dismissal of...more

Holland & Knight LLP

Supreme Court Stresses Importance of Ongoing Monitoring of All ERISA Plan Investment Options

Holland & Knight LLP on

In Hughes v. Northwestern University, current and former participants in Northwestern University's defined-contribution retirement plans filed litigation on behalf of the plans' participants asserting that the University, its...more

Dorsey & Whitney LLP

District Court Issues First Post-Northwestern University 401(k) “Fee” Decision

Dorsey & Whitney LLP on

Just this month, the Supreme Court issued its much anticipated decision in Northwestern University, the first time the Court has been called upon to examine a lawsuit alleging that a 401(k) plan’s investment and fees were...more

Dorsey & Whitney LLP

Supreme Court Give Plaintiffs a Narrow Win in 401(k) Fee Case

Dorsey & Whitney LLP on

Since the first round of cases were filed in 2006, plaintiffs’ counsel have raised hundreds of lawsuits challenging the prudence of fees and investments in 401(k) plans. One of the critical issues in those cases is what needs...more

Morgan Lewis - ML Benefits

DOL Seeks Input on Climate Change’s Impact on Retirement Security

The US Department of Labor (DOL) recently announced that it is seeking comment on the impact of climate change on retirement security and what actions, if any, the agency should take to protect retirement savings from such...more

Burns & Levinson LLP

ERISA Fiduciary Prudence Does Not Necessarily Reflect Modern Portfolio Management - ERISA Prudence And Hughes V. Northwestern...

Burns & Levinson LLP on

The U.S. Supreme Court recently heard arguments in Hughes v. Northwestern University, in which the Seventh Circuit Court of Appeals had rejected claims that the fiduciaries of two defined contribution retirement plans at...more

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