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Benefit Plan Sponsors Fiduciary Duty

ERISA Newsletter - First Quarter 2018

by Proskauer Rose LLP on

Despite the change in seasons, there appears to be no change in the pace of complex and class action ERISA litigation. Investments in defined contribution plans—both 401(k) and 403(b) plans—continue to be the leading target...more

Retirement Plans: The Fiduciary Landscape and Best Practices to Avoid Liability for Plan Investments

by Steptoe & Johnson PLLC on

The landscape surrounding retirement plans maintained by institutions of higher education has been changing in recent years, although certain critical responsibilities that are imposed on plan sponsors have been in place...more

2018 resolution: conduct ERISA fiduciary training

by Thompson Coburn LLP on

Retirement plans are one of the most important benefits provided by employers to employees, second only, perhaps, to medical benefits. For many employees, retirement plan benefits represent a key element of their long-term...more

The Rosenbaum Law Firm Review - April 2018

by Ary Rosenbaum on

Plan Sponsors Need To Fix Their Plan Errors Now! You can't wait, fix it now! For most of us, when we don't feel well, we go to the doctor. We don't wait until things get worse, we take care of things because there...more

Don’t be cheap when it comes to your retirement plan

by Ary Rosenbaum on

As I have stated so many times, I don’t want to hire employees because I was an employee once too. That pretty much means that I never met an employee whoever thought they were overpaid. For that matter, I never met an...more

Issues Plan Sponsors and Fiduciaries Should Watch

by Winstead PC on

Once upon a time, our retirement plan worries were primarily generated by the U.S. Department of Labor (“DoL”) or the Internal Revenue Service and their regulatory and enforcement efforts. In more recent times we have seen...more

Third Circuit Deepens Circuit Split Over Test for “Top Hat” Status Under ERISA

A Third Circuit decision, Sikora v. UPMC, 876 F.3d 110 (3d Cir. 2017), deepens a circuit split over whether a participant’s bargaining power is relevant to determining whether a plan qualifies for “top hat” status under...more

Advisors Advantage - February 2018

by Ary Rosenbaum on

A Call For A New Standard For Financial Advisors. A higher standrad for today. Over the last 10 years, there has certainly been a revolution among 401(k) financial advisors about the need and concern of good fiduciary...more

ERISA Newsletter - Fourth Quarter 2017

by Proskauer Rose LLP on

Editor's Overview - For over two decades, federal law has required covered health plans and insurers to ensure that certain mental health benefits are in parity with offered medical/surgical benefits. The meaning of...more

The DOL’s Fiduciary Rule: An Update And Practical Advice

by Carlton Fields on

This updates our August 15 blog entry, which targeted employers who sponsor retirement or welfare plans and are concerned about their fiduciary liabilities for properly selecting service providers....more

Plan Sponsors Should Take Action during the New Fiduciary Rule Transition Relief Period

On November 29, the Department of Labor (DOL) announced an extension to July 1, 2019, of the previously established deadline for transition relief from many provisions of the new fiduciary rule applicable to investment...more

Department of Labor Finalizes 18-Month Extension for Simplified Compliance With the BIC Exemption Under the ERISA Fiduciary Advice...

On November 29, the US Department of Labor (DOL) finalized its 18-month extension of the transition period under the Best Interest Contract Exemption (the "BIC Exemption"). As described in Katten's earlier advisory,...more

Nordstrom is the latest large employer sued over their 401(k) plan

by Ary Rosenbaum on

The department store business model is selling items at high prices with the heavy end of season discounting. Now if only Nordstrom did the same with their nearly $3 billion 401(k) plan....more

Did Vantage Take Advantage?

by Ary Rosenbaum on

Well over a week ago, I got the startling news that the FBI closed down the office of Vantage Benefits, a Dallas based third-party administrator. I didn’t make any comment on it until it was properly reported that their...more

Advisors Need To Offer Education

by Ary Rosenbaum on

Advisors ask me all the time of the role of education in participant directed 401(k) plans and it’s an important question. Participant directed 401(k) plans that are governed under ERISA §404(c) offer the plan sponsors...more

Plan Fee Litigation: Protecting Fiduciaries

by Burns & Levinson LLP on

Targeting Educational Institutions - Since August, 2016, sixteen institutions of higher education with large retirement plans have become targets of federal lawsuits for breach of fiduciary duty under ERISA. To date, the...more

Plan Providers and Plan Sponsors Can Still Lose By Winning

by Ary Rosenbaum on

The news comes trickling in for 401(k) plan providers and plan sponsors beating back class action lawsuits. Many plan providers win their case as defendants because the plan participants fail to convince a judge that the...more

The Trouble With 401(k) Investment Policies

by SmithAmundsen LLC on

The most common area in which 401(k) plans are being scrutinized these days is in their selection and design of investment offerings. While participants often get to direct how their funds are invested, that direction is...more

The Final Rule: DOL Proposes to Extend Transition Period until July 1, 2019, and Issues Additional Non-Enforcement Policy for...

By a notice published in the Federal Register on August 31, 2017, the Department of Labor proposed to extend from January 1, 2018, until July 1, 2019, the date for compliance with the full conditions in its new “investment...more

If You’re A Plan Sponsor, A Scanner Can Be A Good Friend

by Ary Rosenbaum on

Being a plan sponsor is a tough job and the amount of paperwork that goes with it can be overwhelming. The paperwork includes plan documents, summary plan descriptions, amendment, valuations, trusts statements, and payroll....more

Can Financial Institutions Use In-House Funds for Their Own Retirement Plans?

by Burns & Levinson LLP on

Financial institutions that sell mutual funds to the public often maintain 401(k) and other retirement plans for their own employees. In these plans, many financial institutions make their own mutual funds available to...more

Back to School for ERISA Fiduciary Claims: How to Prepare for This Trend in University Litigation

In the past 10 years, there have been an increasing number of lawsuits asserting Employee Retirement Income Security Act of 1974 (ERISA) fiduciary claims. These have been accompanied by an increased focus by the Department of...more

Exhaustion of Plan Administrative Remedies: Important Considerations Following Hitchcock v. Cumberland

Recently, the Sixth Circuit ruled in Hitchcock v. Cumberland University 403(b) Plan that pension plan participants are not required to exhaust their plan’s administrative remedies before pursuing claims alleging statutory...more

Even if you’re doing your job as a plan sponsor, you still can get sued

by Ary Rosenbaum on

The fact is that sometimes, bad things happen to good people. That can be said about retirement plans and the good plan sponsors and providers who do their job. No matter how great a job you do, the threat of potential...more

Benefits Litigation Update – Summer 2017

by Epstein Becker & Green on

Welcome to the Summer edition of Benefits Litigation Update, brought to you by The ERISA Industry Committee (ERIC) and the law firm Epstein Becker & Green. With a new Administration and executive branch, we are already...more

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