News & Analysis as of

Retirement Funds

Ary Rosenbaum

Watch that you don’t get overpaid

by Ary Rosenbaum on

I don’t believe in coincidence and when something happens twice, it’s a cause for concern. Within the past couple of months, I’ve had to deal with third party administrators (TPAs) paying ERISA §3(38) fiduciaries in excess of...more

Ary Rosenbaum

MFS is latest proprietary fund settlement

by Ary Rosenbaum on

Massachusetts Financial Services Co. (MFS) has reached a settlement of nearly $7 million in a lawsuit alleging that the company enriched itself at the expense of its employees’ retirement savings by loading its 401(k) plans...more

Hardin Compliance Consulting LLC

What Your Next Deficiency Letter is Going to Say: SEC Tells Advisers What Fiduciary Duty Means

With all the buzz about the passage of Regulation Best Interest (“Reg BI”), the “Commission Interpretation Regarding Standard of Conduct for Investment Advisers” (the “Interpretation”) has received much less attention. Yet...more

Stinson - Corporate & Securities Law Blog

Revlon Lives – Chester County Employees’ Retirement Fund v. KCG Holdings, Inc.

In Chester County Employees’ Retirement Fund v. KCG Holdings, Inc. et al the Delaware Court of Chancery considered the interplay between the Corwin and Revlon doctrines. In July 2017, Virtu Financial, Inc. (“Virtu”) acquired...more

Ary Rosenbaum

Average Deferral Rates at a Ten-Year High

by Ary Rosenbaum on

T. Rowe Price has released its annual participant data benchmarking report, which shows mixed results for participants in 2018....more

Dechert LLP

How Secure Is a Securitization’s "Debt" Classification for ERISA Purposes? Pending Sub-Prime Lawsuit Asks Court to Look Through...

by Dechert LLP on

The case is particularly noteworthy in that it marks the first time of which we are aware that a judicial decision (even an interlocutory one) has expressly raised the issue of whether the sponsors’ debt characterization of...more

Ary Rosenbaum

Don’t let time take you out

by Ary Rosenbaum on

Rocky Balboa explained to Adonis in the movie Creed, that he beat Apollo Creed for the heavyweight title because of time. Rocky said: “Time takes everybody out; time’s undefeated.” What does that mean? That means time will...more

Robins Kaplan LLP

Your Daily Dose of Financial News

by Robins Kaplan LLP on

OxyContin maker Purdue Pharm is prepping for a possible bankruptcy filing “as it seeks to contain liability from hundreds of lawsuits alleging it fueled the nation’s opioid epidemic.” Officially, the company went on the...more

Skadden, Arps, Slate, Meagher & Flom LLP

UK Employment Flash - January 2019

We are pleased to announce the launch of our UK Employment Flash, covering the latest employment law developments, news and insights from the U.K. Our inaugural issue includes commentary on the U.K. government's proposed...more

Littler

Littler Global Guide - Portugal - Q4 2018

by Littler on

New Rules on the Retirement Fund Certificates - New Legislation Enacted - By Decree-Law no. 82/2018 of October 16, 2018, and effective November 1, 2018, employers may contribute to employees’ Retirement Fund...more

Ulmer & Berne LLP

Ohio Supreme Court Clarifies the Definition of “Participating in or Aiding” Securities Fraud

by Ulmer & Berne LLP on

In a recent landmark decision, the Ohio Supreme Court declared that R.C. 1707.43 does not impose joint and several liability on a custodian of a self-directed individual retirement account (IRA) that purchased illegal...more

Ary Rosenbaum

Review that ERISA bond, because it might not be one

by Ary Rosenbaum on

All ERISA plans need an ERISA bond that protects the plan from thefts of plan assets by plan fiduciaries. ERISA requires that every fiduciary of an employee benefit plan and every person who handles plan assets be bonded. ...more

Ary Rosenbaum

That possible RMD issue and what it means to you

by Ary Rosenbaum on

While President Trump signed an Executive Order that directs the Department of Labor to promulgate regulations to make it easier for companies to join multiple employer plans, he also directed the Internal revenue Service to...more

Ary Rosenbaum

Is University 403(b) plans the Dien Ben Phu of ERISA litigation?

by Ary Rosenbaum on

Casino is an underrated movie and it had a great line on the poster that said: “no one stays on top forever.” It’s a great tagline and I find it to be true. Just look at the New York Yankees between 1965 and 1976. Dien Ben...more

Jones Day

Pennsylvania's Imminent Report on Investment Fees: What's Coming Next?

by Jones Day on

The schedule for review of the investment strategies of the Public Employees' Retirement System and School Employees' Retirement System just became accelerated. At its hearing on July 30, 2018, Pennsylvania's...more

Cohen Seglias Pallas Greenhall & Furman PC

[Event] Are You Ready for the Next Recession? How to Prepare for a Potential Downturn - September 25, 2018 - Mendenhall, PA

Please join Wayne Buckwalter and Michael Toner of Janney for a complimentary dinner and learn ways to protect your assets and not outlive your retirement income. Stocks fell over 50% during the last recession.* What...more

Jones Day

PSERS Takes Action to Reduce Fees Paid to External Investment Managers

by Jones Day on

This development represents just one aspect of the ongoing debate over active versus passive asset management. Earlier this month, Pennsylvania's largest public pension fund, the Public School Employees' Retirement System...more

Holland & Knight LLP

Ninth Circuit: Individual Employment Provision Cannot Compel Arbitration of 409(a) Claim - Ruling Leaves Open Whether Contracts or...

by Holland & Knight LLP on

• The U.S. Court of Appeals for the Ninth Circuit's recent decision in Munro v. University of Southern California concluded that an arbitration provision in individual employment contracts could not be used to compel...more

Ary Rosenbaum

Matrix sued over Vantage Benefits

by Ary Rosenbaum on

If you’ve learned anything from me, just realize that anyone can be sued for anything. All you need to be sued is the purchase of a court index number and the filing and serving of a complaint....more

Bradley Arant Boult Cummings LLP

The End of the DOL’s Fiduciary Rule - Employee Benefits Alert

On June 21, 2018, the Fifth Circuit Court of Appeals issued a mandate vacating the controversial fiduciary rule issued by the U.S. Department of Labor (DOL) in 2016. The mandate follows the court’s opinion issued on March 15,...more

Alston & Bird

IRS Ruling on IRAs Raises Numerous Unclaimed Property Issues for Holders, Owners, and States Alike

by Alston & Bird on

Many states have begun to treat IRAs as unclaimed property even before the owner can take a tax-free distribution. But now the IRS has ruled that escheatment is equivalent to a distribution and subject to federal income tax...more

Eversheds Sutherland (US) LLP

Escheated funds from IRAs subject to federal tax reporting and withholding 

The payment of a traditional individual retirement account or annuity (IRA) over to a state unclaimed property fund will now be subject to federal tax withholding and reporting, according to Rev. Rul. 2018-17 released by the...more

Dechert LLP

Fifth Circuit Opinion Vacates DOL Fiduciary Rule

by Dechert LLP on

The U.S. Court of Appeals for the Fifth Circuit on March 15, 2018 issued an opinion (Opinion) vacating the Department of Labor (DOL) fiduciary rule and related applicable exemptions. The DOL had promulgated the rule and...more

Hardin Compliance Consulting LLC

Securities Regulatory Update Summary - April 2018

Is the Fiduciary Rule Dead? The Department of Labor announced that it will not be enforcing the Fiduciary Rule “pending further review,” after the Fifth Circuit Court of Appeals vacated the Fiduciary Rule and all related...more

Dechert LLP

Financial Services Quarterly Report - First Quarter 2018: Hong Kong SFC Publishes Consultation Proposals on Public Fund...

by Dechert LLP on

Following an initial “soft” consultation with industry participants and relevant stakeholders, the Securities and Futures Commission (SFC) launched a three-month consultation on proposed amendments to the Code on Unit Trusts...more

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Updated: May 25, 2018:

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Privacy Officer
JD Supra, LLC
10 Liberty Ship Way, Suite 300
Sausalito, California 94965

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Privacy Officer
JD Supra, LLC
10 Liberty Ship Way, Suite 300
Sausalito, California 94965

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