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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

Checklist for Strengthening Your Defenses to 401(k) Plan Class Actions

The last ten years have seen a proliferation of high-profile class actions alleging breach of ERISA fiduciary duties of prudence and loyalty against plan fiduciaries. The claims are usually based upon alleged excessive...more

The Rosenbaum Law Firm Review - June 2017

by Ary Rosenbaum on

Free Advice For 401(k) Plan Sponsors. Yes, it's free. They always say there is no such thing as a free lunch because most of the time, free has strings attached. Even when it comes to retirement plans, that free plan...more

Ascensus is becoming a big time player

by Ary Rosenbaum on

The first job I had was working as an ERISA attorney for a small law firm that was affiliated with a third party administrator (TPA) called CBIZ Retirement Services, Inc. Let’s just say that CBIZ wasn’t much of a moneymaker,...more

Calculating Maximum Participant Loan Amounts

Most of us have struggled with the obtuse calculations required to determine maximum participant loan amounts. Perhaps in the future robotic AI Human Resource managers will not have this problem, but until then we all seem to...more

Let Former Employees Roll Their Money Out

by Ary Rosenbaum on

One of the rules I live by is that I believe that you should never let someone who dislikes you be in a position where they can hurt you. Let’s just say that I worked for someone who should have taken that advice. That is why...more

The Rosenbaum Law Firm Review - May 2017

by Ary Rosenbaum on

Using Your Payroll Provider As Your 401(k) TPA Is A Big Mistake. It's an absolute mistake. Like beating a dead horse, I will again say that it is a bad idea for plan sponsors to hire their payroll provider as their...more

No Additional Delay on Effective Date of New Fiduciary Standards – DOL

This week, new U.S. Department of Labor Secretary Acosta announced that the final fiduciary regulations would go into effect on June 9, 2017. The Department also issued two pieces of guidance with regard to the regulations...more

Breach of Fiduciary Duty Case Against University Retirement Plan Fiduciaries Survives Motion to Dismiss

by Ballard Spahr LLP on

A plaintiffs' class action law firm in St. Louis made national headlines last August when it filed a series of breach of fiduciary duty lawsuits under ERISA, the federal employee benefits law, against the fiduciaries of...more

The Rosenbaum Law Firm Review - April 2017

by Ary Rosenbaum on

The Wrong Reasons For Hiring 401(k) Plan Providers - Some really bad reasons that plan sponsors use in hiring plan providers. Selecting a retirement plan provider can be a lot like dating in the sense that plan...more

Claims Against Investment Adviser in ERISA Fee Litigation Case Dismissed

A federal district court in North Carolina dismissed claims by BB&T Corp.’s 401(k) plan participants that Cardinal Investment Advisors, LLC, the plan’s outside investment advisor, breached its ERISA fiduciary duties by...more

Sixth Circuit Dismisses ERISA Stock Drop Action Against Cliffs Natural Resources

The Sixth Circuit affirmed the dismissal of ERISA stock drop claims by participants in the Cliffs Natural Resources’ 401(k) Plan. The participants alleged fiduciary breach claims based on public and non-public information...more

Data Breach Risks for 401(k) and Retirement Plans

by Jones Day on

There has been a recent spike in attacks on 401(k) and retirement plans by cyber criminals. Some have been reported publicly, and we are aware of several nonpublic incidents as well....more

ERISA Newsletter - First Quarter 2017

by Proskauer Rose LLP on

After a brief hiatus, Proskauer's ERISA Newsletter is back with a brand new look. We hope you like it and find it is easier to navigate. In addition to implementing our new format, we have moved to a quarterly publication...more

Embezzlement of 401(k) Deferrals by COO of Architecture Firm is (Doubly) Costly

On March 22, 2017, the U.S. Court of Appeals for the Second Circuit ruled against Christine Bodouva that her restoration of funds to her Company’s 401(k) Plan should be offset against the District Court’s order for forfeiture...more

Advisors Advantage - March 2017

by Ary Rosenbaum on

How You Can Stand Out From The Crowd As A Retirement Plan Advisor. It would be a detriment to focus only on this stuff. There are lots of financial advisors who claim they handle retirement plans, but there are...more

DOL Proposes 60-Day Delay of Fiduciary Rule in Response to White House Directive

by McDermott Will & Emery on

The future of the fiduciary rule—originally set to be implemented this upcoming April—remains uncertain after the White House directed the United States Department of Labor (DOL) to reevaluate, defer implementation and...more

401(k) Plan Design and its Effect on Employees’ Retirement Readiness

by Miles & Stockbridge P.C. on

Most American adults are concerned that they will not be able to retire or will outlive their retirement income. In fact, research shows that Americans are not saving enough for retirement. This retirement crisis is, in part,...more

Education is an important part of the fiduciary process

by Ary Rosenbaum on

Advisors ask me all the time of the role of education in participant directed 401(k) plans. Participant directed 401(k) plans that are governed under ERISA §404(c) offer the plan sponsors liability protection based on a...more

Dealing with New IRS Qualification Requirements for Pension, Profit Sharing and 401(k) Plans, Effective January 1, 2017

by GableGotwals on

The procedures for qualification of an employer sponsored individually designed pension, profit sharing or 401(k) plan for favorable tax deferred treatment under the Internal Revenue Code (“Code”) changed significantly...more

Advisors Advantage - February 2017

by Ary Rosenbaum on

Concepts That Retirement Plan Advisors Shouldn't Focus On. It would be a detriment to focus only on this stuff. Being a financial advisor isn't as easy as many people on the outside think. There are so many things you ...more

"Change in Administration Presents Opportunity to Revisit DOL Fiduciary Rule"

In 2016, regulatory developments introduced fundamental changes in the legal standards that govern the relationship of broker-dealers with their customers. Although the changes are not applicable until April 10, 2017, most in...more

Some TPA Humor

by Ary Rosenbaum on

I worked 9 years working as an ERISA attorney for a couple of third party administrators (TPA) and I always felt like I was a fireman because I put out a lot of compliance fires for our clients and sometimes, it was our...more

The ERISA Litigation Newsletter - January 2017

by Proskauer Rose LLP on

Editor’s Overview - In 2016, we saw a considerable uptick in the number and variety of excessive fee lawsuits commenced against plan fiduciaries of defined contribution plans. We begin the year by taking a look at these...more

Excessive Fee Litigation

Over the years, we have seen numerous class action lawsuits against plan fiduciaries, starting with claims relating to mega 401(k) plans and, more recently, claims against the fiduciaries of very large University-sponsored,...more

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