Lawyers Get More Than Plaintiffs in Excessive Fee Case
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Court and Legal Lawyers Get More Than Plaintiffs in Excessive Fee Case Summary: The court in Tussey v. ABB Inc. has awarded attorney fees roughly equal to the total damages assessed in the excessive fee case, but it won't come close to covering their costs. Source: Asppa.org Insperity 401k Plan Sued for Excessive Fees, Imprudent Investments Summary: Insperity Inc. has been sued by participants in an Insperity 401k plan sold to small- and midsized employers that alleged the company and its subsidiaries charged excessive recordkeeping fees and made other ERISA fiduciary breaches. Source: Pionline.com
403(b) Plans Saver's Tax Credit Can Boost 403(b) Plan Participation Summary: The IRS has said that providing meaningful opportunity to enroll or make changes must include year-round activity. This article focuses on providing the opportunity to lower-income employees -- a group that may believe that participation in the 403(b) plan is not affordable. Source: Ntsa-net.org
Fiduciary and Plan Governance Material What is a Conflicts of Interest Summary: Rich Lynch, President of fi360, writes here, "Even as the DOL's proposed 'Conflicts of Interest' Rule continues to dominate the attention of the financial services industry and its practitioners, it is clear to us that not everyone has a clear understanding of what, exactly, constitutes a conflict of interest." Source: Fi360.com Fiduciary Standards for ESG Funds Summary: Over the decades, Republican and Democrat administrations have engaged in periodic tightening and loosening of the rules governing the extent to which fiduciaries may take environmental, social and governance (ESG) factors into account in making investment decisions. This puts fiduciaries in a difficult position whenever the rules change, as they recently have again. Source: Planadviser.com
Insight: Studies, Research and White Papers Defined Contribution Plan Profile: A Close Look at 401k Plans Summary: This new 74-page study of 401k plans analyzes the prevalence of automatic enrollment, employer contributions, and participant loans in the plans, as well as trends in plan investment options and fees. Study is based on 2013 data. Source: Ici.org Mobile Transaction Capabilities Increasingly Available to Participants Summary: Mobile transaction capabilities from retirement plan providers have gained much traction over the last few years. Every retirement plan provider analyzed by Corporate Insight enables participants to adjust their contribution rates from at least one mobile platform. Source: Plansponsor.com Low-Cost Options Drive Down 401k Expenses Summary: Costs of 401k plans continue to fall, driven by increased use of low-cost options, according to a recent study. Total plan costs fell from 1.02 percent of assets in the average 401k plan in 2009 to 0.89 percent of assets in 2013. Source: Fa-mag.com
Items of Special Interest to Service Providers DC Plan Design Will Limit Proposed DOL Rule's Impact on Rollovers Summary: Cerulli study explores the Department of Labor's proposed Conflict of Interest Rule issued in April 2015 and possible implications it may have on future IRA rollovers. Source: 401khelpcenter.com SEC Exam Questions Dive Deeply Into Retirement-Account Advice Summary: Through its queries to financial advisers, the regulator is asserting its presence in an area normally associated with the Labor Department. Source: Investmentnews.com (registration may be required) Congressional Action on Proposed DOL Fiduciary Rule Postponed to 2016 Summary: As the DOL considers comments on its proposed changes to the definition of fiduciary under ERISA, an open question has been whether Congress would take action to delay or block the rule. Although several possible approaches were actively discussed, Congress ultimately did not pass any legislation in 2015. But these approaches remain open for 2016. Source: Morganlewis.com
Marketplace News Manning & Napier to Acquire Majority Interest in Rainier Investment Management Nomura to Purchase 41% Stake in American Century
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