Chart of 401k Fee Litigation - Update
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Court and Other Legal Issues Chart of 401k Fee Litigation - September 2016 Abstract: Nearly forty lawsuits have been commenced relating to 401k plan fees. These include lawsuits against the plan sponsors and 401k plan service providers. This is an updated chart of current litigation. Source: Groom.com Updated Chart of ERISA Issues Related to "In-House" Plan Use of Proprietary Products Abstract: Like other employers, financial institutions sponsor ERISA-covered retirement and welfare plans for their employees. Often, the "in-house" benefit plans of a financial institution invest plan assets in mutual funds or other investment products that are managed by the financial institution or an affiliate. The practice has spun a number of lawsuits. This chart identifies the lawsuits that have been filed to date, describes the claims that have been asserted in the lawsuits, and summarizes the substantive court rulings and the procedural status of the cases. Source: Groom.com DOL Comes Up Short in Battle Against Forum Selection Clauses Abstract: The DOL struck out once again in its ongoing effort to stop employers from forcing lawsuits over workers' benefits into the employer's preferred court. Source: Bna.com (registration may be required) Thrivent Financial Challenges DOL Fiduciary Rule Abstract: Thrivent Financial for Lutherans is accusing the DOL of exceeding its statutory authority by attempting, with its new fiduciary rule, to force all disputes into federal court rather than allowing for alternative dispute resolution methods. Source: Bna.com (registration may be required) Abstract: In Whitley v. BP, the US Court of Appeals for the Fifth Circuit held that retirement plan participants did not state a plausible stock drop claim under the pleading standards established by the US Supreme Court's Fifth Third Bancorp v. Dudenhoeffer decision. Source: Practicallaw.com »» Click here for more Court and Other Legal Issues
General Items The Language of Defined Contribution Abstract: Take a look at any education material targeted at DC participants and it is completely obvious that the language of defined contribution is math. And it's the most hated kind of math, the word problem we dreaded in high school. One can fight math anxiety with a supportive environment that builds up participants' confidence in their ability to make decisions. Source: Napa-net.org
403(b) Plans University 403(b) Plan Litigation Update Abstract: Until recently, the fiduciaries of 403(b) plans have generally not been the target of ERISA excessive fee litigation, which has principally focused on the corporate sponsors of 401(k) plans. That changed abruptly this August, when within a matter of days twelve class action lawsuits were filed in multiple U.S. district courts against private universities claiming they had breached ERISA fiduciary duties owed to participants in their retirement plans. Chart summarizes current university litigation. Source: Groom.com 403(b) Requirements Will Be Covered in IRS Webcast Abstract: Attendees will learn about hours of service; changes in employee status; student participation; and other 403(b) rules. Source: Planadviser.com »» Click here for More 403(b) Material
Insight: Studies, Research and White Papers Retirement Plans for Contingent Workers: Issues and Options Abstract: In the traditional employer-employee relationship, workers earn a salary or hourly wage and receive fringe benefits. Today, however, many workers have alternative work arrangements. In recent years, the rise of the so-called gig economy has brought contingent workers into the spotlight. Few of these workers receive health or retirement benefits. This 29-page paper explores the issues and options for helping contingent workers to save for retirement. Source: Brookings.edu 2016 PLANADVISER Recordkeeper Services Guide Abstract: Retirement plan advisers may often find themselves in the role of matchmaker: working with a defined contribution client to determine which investments and platforms or providers are the best fit. To be in a top position to guide the client, an adviser must keep abreast of the provider community, so as to stay current on what products and services are available to suit each client's needs. Source: Planadviser.com »» Click here for More Studies, Research and White Papers
DOL's Fiduciary Rule The Applicability of the DOL Conflicts of Interest Rule to Financial Advisors Abstract: The DOL's new Conflicts of Interest rule expands the scope of the definition of "fiduciary" to cover more classes of financial advisors and advisors should not delay in determining their fiduciary status and preparing a plan of action for compliance. This 7-page article addresses common questions related to the final rule and provides recommendations of actions for advisors to take prior to its applicability date. Source: Winstead.com DOL Fiduciary Rule: A To-Do List for Plan Sponsors Abstract: The authors provide a to-do list for service providers and sponsors of retirement plans and benefit arrangements that are affected by the DOL's recently published regulation expanding the circumstances in which individuals and entities will be deemed to provide fiduciary invest. advice. Source: Sutherland.com Abstract: The DOL's new fiduciary rules, set to take effect in April 2017, will alter the way that wholesalers work with retirement-specialist advisors. The new fiduciary rules will shift what advisors need from DCIOs and recordkeepers. Article also a list of the top 100 DC wholesalers for 2016. Source: Rackcdn.com »» Click here for More on the DOL's Fiduciary Rule
Compliance and Regulatory Does Brokerage Window Require Company Stock Offering Registration? Abstract: The SEC recently weighed in on whether offering a brokerage window in a 401k through which investments in employer securities can be made involves an offer of employer securities requiring Securities Act registration. Source: Planadviser.com DOL Files Complaint to Recover More Than $29K in Losses to 401k Abstract: The DOL found that the company retained approximately $29,058 of contributions in the company's corporate bank account and used them for general operating expenses, in violation of ERISA. Source: Dol.gov Designated Roth Contributions -- Dispelling the Confusion Abstract: Designated Roth Contributions (DRCs) have been a permissible retirement plan feature since 2006; however, there is still confusion in the retirement plan community regarding DRCs. The author tests your knowledge and dispels the mist. Source: Ntsa-net.org »» Click here for More Compliance and Regulatory Material
Marketplace News AXA Launches New CITs to Broaden DC Plan Offering IRI Announces New Training to Navigate DOL Fiduciary Rule Compliance Mercer Introduces "Holistic" Retirement Savings Solution Russell and Envestnet Develop New QDIA for DC Plan Participants Cafaro Greenleaf Fills Managing Director of Operations Position T. Rowe Price Unveils New Automated Sales Tool for Plan Advisors Todd Berghuis Joins Integrated Retirement's ERISA Team
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