Fiduciary Law Is Trust Law
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Fiduciary and Plan Governance Material Abstract: The author suggests that there is plenty of evidence that ERISA and the DOLs most recent fiduciary clarification are modeled after trust law. Indeed, with respect to the fiduciary standard of care, trust law can go to a place where contract law cannot. Perhaps the two can be differentiated by one fundamental distinction: behavior vs outcome. Source: 401khelpcenter.com Abstract: This article provides an overview of the importance of developing proper plan governance procedures under ERISA as well as key steps to implementing those procedures. Source: Truckerhuss.com Structuring a Plan Committee: Who Should Participate? Abstract: There are no specific legal requirements regarding the number of members or who should or should not sit on a retirement plan committee. However, there are common practices plan sponsors might keep in mind that can serve as guidelines for establishing this body. Source: Plansponsor.com Charting a Course for Your Plan Design and Administration by Reflecting on Industry Standards Abstract: For plan sponsors, benchmarking plans is more relevant than ever, between avoiding lawsuits, attaining and retaining employees and contending with budgetary and investment pressures. Comparing plans, or benchmarking, usually falls into one of three categories reviewed here. Source: Plansponsor.com »» Click here for more Fiduciary and Plan Governance Material Insight: Studies, Research, and White Papers Courage, not Literacy, Key to Financial Wellness Abstract: Helping employees become more confident about engaging in financial matters -- improving their financial courage -- is more critical than employers providing benefits that focus solely on financial education, a survey from Mercer suggests. Source: Plansponsor.com Five Retirement Plan Trends in 2017 Abstract: There is never a dull moment in the retirement plan marketplace, and the new year promises for more innovation, updates, and change. Here are five retirement plan topics you can count on to create a buzz in 2017. Source: Bcigroup.com Abstract: Fifty-seven percent of defined contribution plan sponsors and 61 percent of group registered retirement savings plan sponsors say they provide their members with access to professional financial advice, according to the 2016 Capital Accumulation Plan Benchmark Report. Source: Greatwestlife.com Fewer Canadians Contributing to RRSPs Abstract: Between 2000 and 2013, fewer and fewer 25- to 54-year-olds used registered retirement savings plans, a study from Statistics Canada has found. The number of individuals using the savings vehicle dropped by 16 percent to 4.2 million, and the total value of annual contributions fell by 26 percent to $22.5 billion. Source: Benefitscanada.com »» Click here for More Studies, Research, and White Papers Court and Other Legal Issues Fiduciary Liability Claim Trends Abstract: Retirement plans are increasingly in the crosshairs for plaintiffs' lawyers. Allegations of breach of fiduciary duty based on payment of higher-than-reasonable fees to ERISA plan service providers are becoming more common. In the past 18 months, at least 38 ERISA class actions have been filed. Source: Lockton.com T. Rowe Price Accused of Self-Dealing With 401k Plan Abstract: T. Rowe Price Group Inc. is accused of profiting at the expense of its employees' retirement savings by offering, almost exclusively, in-house mutual funds in the company's $1.7 billion 401k plan. Source: Bna.com (registration may be required) Allergan Stock Losses Spawn ERISA Class Action Abstract: Allergan's connection to an alleged price-fixing scheme among generic drug makers spawned a proposed class action Feb. 14, with an Allergan employee claiming he lost retirement savings by investing in the company's stock. Source: Bna.com (registration may be required) »» Click here for more Court and Other Legal Issues Legislative and Washington DC Private Sector MEPs Return in House Bill Abstract: U.S. Rep. Vern Buchanan has introduced bipartisan legislation to make it easier for small businesses to offer retirement benefits to employees. Source: Napa-net.org »» Click here for more on Legislative Actions State-Based Retirement Programs Congress Poised to Halt State-Mandated Small Business Retirement Plans Abstract: Large employers are backing two Congressional resolutions that would put a stop to burgeoning state and city-mandated workplace retirement savings programs meant to cover the 55 million American workers without a private sector plan. The vote could come next week and is causing alarm among retirement security watchdogs and the states that are rolling out plans. Source: Forbes.com Congress' Resolution on State-Run Plans Is Another Step Toward Open MEPs Abstract: A large proportion of private sector workers don't have access to a workplace-based retirement savings program, and that means that few of them save for retirement. And if state-run programs are not to be part of the answer to the retirement coverage gap, that will likely increase the focus on the most viable alternative: open multiple employer plans (MEPs). Source: Russellinvestments.com Compliance and Regulatory Puerto Rico Retirement Plan Qualification Requirements and Trusts Modified Abstract: The Puerto Rico Governor signed into law Act No. 9-2017. The Act is intended to amend certain provisions that govern the treatment of retirement benefit plans to halt the exodus from Puerto Rico of professionals, protect their economic future, and attract productive human talent to Puerto Rico. Source: Mcvpr.com Common 401k Plan Administration Data Quality Errors Abstract: A list that includes some of the most common tactical 401k data quality errors found during plan conversions. Source: Forusall.com »» Click here for more Compliance and Regulatory Material Marketplace News Trust Builders Introduces New Fiduciary-Focused Features PenChecks Names New VP of Institutional Sales OneAmerica Names New President of Retirement Services Sheri Fitts Joins Sheridan Road Financial as Chief Marketing Officer »» Click here for More Marketplace News
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