Fiduciary Rules and Practices
Release of the Department of Labor’s final rule addressing environmental, social and governance (ESG) factors in selecting plan investments appears to be imminent.
Following a 30-day comment window that ended July 30 and more than 8,000 comment letters, the DOL on Oct. 14 submitted a final rule,...
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In MarketBeat, Nevin E. Adams, J.D. discusses what a plan fiduciary is to do in a year in which we’ve seen a spate of litigation against retirement programs.
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In response to the Department of Labor’s proposed rule addressing fiduciary duties concerning proxy voting, the Plan Sponsor Council of America says that its “primary concern” is that it is “not needed.”
“Existing guidance regarding fiduciaries’ duties relating to securities held in portfolios of...
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The nation’s highest court has sought the federal government’s input on a case that the law firm of Schlichter Bogard & Denton says is having a “chilling effect” on excessive fee litigation.
Specifically, the U.S. Supreme Court has “invited” the Acting Solicitor General to “file a brief in...
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In MarketBeat, John Iekel writes about a blog entry that discusses what active management means and entails amidst COVID-19 and also looks at five common misconceptions the authors argue have resulted in passive investments becoming more prevalent in DC plans.
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After “hard-fought litigation and months of arm’s length negotiations,” the settlement terms of an excessive fee suit that had resolved most issues in favor of the fiduciary defendants have come to light.
The Cornell University defendants had successfully fended off most of the claims a year ago...
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With a rare jury trial looming, a university has settled claims in an excessive fee suit with plaintiffs represented by Schlichter Bogard & Denton.
This time the settlement (Cunningham v. Cornell Univ., S.D.N.Y., No. 1:16-cv-06525, electronic minute entry 9/1/20) involves the fiduciaries of...
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415 Notice: This requirement is not new but became the responsibility of the employer (or the TPA) beginning in 2009. This is a required notice describing the effect on an employee if they also “control” another business and have a retirement plan for that business in addition to participating in...
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The Department of Labor (DOL) heard from an array of witnesses on its proposed fiduciary advice rulemaking package—ranging from calls to withdraw the proposal altogether, to making significant changes before proceeding.
The DOL’s Sept. 3 hearing focused on its proposed advice package, “...
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The Department of Labor (DOL) proposed a proxy voting rule Aug. 31 that says fiduciaries should “refrain from spending workers’ retirement savings to research and vote on matters that are not expected to have an economic impact on the plan.”
The proposed regulation—issued with a goal of...
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NTSA is always providing information and insights that will be valuable to its members! Following is information about NTSA webcasts.
Recorded Webcasts
NTSA webcasts are recorded! Following are NTSA webcasts that are available.
Race and Equality in School District
Available Until...
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Provide a written statement to your clients.
These should include:
the benefits of a systematic rebalancing policy;
our strategic rebalancing policy;
how frequently you rebalance their portfolios; and
your approach to strategic rebalancing policy during periods of market volatility....
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Late on the afternoon of Aug. 21, the Employee Benefits Security Administration (EBSA) announced that it will hold a public hearing on its new fiduciary rule proposal.
Specifically, the notice, which is expected to be published in the Aug. 25 Federal Register, is being held “to consider issues...
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If you thought the battles over fiduciary rulemaking were over, think again. Top Democrats from the House and Senate committees that oversee ERISA-based issues are calling on the Department of Labor to withdraw its investment advice package and start over.
In an Aug. 6 letter to Labor...
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Under the final rule on electronic disclosures the Department of Labor (DOL) issued in May 2020, the same ERISA fiduciary obligations that apply when changing recordkeepers responsible for furnishing paper disclosures will apply when changing recordkeepers responsible for furnishing electronic...
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Fiduciary status is based on your responsibilities with the plan, not your title. If you have discretion in administering and managing the plan, or if you control the plan’s assets (such as choosing the investment options or choosing the firm that chooses those options), you are a fiduciary to the...
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The terms of a 403(b) excessive fee suit have come to light—and it includes some “therapeutic or structural relief.”
The proposed settlement (it must still be approved by the court) has been struck between the fiduciaries of the Princeton University based on a suit filed nearly three years ago...
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The Securities and Exchange Commission (SEC) on July 28 announced that it has reached a settlement with VALIC Financial Advisors (VFA) over failing to disclose payments to promote services to Florida educators.
The SEC charged VFA, a financial services vendor in nearly every school district in...
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For the very most part, you can’t offload or outsource your ERISA fiduciary responsibility.
ERISA has a couple of very specific exceptions through which you can limit—but not eliminate—your fiduciary obligations. One has to do with the specific decisions made by a qualified investment manager—...
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Considering the Department of Labor’s proposed prohibited transaction class exemption for investment advice fiduciaries, Sen. Patty Murray (D-WA) indicated at the 2020 NAPA D.C. Fly-In Forum July 21 that it may be time for a legislative rewrite.
In response to a question about whether she...
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