Fiduciary Rules and Practices
Secretary of the Commonwealth William F. Galvin, Massachusetts’ chief securities regulator, has signed off on new regulations that would impose a uniform fiduciary conduct standard in that state.
A hearing on the proposed regulations, which were filed with Galvin’s Publications & Regulations...
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Cyber crime, and cyber security, obviously are a concern for plans. But that means more than making sure plan records and accounts are not targets and victims — it also includes other functions, structures and systems.
Experts at the recent SPARK Forum held in Palm Beach, FL offered insights...
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The upcoming NTSA Summit will be held Jan. 26-28, 2020 at the Gaylord Rockies in Denver, CO.
My primary responsibilities at AXA are to provide retirement products and services to the tax-exempt markets throughout the Northeast. I have 20+ years’ experience and over the years have witnessed the...
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The terms of an excessive fee settlement are not only the largest to date – once again, they’re about more than money.
The suit – brought by five employees of Massachusetts Institute of Technology (MIT) and participants in the MIT Supplemental 401(k) Plan – was filed back in August 2016 as one of...
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In what was described as “an excellent result and in Class members’ best interests,” the parties in an excessive fee suit involving both a 401(k) and 403(b) plan have come to terms.
The suit involved the 401(k) and 403(b) plans of Allina Health System, which have nearly $2.3 billion in assets and...
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A federal judge has approved a settlement of another of the 403(b) university excessive fee suits.
Chief Judge Waverly D. Crenshaw Jr. of the U.S. District Court for the Middle District of Tennessee has signed off (Cassell v. Vanderbilt, M.D. Tenn., No. 3:16-cv-02086, 10/22/19) on the $14.5...
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Morgan Stanley has fended off a participant suit that a federal judge described as “opportunistic Monday-morning quarterbacking on the part of lawyers.”
In Patterson v. Stanley (2019 BL 384508, S.D.N.Y., No. 1:16-cv-06568-RJS, 10/7/19), U.S. Circuit Judge Richard J. Sullivan, sitting by...
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Sen. Elizabeth Warren (D-MA) has put forward a comprehensive labor proposal that seeks to scale back the broad protections offered by ERISA preemption and resurrect the DOL’s fiduciary rule.
The presidential candidate released a 14-page proposal on Oct. 3, “Empowering American Workers and Raising...
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The New York Department of Financial Services (NYDFS) is seeking information regarding the way that 403(b)s are being marketed to teachers.
According to the Wall Street Journal (subscription required), NYDFS on Oct. 1 sent letters to “a dozen major insurers” requesting details regarding how they...
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Legislation approved recently by the U.S. House of Representatives would restrict the use of pre-dispute arbitration agreements – potentially including their use in workplace retirement plans.
Many retirement plans include provisions requiring employees and plan participants to arbitrate any...
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Eugene Scalia, President Trump’s nominee to head the Labor Department, was approved Sept. 24 by the Senate Health, Education, Labor and Pensions (HELP) Committee. The full Senate will now vote on his nomination, though a date has not yet been set.
Scalia was approved by the HELP Committee on a 12-...
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In MarketBeat, John Iekel discusses a recent blog entry that addresses whether employment agreements can limit an employer’s exposure to the risk of ERISA fiduciary breach claims.
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Nominated to serve as Secretary of Labor, Eugene Scalia addressed numerous questions Sept. 19 about his past record representing various employer interests, as well as whether he would recuse himself in the forthcoming revamp of the DOL’s conflict of interest rule.
Scalia's comments came during a...
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The excessive fee suit involving MIT has survived another round of summary judgment motions – and is headed to trial – but it will do so without testimony from Fidelity CEO Abby Johnson.
The plaintiffs in this case are five employees of Massachusetts Institute of Technology (MIT) and participants...
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In MarketBeat, John Iekel writes about a blog entry that argues that plan governance affects fulfilling fiduciary duties and offers suggestions regarding how to better go about it.
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The NTSA is now offering an exclusive series of podcasts — the NTSA Elite Advisor WOWcasts — recorded by NTSA Elite Advisors, sharing insights on ways to build, expand and enhance your practice.
NTSA Elite Advisors are the “best of the best” — excelling in advocacy, practice management and...
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A former recordkeeper employee has been sentenced to four years in prison for stealing funds from dormant participant accounts.
United States Attorney William M. McSwain has announced that Scott Capps, 48, of Coatesville, PA was sentenced to 48 months’ incarceration, three years’ supervised...
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Marketplace Issues
Loans are a particularly difficult issue in 403(b) plans. Under the final 403(b) regulations, the IRS imposed plan level requirements on loans. However, 403(b) plans funded with individual annuity contracts and custodial accounts also have contract-level requirements applicable...
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In MarketBeat, John Iekel discusses a recent article that looks at the DOL rules for controlling fees and what they require, as well as how to protect employees from excessive fees.
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When it comes to ERISA litigation, we often only get to hear one side of the story – the plaintiffs’. But one of the defendants in an excessive fee case is fighting back.
The plaintiffs in this case are five employees of the Massachusetts Institute of Technology (MIT) and participants in the MIT...
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