Fiduciary Rules and Practices
Another excessive fee suit has been tossed by a federal judge for failing to “assert sufficient allegations to support their claim…”
This time the defendants are the fiduciaries of Cincinnati-based TriHealth, Inc.’s retirement plan—a relatively small plan ($457 million)—and the suit filed on...
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The Department of Labor has just released a new proposal that would set aside the previous administration’s final rules on the use of ESG factors in selecting plan investments and fiduciary duties regarding proxy voting for one that explicitly allows a consideration of those factors.
The Oct. 13...
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A recent survey of insurers highlights the criteria that a number of the nation’s leading fiduciary liability insurers identified as the biggest sources of fiduciary risk, writes Nevin E. Adams, JD, in MarketBeat. However, the report’s authors note that it was specifically focused on sources of...
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A plan administrator can be required to produce a recording or a transcript of a conversation between a claimant and plan representative, the Department of Labor has indicated in a recent Information Letter.
In the letter, Eric Berger, Acting Chief of the Division of Coverage, Reporting and...
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A federal judge has put a half dozen excessive fee suits on hold pending a decision by the U.S. Supreme Court in a case that ”will likely clarify the pleading requirements for ERISA breach of fiduciary claims in cases such as this…”
That was the determination of Judge William C. Griesbach...
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An ounce of prevention is worth a pound of cure, it is said. In MarketBeat, John Iekel writes about a blog entry that argues that even a diligent process for selecting a plan administrator and for monitoring the administrator and investments will not prevent being sued for excessive fees—far more...
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A recent survey of some of the nation’s leading insurers highlights ways that plan fiduciaries can limit liability—and insurance premiums. Nevin Adams and Fred Reish consider the options in a new podcast episode.
While many factors can come into play in triggering—or forestalling—retirement plan...
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Noting that “converting subpar allegations into settlements has proven a lucrative endeavor—mostly for the lawyers bringing these lawsuits,” the U.S. Chamber of Commerce has weighed in on the surge in retirement plan fee litigation.
That was just one of the ways the Chamber (and its legal counsel...
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Another multibillion-dollar plan—this one a faith-based, not-for-profit health care organization and clinical care network—finds itself in the crosshairs of a Capozzi Adler lawsuit.
Plaintiffs Lawanda Holmes, Ani M. Miller and Brittany E. Roxbury (“by and through their attorneys”) filed suit...
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The Department of Labor reportedly is engaging in a letter-writing campaign urging retirement plan fiduciaries to recoup amounts held by former recordkeepers or paying agents that may have been overlooked during the transition of a service provider relationship.
According to an Aug. 13 blog post...
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The plaintiffs in a 403(b) excessive fee suit have persuaded a federal appellate court that (some of) their claims warrant a further consideration.
One of the first of the 403(b) university excessive fee suits, the plaintiffs brought this suit against NYU in its capacity as the fiduciary of...
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It goes without saying that fiduciary duties must be fulfilled. In MarketBeat, John Iekel writes about an industry expert’s warnings that there are fiduciary duties often are overlooked.
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One of the many consequences of the global pandemic is that there is a spotlight shining on the importance of virtual security. And that includes sharing personal protected information (PPI), argues a CPA firm.
In the pre-COVID world, says Cassell Plan Audits in its blog, many companies had...
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The risks entailed in fiduciary duty gave rise to fiduciary insurance. But what affects the premiums charged for that insurance? A recent report gives an inside look at what fiduciary insurers think about that.
In “What Drives Fiduciary Liability?” Aon reports on what 12 fiduciary insurance...
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The IRS has updated the information it provides concerning the universal availability requirement for 403(b) plans. The information is contained on the IRS website, with hyperlinks to additional resources.
The Rule
Regarding elective deferrals, a 403(b) plan must meet the requirements of...
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Tech Talk addresses some steps and approaches that can be taken toward and with vendors in order to improve cybersecurity.
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Plan committees serve an important role, helping plan sponsors provide benefits, as well as protecting the plan and plan sponsor. In MarketBeat, John Iekel discusses a recent blog entry that offers tips on how a plan committee can best perform its duties.
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A university which prevailed on some claims in an excessive fee suit and settled others, only to have the plaintiffs try to resurrect the dismissed claims—now has some trade group support for its motion to dismiss these claims… again.
The suit—one of the first of the genre of 403(b) university...
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The Department of Labor (DOL) wants everyone to be attentive to cybersecurity protocols as a fiduciary responsibility, but there’s a higher expectation for those “running the systems.”
Tim Hauser, Deputy Assistant Secretary for National Office Operations at the DOL’s Employee Benefits Security...
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Speaking July 27 at the 2021 NAPA D.C. Fly-In Forum, the Acting Assistant Secretary for the DOL’s Employee Benefits Security Administration outlined the key areas the department is working on, including both cryptocurrency and cybersecurity issues.
While noting that he didn’t have much to share...
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