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Fiduciary Rules and Practices

While Hughes involves 403(b) plans, the issues in it are effectively identical to those in the 401(k) fee litigation that has plagued our industry for nearly two decades. On July 2, 2021, the Supreme Court agreed to review Seventh Circuit’s decision affirming dismissal of plaintiffs’ case for... READ MORE
MarketBeat concerns a recent webcast that outlined some key takeaways—and action steps—concerning the new guidance on cybersecurity the Department of Labor issued. READ MORE
On July 16 the IRS released Revenue Procedure (Rev. Proc.) 2021-30, and with it a series of updates that plan sponsors and those working to correct plan failures will find of interest, including two new benefit overpayment correction methods. The IRS noted that the two new overpayment correction... READ MORE
Tech Talk offers some suggestions regarding approaches that one can take in providing information to a participant. READ MORE
The nation’s highest court has agreed to hear a case that the law firm of Schlichter Bogard & Denton says is having a “chilling effect” on excessive fee litigation. The district court ruled in favor of the plan fiduciary defendants in March 2018, and the appellate court affirmed that decision... READ MORE
The study of history is a passion of mine, and while it seems a bit trite, the old adage that those who don’t remember the past are doomed to repeat it seems more apropos by the day. Regardless, I never cease to be touched by the experience of walking the grounds where famous individuals or great... READ MORE
The Treasury Department and the Securities and Exchange Commission offered a look at their regulatory priorities for the coming months on June 11, including proposals in the pre-rule and final stages.   For the Treasury Department, this semiannual regulatory to-do list was the first offered under... READ MORE
Tech Talk discusses some terms that the Department of Labor suggests including in a contract with a cybersecurity service provider. READ MORE
The Department of Labor’s (DOL) newly released Spring 2021 regulatory agenda confirms that a fiduciary rule rewrite is in the works and provides other key insight for the department’s regulatory plans for the coming months.   Fiduciary Rule Recast The 10-year saga of the fiduciary rule will... READ MORE
A new report from the Government Accountability Office (GAO) sheds new light on enforcement activities of the DOL’s Employee Benefits Security Administration.  The 56-page report, Enforcement Efforts to Protect Participants’ Rights in Employer-Sponsored Retirement and Health Benefit Plans, ... READ MORE
One of the most active ERISA litigation firms has now turned its attention to a mammoth 403(b) plan. The suit (Garnick v. Wake Forest Univ. Baptist Med. Ctr., M.D.N.C., No. 1:21-cv-00454, complaint 6/4/21) was filed in the in the U.S. District Court for the Middle District of North Carolina by... READ MORE
Last fall the nation’s highest court 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—and now the federal government has weighed in. Simply stated, “in the view of the United States,... READ MORE
Tech Talk discusses some best practices for reducing the risk of fraud and loss to retirement accounts.  READ MORE
Benchmarking investment fees is an important function. In fact, it’s more than that—it’s critical to fulfilling fiduciary duty. But “essential” does not translate to “easy,” and there are some common pitfalls in performing that function.  In the CAPTRUST blog entry “Understanding and Evaluating... READ MORE
Bipartisan legislation creating a national lost-and-found database to help plan participants keep track of their retirement accounts has been introduced once again, but the bill’s prospects may be different this year.  Sens. Elizabeth Warren (D-MA) and Steve Daines (R-MT) reintroduced the... READ MORE
In MarketBeat, John Iekel writes about the take of Kelsey Mayo, ASEA Director of Regulatory Policy and Partner at Poyner & Spruill LLP, on missing participants and what to do about them in her recent discussion of plan freezes and terminations. READ MORE
The fiduciary defendants in a 403(b) university excessive fee suit say the plaintiffs have not only failed to make their case—but that they’ve taken actions in their own account(s) that undermine their arguments. The suit (Latasha Davis et al. v. Washington University in St. Louis et al.) was... READ MORE
Editor’s Note: This is the first in a series about the guidance the Department of Labor’s Employee Benefits Security Administration (EBSA) issued on April 14 concerning cybersecurity.  The Department of Labor’s Employee Benefits Security Administration (EBSA) on April 14 issued comprehensive... READ MORE
Tech Talk addresses the conditions for the prohibited transaction exemption the Department of Labor released on  Dec. 18, 2020, “Improving Investment Advice for Workers & Retirees.”  READ MORE
New DOL guidance on fiduciary investment advice provides important insights on the agency’s perspective on the new rule, particularly as it relates to rollover advice—and a reminder that other changes may well lie ahead. The guidance, released April 13, relates to the department’s “Improving... READ MORE

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