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Fiduciary Governance
An excessive fee suit targeting a $5.9 billion 401(k) plan has been dismissed — with prejudice.
Fending off this particular lawsuit was Kroger and the fiduciaries of the Kroger 401(k) Retirement Savings Account Plan — the suit brought by participant Lisa A. Sigetich (a Customer Service...
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A number of recent excessive fee suits have failed to state a “plausible” claim to move past a motion to dismiss — but a federal judge in Massachusetts embraced what seems to be a lower threshold and is allowing one of those cases to proceed to trial.
This suit involved participants in the MITRE...
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The terms in an excessive fee suit settlement announced last fall have finally been revealed.
The plaintiffs here — Douglas G. Bailey, Jason J. Hayes and Marianne Robinson — who are two former and one current participant of the LinkedIn Corporation 401(k) Profit Sharing Plan and Trust — have filed...
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The Washington Update at Actuarial Insights was necessarily fast-paced. SECURE 2.0 includes dozens of new retirement plan-related provisions and we wanted to give an overview of as many as time permitted.
SECURE 2.0 included several provisions of particular interest to defined benefit plan ...
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Apparently the third time’s a “charm,” at least for one excessive fee case “…after arms-length negotiations, which involved highly experienced lead attorneys who have litigated many similar cases, and neutral mediators.”
This time it’s a suit — actually three suits at different times by different...
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Total costs for 401(k)s, once again, declined for both small and large retirement plans, with investment fees leading the decline — though smaller plans are still paying slightly more.
This is according to the 23rd edition of the 401k Averages Book, which reveals that total investment costs...
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The Labor Department has weighed in on an excessive fee case on behalf of the participant-plaintiffs — asserting that the district court made a bad call on the burden of proof.
The case under appeal involves Home Depot, and a decision last fall by Judge Steven D. Grimberg in the U.S. District...
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On Feb. 14, the Securities and Exchange Commission (SEC) closed the comment period for its controversial late-processing proposed rule to combat an issue first raised nearly 20 years ago.
The proposal would require open-end funds to use “swing pricing,” the method to allocate costs from inflows...
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A financial services trade group prevailed Monday in a key portion of its suit against the Department of Labor's fiduciary guidance involving rollovers.
The United States District Court’s Middle District of Florida sided with the American Securities Association. It ruled that the DOL overstepped...
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The Labor Department has weighed in on an excessive fee case on behalf of the participant-plaintiffs — asserting that the district court made a bad call on the burden of proof.
The case under appeal involves Home Depot, and a decision last fall by Judge Steven D. Grimberg in the U.S. District ...
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While an excessive fee suit had alleged the loss of “millions of dollars in excessive fees, costs, and lost investment opportunity,” the parties have settled for a fraction of that.
The suit was brought in November 2021 in the U.S. District Court for the Central District of California by former...
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The plaintiffs in an excessive fee suit are pressing for consideration of a settlement, arguing that recent decisions against claims similar to theirs don’t bode well for their case.
Now, in fairness, that’s not precisely their argument[1]. But these plaintiffs (Reichert et al. v. Juniper Networks...
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Fresh from the heels of the red state lawsuit filing to prevent the Department of Labor from implementing its new rule related to environmental, social and governance (ESG) investing, two members of Congress announced they’ll reintroduce a Congressional Review Act (CRA) measure to nullify its use...
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There are few things more disruptive to the peace or clarity of a 401(k) plan than a switch in recordkeepers.
Let’s face it — change — even change for the better — is frequently disruptive to the human psyche. Most of us tend to drift into comfortable “ruts” of pattern, or perhaps habit — places...
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Enactment of the SECURE 2.0 Act, ongoing industry innovations, and the aim to provide greater personalization are among the many opportunities that plan sponsors have to align DC plan features, practices and investments with participant needs.
Indeed, the need for greater personalization of the...
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Yet another 401(k) excessive fee suit has been dismissed for failing to allege a “plausible” claim of injury.
The most recent—a suit filed against Fluor Corp.’s 401(k) a little more than a year ago by former participants Deborah Locascio and David Summers. Represented by Miller Shah LLP and...
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Mere days before the Labor Department’s ESG regulation is set to go into effect, a coalition of 24 states has filed suit to stop it.
More specifically, the coalition, led by Texas Attorney General Paxton, says in a press release that the 2022 Rule “undermines key protections for retirement savings...
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Just four years after striking an excessive fee settlement, a fund company has been sued again — for allegedly not making the changes to its 401(k) lineup the settlement contemplated.
The defendants in the case are Allianz Asset Management of America, and the (new) participant-plaintiffs are Chad...
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Efforts by proponents to carve out an exemption to a Nevada state fiduciary law for ERISA-covered retirement plan advisors continued this week, with the American Retirement Association (ARA) submitting a letter supporting the exemption.
Nevada State Senate Bill 383 (SB 383), effective July 1,...
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A new survey that polled retirement plan sponsors, financial advisors and plan participants finds little appetite among plan participants to invest their retirement assets in cryptocurrency.
In polling 558 plan participants about their preferred retirement asset options for 2023, Ubiquity...
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