Regulation
Baltimore Firm Ordered to Restore Missing 401(k) Funds
Following a Labor Department probe, Bicallis LLC must pay more than $150,000 to its retirement plan and has been replaced as fiduciary.
Tag: ERISA
Regulation
Bill Would Silence Labor Department on 401(k) Investment Guidance
The Financial Freedom Act’s sponsor says the federal government should not involve itself in investment choices for retirement plans.
Regulation
Labor Dept. Warns Fiduciaries About Offering Crypto in DC Plans
The Employee Benefits Security Administration said 401(k) fiduciaries should use ‘extreme care’ before adding crypto options to a plan.
Manager Selection
CIO of New Jersey Police and Fire Pension Resigns
The resignation follows an ethics probe into his behavior at a previous pension fund.
Newsmakers
Understanding PRT: Key Steps Leading to Successful PRT
As firms move on from the first step of cleaning up their data, they must next think about the financial and accounting implications that come with pension risk transfer.
Newsmakers
Milliman Faces ERISA Lawsuit Over Alleged Breach of Fiduciary Duty
The plaintiffs claim the firm’s 401(k) lost as much as $85 million due to imprudent investment decisions.
Regulation
Supreme Court Declines to Hear Delphi Pension Termination Case
The lack of action by the high court ends more than 12 years of litigation after the General Motors unit’s pension plan was terminated.
Newsmakers
DOL Restores More Than $2.4 Billion to Plans, Plan Participants
Investigations led to over 16,000 defined benefit plan participants collecting more than $1.5 billion in owed benefits in fiscal 2021.
Pensions
No Plan Safe From ERISA Lawsuits, Chamber of Commerce Warns
The lobbying group also says a surge in litigation could have ‘significant negative consequences for plan participants.’
Regulation
Supreme Court to Hear ERISA Excessive Fee Case
The lawsuit seeks to define what ‘care, skill, prudence, and diligence’ really mean for fiduciaries.
Risk
State Street Accused of Self-Dealing With 401(k) Plan
Lawsuit alleges firm breached its fiduciary duties by providing underperforming proprietary funds.
Asset Allocation
Lawsuit Accuses Caesars, Russell Investment of Gambling with 401(k) Plan
The plaintiffs claim switching from State Street has cost participants $100 million in losses.
Regulation
Securing a Strong Retirement Act Passes Ways and Means Committee
Among other measures, the bill would expand automatic enrollment for 401(k) and 403(b) plans.
Asset Management Culture
CalSavers Survives Legal Challenge
Appellate court rules ERISA doesn’t pre-empt the California law that created the state-managed IRA program.
Risk
Kimberly-Clark Faces ERISA Lawsuit over 401(k) Plan
Lawsuit alleges fiduciary failure cost participants nearly $6.3 million in retirement plan services fees.