Retirement plan advisers should make sure they have their bases covered to prevent litigation for fiduciary breaches All eyes may be on the Labor Department's fiduciary rule, but don't forget the courts. Eleven major class-action lawsuits were filed in federal courts around the country against 401(k) sponsors or providers of retirement products in the fourth [...]
Commentary: Over the past eight years, 13 pending or settled cases have accused companies of failing to act in the best interests of employees participating in 401(k) retirement plans. The most recent filing was made by Bailey & Glasser, LLP, which filed a class action lawsuit against AEGON USA in which it accuses the global [...]
Advisers should consider whether collective trust funds and separate accounts offer lower expenses than their mutual fund counterparts Even Vanguard Group mfund fees may be excessive when it comes to 401(k) plans. A new class-action lawsuit is pitting participants in the Anthem Inc. 401(k) plan, a massive plan with more than $5 billion, against plan [...]
Boeing Co (BA.N) said it had agreed to pay $57 million to settle a lawsuit in which employees accused the company of mismanaging their 401(k) retirement plan. The settlement amount is the second-highest ever in excessive 401(k) fee litigation, Schlichter Bogard & Denton, the law firm representing the employees, said in an emailed statement on [...]
In United States v. Windsor, the U.S. Supreme Court set aside as unconstitutional the section of the Defense of Marriage Act (DOMA) that defined marriage as between one man and one woman. As a result, same-sex couples who are lawfully married under the laws of one of the 50 states, the District of Columbia, a U.S. territory or [...]
“When is the deadline for depositing employee salary deferrals into the plan?” is a question we often hear that has a simple answer. However, the company contributions, such as matching and profit sharing contributions, is a more complex answer. There are different rules depending on the purpose of the deadline. One set of regulations may specify one deadline for [...]
