Compliance October 26th, 2022 ERIC Publishes Letter Offering Support and Recommendations for SECURE 2.0 The letter offered broad support for many of the provisions in the three bills composing ‘SECURE 2.0’ and provided recommendations...
Compliance October 26th, 2022 Empower Hit With Government Markets Lawsuit The complaint has alleged fiduciary breach under the Investment Advisers Act.
Compliance October 24th, 2022 Outdated Mortality Table ERISA Suit Filed in Arizona The lawsuit alleges that Pinnacle West, an electric utility, used outdated mortality tables, causing it to underestimate the present value...
Compliance October 21st, 2022 IRS Reveals 2023 Contribution Caps for 401(k) and IRAs The contribution limit changes reflect cost of living changes from this year.
Compliance October 20th, 2022 ESG’s Impact on Three States’ Retirement Systems While the ESG controversy has not changed how three states operate, one state treasurer has doubled down by banning them...
Compliance October 20th, 2022 Elevator Constructors’ Union Retirement Plan Sued Two counts for breach of fiduciary duty were brought against the defendants.
Compliance October 19th, 2022 Growth of Digital Assets Spurs New Regulatory Proposals As interest in cryptocurrencies for retirement grows, policymakers look for ways to contain the risk of digital assets without limiting...
Compliance October 17th, 2022 Proposed Independent Contractor Rules Could Bring Difficulties for Some Financial Advisors The proposal would make it easier for workers to classify themselves as employees, as opposed to independent contractors, which could...
Compliance October 14th, 2022 ERISA Industry Committee Comments in Opposition to New DOL QPAM Rule The DOL has proposed that QPAMs would be disqualified for 10 years for foreign convictions and for entering into non-prosecution...
Compliance October 13th, 2022 Social Security Benefits See Highest Increase in 40 Years The increase tops the 5.9% cost-of-living adjustment seen in 2022.
Compliance October 12th, 2022 Motion to Dismiss Filed in ERISA Lawsuit Management and information consulting firm Booz Allen Hamilton has asked the court to dismiss the claims against it.
Compliance October 10th, 2022 ERISA Suit Brought Against Quanta Services 401(k) participants brought the suit, alleging that Quanta kept certain underperforming funds in its plan menu.
Compliance October 10th, 2022 IRS Issues Update on Required Minimum Distribution Rule The guidance clarifies that people who did not take RMDs in 2021 and 2022 will not be responsible for the...
Compliance October 7th, 2022 Proposed Legislation Would Ban Mandatory Arbitration and Discretionary Clauses The Mental Health Matters Act would, among other things, ban forced arbitration clauses, class action waivers, discretionary clauses, and representation...
Compliance October 7th, 2022 Insurer the Target of ERISA Lawsuit An ERISA lawsuit against Mutual of America has alleged that 401(k) plan fiduciaries breached their duties to participants.
Compliance October 7th, 2022 ERISA Lawsuit Against Associated Bank Dismissed A Wisconsin District Court judge was unconvinced by arguments made by the plaintiffs that plan fiduciaries breached their duty to...
Compliance October 6th, 2022 Cybersecurity Experts Warn of Increased Fraud Risk to Retirement Plans Cybercriminals are becoming more sophisticated and patient in their approach due to the massive payouts fraudsters can manage to steal...
Compliance October 5th, 2022 New Bill Seeks to Encourage 401(k) Investment in Alternative Assets The Retirement Savings Modernization Act aims to clarify ERISA to incentivize retirement investment in assets such as real estate, private...
Compliance October 4th, 2022 Settlement Reached with Couple that Lost Millions in Profit-Sharing Plan The pair will pay more than $2 million to settle claims they invested assets in companies in which they had...
Compliance October 4th, 2022 Class Settlement Approved for AAA Carolinas ERISA Lawsuit The lawsuit alleged fiduciary breaches to retirement plan participants from high fees and underperforming investments.