Search results for: acts 19
Fidelity Wins Dismissal of FundsNetwork Revenue Sharing Challenge
The firm has successfully argued that it is entitled to negotiate and collect revenue-sharing fees from mutual fund companies in exchange for representation on its FundsNetwork platform.
Retirement Industry People Moves
Broadridge Board of directors appoints president; Alliance for Lifetime Income announces new institute; Senior counsel joins HBL legal team; and more.
Voya Left With One Claim to Fight in Excessive Fee Suit
A federal judge found Voya is a fiduciary with respect to the 404a-5 participant fee disclosures it provides for the retirement plan in which the plaintiff participates.
Supreme Court Denies Petition in SunEdison Stock Drop Case
The plaintiff in the case asked the court to to answer “whether Dudenhoeffer’s ‘context-sensitive scrutiny of a complaint’s allegations’ can be met where a court" makes certain presumptions.
Is the 20-Year-Old Amara v. CIGNA Case Finally Done?
A court disagreed with plaintiffs that CIGNA was not following orders when calculating remedies in the case, and the court has now denied a review of that decision.
Retirement Plan Participants Sue Ardent Health Services
A new lawsuit filed against Ardent Health Services closely mirrors many of the ERISA challenges filed in 2019.
What Might the SECURE Act Mean for Lifetime Income?
Giving retirement plan sponsors legal protections when they offer lifetime income products doesn’t change the fact that investors generally have low opinions of annuities.
The Year in ERISA Litigation
As have previous years, 2019 brought major settlements and decisions in retirement-plan focused litigation, including some precedent-setting appellate and Supreme Court decisions.
Cintas Corporation Accused of ERISA Fiduciary Breaches
Among other allegations, the national work uniform provider is accused of permitting high-cost mutual funds to persist on the retirement plan menu while cheaper but otherwise identical funds...
Pension Plan Suit Against Archdiocese Will Move Forward
Among other things, the archdiocese of Newark was accused of filing for "church plan" status to avoid having to fund the pension plan of hospital employees.
Crafting Annuity Confidence and Clarity Is Hard Work
One passionate analyst says the highly nuanced annuity marketplace does not receive sufficiently careful attention from either the financial services media or potential consumers.
1st Circuit Reverses Union Pension Liability Decision
As the appellate decision explains, ownership percentages are less important than organizations’ operating structures when determining withdrawal liability from a multiemployer union pension.
Supreme Court Will Not Review Case Regarding Group Annuity in Retirement Plan
The high court's decision lets stand a ruling that Great-West, as a non-fiduciary party in interest was not liable for alleged ERISA violations.
Limited 529 Plan Knowledge Holds Savers (and Advisers) Back
Educating people about the plans is important, as a recent Edward Jones survey found that only 29% of Americans know what the purpose of these plans are.
Republicans Propose Their Own Union Pension Funding Crisis Solution
Unlike the approach favored by Democrats in the House of Representatives, which would establish a government-backed loan programs to assist troubled union pension, this approach would permit the...
2019 Was Big for the SEC. 2020 Will Be Huge.
In addition to the ambitious Regulation Best Interest package, the securities and market regulator is making significant changes to the proxy voting landscape and its rules for adviser...
Data Mine—November 2019
The retirement plan industry is flush with data points and analyses. In this November 2019 edition of Data Mine, we have dug out the most useful findings from...
Prudential Latest Recordkeeper to Face Self-Dealing ERISA Lawsuit
Plaintiffs challenge the use of proprietary products in Prudential’s defined contribution retirement plans, an arrangement they say impermissibly benefitted the company at the expense of plan performance.