DOL Recovers $43M for Madoff Victims
The Department of Labor (DOL) reached a settlement to compensate employee benefit plans for losses suffered through investments in Bernard L. Madoff’s Ponzi scheme.
Tag: ERISA
ERIC Urges Rejection of Class in Stable Value Suit
The ERISA Industry Committee (ERIC) is urging a court to reject class certification in a lawsuit alleging fiduciary breach claims concerning stable value fund investments in money market...
DOL Obtains $80M for Sherwin-Williams Participants
The Department of Labor (DOL) has obtained $80 million for participants of Sherwin-Williams’ employee stock purchase and savings plan.
July Chooses Mesirow as Fiduciary Solution Partner
ERISA (Employee Retirement Income Security Act) 3(21) and 3(38) fiduciary services have been added by July Business Services for qualified retirement plan sponsors.
Fidelity Facing Suit Regarding Float Income
Participants from three 401(k) plans have filed a lawsuit against Fidelity Investments regarding its use of float income.
Fund Favoritism Can Be an Issue
Mutual fund trustees may display favoritism toward funds from their own firms, said researchers at Indiana University at Bloomington.
ING Settles with DOL on Processing Error Policy
ING Life Insurance and Annuity Co. has agreed to settle allegations brought by the Department of Labor (DOL).
ESOP Challenged on Post-Recession Plan Change
Former employees of Jeld-Wen Inc. filed a lawsuit claiming an amendment to the firm’s employee stock ownership plan (ESOP) took away their benefits.
DOL Requests Input on Benefit Statement Surveys
The Department of Labor (DOL) is soliciting comments about a proposed information collection request to guide rulemaking about retirement benefit statements.
BofA Wins Suit Over Affiliated Fund Use
Bank of America has won a lawsuit alleging it violated the Employee Retirement Income Security Act (ERISA) by investing retirement plan assets in bank-affiliated funds.
Pension Lump Sums Must Account for COLAs
Calculations of lump sum pension benefits consider cost of living adjustments (COLA) participants would have received if they had taken an annuity at retirement.
CAPTRUST Enters 3(38) with Freedom One Deal
On a steady course of expansion, CAPTRUST Financial Advisors in Raleigh, North Carolina, has acquired Freedom One Financial Group in Clarkston, Michigan.
DC Plan Sponsors Focused on Compliance in 2012
Callan’s “2013 DC Trends Survey” indicates that in 2012, defined contribution (DC) plan sponsors spent their time on compliance matters.
Employer Contributions Owed Are Not Plan Assets
A court ruled contributions owed to a 401(k) are not plan assets, so an employer did not breach fiduciary duties by not contributing.
Wyeth Settles Stock Drop Suit
Wyeth Inc. agreed to settle a class action stock drop lawsuit.
Pioneer Offers Share Class for DC Plans
Pioneer Investments launched a low-cost share class designed for inclusion in certain qualified defined contribution (DC) retirement plans.