Section 405 of the Employee Retirement Security Act of 1974 (ERISA) provides for joint liability for co-fiduciaries of a pension, health or welfare benefit plan. ...more
On February 21, 2019 attorneys for Andrew Wong, a participant in the T-Mobile USA Inc. 401(k) Retirement Savings Plan & Trust, filed a class action complaint in the U.S. District Court of Massachusetts against FMR LLC,...more
3/13/2019
/ 401k ,
Class Action ,
EBSA ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Investment Management ,
Kickbacks ,
Management Fees ,
Mutual Funds ,
Retirement Plan ,
T-Mobile
On June 19, 2018, the Department of Labor (DOL) released a final rule that offers new options for associations to sponsor health plans for their members. These new options allow more small businesses to come together to...more
6/22/2018
/ Affordable Care Act ,
Association Health Plans ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Employer Group Health Plans ,
Health Insurance ,
Healthcare Reform ,
Regulatory Oversight ,
Regulatory Reform ,
Regulatory Requirements
On June 19, 2018, the Department of Labor (DOL) released a final rule that offers new options for associations to sponsor health plans for their members. These new options allow more small businesses to come together to...more
On April 3, 2018, The Eighth Circuit Court of Appeals affirmed a summary judgment decision against Susan Wengert who had sued the plan administrative committee of the Majors Plastics ESOP, the personal representative of the...more
On October 12, 2017 President Trump issued an Executive Order concerning a number of health plan market initiatives. One of the items included in the Executive Order was a directive to the Secretary of Labor to issue proposed...more
1/8/2018
/ Affordable Care Act ,
Association Health Plans ,
Compensation & Benefits ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Employer Group Health Plans ,
Executive Orders ,
Health Insurance ,
Healthcare Reform ,
Proposed Rules ,
Regulatory Reform ,
Trump Administration
In past articles in this Blog I reported on decisions of the 9th Circuit Court of Appeals and ultimately the U.S. Supreme Court dealing with a class action for breach of fiduciary duty for selecting retail mutual funds in...more
This week, new U.S. Department of Labor Secretary Acosta announced that the final fiduciary regulations would go into effect on June 9, 2017. The Department also issued two pieces of guidance with regard to the regulations...more
5/25/2017
/ 401k ,
Best Interest Contract Exemptions ,
Conflicts of Interest ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Fiduciary Rule ,
Field Assistance Bulletins ,
Investment Adviser ,
Retirement Plan
On March 22, 2017, the U.S. Court of Appeals for the Second Circuit ruled against Christine Bodouva that her restoration of funds to her Company’s 401(k) Plan should be offset against the District Court’s order for forfeiture...more
Last June I blogged about the trend of participant fee class actions moving down to smaller 401(k) Plans. Occasionally, class actions are brought based on other breaches of fiduciary duties, particularly those involving...more
10/25/2016
/ 401k ,
Adverse Employment Action ,
Breach of Duty ,
Class Action ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Financial Markets ,
Florida ,
Hiring & Firing ,
Investment Funds ,
Investment Management ,
Retaliation ,
Retirement Plan ,
Stock Drop Litigation ,
Whistleblowers ,
Wrongful Termination
A Minneapolis law firm recently filed a class action complaint against Lamettry’s Collision, Inc. and the Trustees of its 401(k) Plan, CFO Stephen Daniel and President Joan Lamettry for various breaches of fiduciary duty with...more
On November 9, 2015, Minnesota Federal District Judge Susan Richard Nelson ruled that the president and CEO of Faribault Woolen Mills Company breached his fiduciary duties under ERISA by diverting Employee health insurance...more
In April 2013 I reported on the 9th Circuit Court of Appeals decision in Tibble v. Edison International which involved an alleged breach of fiduciary duty by the Edison 401(k) Savings Plan committee selecting six retail...more
At a recent American Institute of Certified Public Accountants (”AICPA”) conference, the Deputy Assistant Secretary of the Department of Labor Employee Benefits Security Administration reportedly commented that the ERISA...more
On July 3, 2013 the Employee Benefits Security Administration issued ERISA Advisory Opinion 2013-03A (the “AO”) to the Groom Law Group which had submitted a request on behalf of Principal Life Insurance Company (“Principal”)....more