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Benefit Plan Sponsors › Recordkeeping Requirements › Fiduciary Duty

Jackson Lewis P.C.

Exciting Update: Self-Correction for Delinquent Contributions Now Possible Under the DOL’s VFCP

Jackson Lewis P.C. on

On January 14, 2025, the Employee Benefits Security Administration (EBSA) within the Department of Labor (DOL) updated its Voluntary Fiduciary Compliance Program (VFCP). The VFCP allows plan officials to correct certain...more

Proskauer - Employee Benefits & Executive...

Ninth Circuit: Changes to a Services Agreement Require Consideration of Indirect Compensation

Proskauer - Employee Benefits & Executive... on

A recent Ninth Circuit decision has generated considerable controversy amongst employee benefits practitioners by holding that plan fiduciaries engaged in prohibited transactions when they amended the plan’s existing...more

Faegre Drinker Biddle & Reath LLP

Lessons Learned from Recent Fiduciary Victories

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There is nothing a plan sponsor or ERISA fiduciary can do to prevent allegations of fiduciary breach; however, there are many things they can do to be prepared to rebut such claims. Unfortunately, because of “headline news,”...more

Verrill

Supreme Court will Hear Northwestern University 403(b) Plan Excessive Fee Case

Verrill on

The United States Supreme Court will weigh in on the spate of recent lawsuits filed against colleges and universities related to the schools’ retirement plans. The Court has granted a request for review from participants in...more

Best Best & Krieger LLP

Using a Plan Administration Expense Account as Part of An Agency’s 457(b) or 401(a) Plan

Best Best & Krieger LLP on

Not surprisingly, many cities and special districts no longer have monies available in their budgets to spend on things such as legal fees to analyze and correct plan administration problems and compliance issues. When it is...more

Faegre Drinker Biddle & Reath LLP

Best Practices for Plan Sponsors #12

Faegre Drinker Biddle & Reath LLP on

Lessons Learned from Litigation (#4)—The Johns Hopkins Case - This is the twelfth in a series of articles about Best Practices for Plan Sponsors. To be clear, “best practices” are not the same as legal requirements....more

Faegre Drinker Biddle & Reath LLP

Best Practices for Plan Sponsors #11

Faegre Drinker Biddle & Reath LLP on

This is the eleventh in a series of articles about Best Practices for Plan Sponsors. To be clear, “best practices” are not the same as legal requirements. Instead, they are about better ways to manage retirement plans. In...more

Faegre Drinker Biddle & Reath LLP

Best Practices for Plan Sponsors #9

Faegre Drinker Biddle & Reath LLP on

Best Practices: Lessons Learned from Litigation (#2)—the Vanderbilt Case - I am writing two series of articles that together are called “The Bests.” One is about Best Practices for Plan Sponsors, while the other is about...more

Faegre Drinker Biddle & Reath LLP

Best Practices for Plan Sponsors #8

Faegre Drinker Biddle & Reath LLP on

Best Practices: Lessons Learned from Litigation—the Anthem Case - I am writing two series of articles that together are called “The Bests.” One is about Best Practices for Plan Sponsors, while the other is about the Best...more

Verrill

Stronger Than its Weakest Links: NYU Survives 403(b) Fee Lawsuit

Verrill on

The first breach of fiduciary duty claim to survive to trial alleged that the NYU Retirement Plan Committee failed to consolidate recordkeeping services, failed to property manage the RFP process, failed to allow potential...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The Rosenbaum Law Firm Review - January 2017

Ary Rosenbaum - The Rosenbaum Law Firm P.C. on

Concepts You May Not Be Aware Of As A 401(k) Plan Sponsor. Quite a few things out there. As a child, I was never taught the birds and the bees. I was actually handed some cartoon book from my parents when I was...more

Winstead PC

New PTEs Impact Broker’s and Advisor’s Relationship with Retirement Plans and IRAs and Also Impact Plan Sponsors and Fiduciaries

Winstead PC on

While only the plan service providers, like brokers, are required to comply with the requirements of the revised and new prohibited transaction class exemptions contained in the package with the definition of...more

McCarter & English, LLP

Pension Plan Sponsors Beware: The Department of Labor Is Investigating Plans That Fail to Locate and Pay Benefits to Terminated...

McCarter & English, LLP on

A Department of Labor (“DOL”) official recently disclosed a new DOL investigation initiative focusing on the adequacy of defined benefit plan procedures to locate and pay out benefits to terminated vested participants. The...more

Epstein Becker & Green

U.S. Department of Labor Provides a Reminder to Plan Sponsors and Committees of Certain Fiduciary Responsibilities

Epstein Becker & Green on

Some mutual funds (and possibly other funds) that are made available by a 401k plan for investment by its participants may make payments to the plan's record-keeper (and perhaps other service providers) for certain services...more

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