Fiduciary Groundhog Day: What Just Happened?

Uncertainty has made it extremely hard for stakeholders to tell For 401k advisors, it’s the repetitive fiduciary frustration of Groundhog Day; except the part of Phil the weatherman will be played by Alexander Acosta. Constant DOL fiduciary rule delays, new attempts at repeal, and multiple comment periods are now the norm. On August 10, the […]

5 Costly 401(k) Errors Employers Often Make

By Mike Murphy, FiduciaryShield — When a company offers a 401(k), the business owner inherits the roll of plan sponsor. With this role comes a fiduciary responsibility to the plan participants. If mistakes are made when managing the plan, it can result in a significant loss of time and money. Many smart business owners are […]

Recent class-action surge ups the ante for 401(k) advice

Retirement plan advisers should make sure they have their bases covered to prevent litigation for fiduciary breaches All eyes may be on the Labor Department’s fiduciary rule, but don’t forget the courts. Eleven major class-action lawsuits were filed in federal courts around the country against 401(k) sponsors or providers of retirement products in the fourth […]

Swarm of Litigation Rocks 401(k) Space

Commentary: Over the past eight years, 13 pending or settled cases have accused companies of failing to act in the best interests of employees participating in 401(k) retirement plans. The most recent filing was made by Bailey & Glasser, LLP, which filed a class action lawsuit against AEGON USA in which it accuses the global […]

New 401(k) Suit Targets Vanguard Fund Fees

Advisers should consider whether collective trust funds and separate accounts offer lower expenses than their mutual fund counterparts Even Vanguard Group mfund fees may be excessive when it comes to 401(k) plans. A new class-action lawsuit is pitting participants in the Anthem Inc. 401(k) plan, a massive plan with more than $5 billion, against plan […]

Boeing Settles 401(k) Lawsuit for $57 Million

Boeing Co (BA.N) said it had agreed to pay $57 million to settle a lawsuit in which employees accused the company of mismanaging their 401(k) retirement plan. The settlement amount is the second-highest ever in excessive 401(k) fee litigation, Schlichter Bogard & Denton, the law firm representing the employees, said in an emailed statement on […]

Post-DOMA: The Impact of Same-Sex Marriages on Retirement Plans

In United States v. Windsor, the U.S. Supreme Court set aside as unconstitutional the section of the Defense of Marriage Act (DOMA) that defined marriage as between one man and one woman. As a result, same-sex couples who are lawfully married under the laws of one of the 50 states, the District of Columbia, a U.S. territory or […]

Deposit Deadline: Employer Contributions

“When is the deadline for depositing employee salary deferrals into the plan?” is a question we often hear that has a simple answer. However, the company contributions, such as matching and profit sharing contributions, is a more complex answer. There are different rules depending on the purpose of the deadline. One set of regulations may specify one deadline for […]