Current Events

401(k) fee litigation update

March 03, 2016

There has been a series of 401(k) fee lawsuits filed in recent months, following on the success of the plaintiffs in Tibble v. Edison and Tussey v. ABB. In this article we review the sorts of claims plaintiffs are bringing (in cases against the respective fiduciaries of the Anthem Inc., the Chevron Corp., and the Oracle Corp. 401(k) plans) and consider what lessons sponsor fiduciaries can draw from them. Read More

New in the 2017 budget: no single employer PBGC premium increase; open MEPs

February 18, 2016

On February 9, 2016, the Administration released its 2017 fiscal year budget. The new budget includes a number of proposals affecting retirement plans – most are carry-overs from prior years, but two are new: a change in the Administration’s position on Pension Benefit Guaranty Corporation single employer premiums and an “open MEP” proposal. Read More

Candidates tax proposals and 401(k) “tax appeal” Part 3 – Democratic proposals

February 09, 2016

In our prior articles in this series we discussed current 401(k) tax benefits generally and how they would be affected by Republican Presidential candidates’ tax reform proposals. In this article we discuss how the tax reform proposals of the Democratic Presidential candidates, former Secretary of State Hillary Clinton and Senator Bernie Sanders (I-VT), would affect 401(k) tax benefits. Read More

Anthem sued over DC fee arrangements

February 09, 2016

Participants in the Anthem 401(k) Plan (the Plan) have sued plan fiduciaries, claiming that the plan (1) overpaid for investment and recordkeeping services and (2) imprudently included a money market fund, and not a stable value fund, in the plan’s fund menu. Plaintiffs claim, among other things, that inclusion of low-fee (e.g., 4 basis points) passive funds in the Plan’s fund menu violated ERISA because there was an even lower-fee alternative available. In this article we review plaintiffs’ complaint. Read More

Candidates tax proposals and 401(k) “tax appeal” Part 2 – Republican proposals

February 04, 2016

In our first article in this series we discussed current 401(k) tax benefits. In this article we discuss how the proposals of three Republican candidates – Mr. Donald Trump and Senators Marco Rubio (R-FL) and Ted Cruz (R-TX) – would affect those benefits. Read More

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