Current Events

Favorable ruling for Fidelity in self-directed brokerage, Financial Engines case

October 04, 2017

On September 22, 2017, the United States District Court for the District of Massachusetts found for defendant in Fleming v. Fidelity. The case involves two emerging issues in 401(k) plan litigation – the status under ERISA of self-directed brokerage (SDB) arrangements and of Financial Engines fee-sharing arrangements. In this article we briefly review the court’s decision. Read More

Minnesota district court sides with defendant-fiduciaries in stock drop case

October 02, 2017

On September 21, 2017, the United States District Court for the District Of Minnesota dismissed plaintiffs’ complaint in In Re: Wells Fargo ERISA 401(K) Litigation. Wells Fargo is a stock drop case in which plaintiffs alleged that fiduciaries of the Wells Fargo 401(k) plan had inside information that Wells Fargo stock was overpriced and breached their ERISA fiduciary duty of prudence when they did not take any action to stop ongoing stock purchases. Read More

Republican Tax Reform proposal – effect on retirement savings policy

September 26, 2017

In this article we review the “framework” for tax reform released September 27, 2017, by Republican Congressional leadership and how it may affect retirement savings policy. Read More

September 2017 fiduciary rule update

September 27, 2017

In this update on the Department of Labor’s fiduciary rule, we discuss in detail DOL’s proposed 18-month extension of the “full applicability date” for exemptions that were part of the fiduciary rule package and briefly review the substance of oral argument in the Fifth Circuit in litigation challenging the rule. Read More

Update on IRS 2018 Mortality Table Guidance

September 25, 2017

In this article, we review where we are in the regulatory process, certain concerns raised by industry groups about IRS’s proposal, and (briefly) the effect of the new tables/rules on plan sponsors. We close with a review of the proposal’s rules for the use of substitute tables under the Bipartisan Budget Act of 2015 (BBA 2015). Read More

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