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Defined Contribution fees

Senate Finance Chair releases outline of broad, bipartisan retirement legislation

On June 17, 2022, Senate Finance Committee Chair Ron Wyden (D-OR) released an outline of the bipartisan Enhancing American Retirement Now (EARN) Act. The Committee is expected to take up this legislation beginning the week of June 20. The EARN Act, together with the Retirement Improvement and Savings Enhancement to Supplement Healthy Investments for the…Read More

Post-Hughes v. Northwestern – plaintiffs win in three motion-to-dismiss decisions

On January 24, 2022, in a unanimous decision, the Supreme Court vacated the Seventh Circuit’s decision in Hughes v. Northwestern – an ERISA prudence case implicating a number of issues that have been raised in 401(k) fee litigation. The Court rejected the Seventh Circuit’s reliance on the availability of lower cost alternatives as a defense to claims that the cost of certain funds and of plan recordkeeping was unreasonably high, remanding the case for consideration under the rule in Tibble v. Edison, that a fiduciary has an obligation to remove imprudent investments.

The Supreme Court sends Hughes v. Northwestern back to the Seventh Circuit

On January 24, 2022, in a unanimous decision, the Supreme Court vacated the Seventh Circuit’s decision in Hughes v. Northwestern (an ERISA prudence case implicating a number of issues that have been raised in 401(k) fee litigation). The Court rejected the Seventh Circuit’s reliance on the availability of lower-cost alternatives as a defense to claims that the cost of certain funds and of plan recordkeeping was unreasonably high, remanding the case for consideration under the rule in Tibble v. Edison, that a fiduciary has an obligation to remove imprudent investments.

Multiple employer plans – fiduciary litigation risk – introduction

Multiple employer plans (MEPs) are emerging as a provider-based alternative to single employer 401(k) plans, particularly for smaller employers. It seems likely that, as these MEPs accumulate assets, they will begin to be the target of the same sort of fiduciary litigation that has afflicted the single employer 401(k) plan community. In this introductory article…Read More

Biden Administration agency agenda

In this article we review possible retirement policy agency initiatives of a Biden Administration. We will follow up with a discussion of possible legislative initiatives when the Congressional situation becomes clearer.

Supreme Court review of excessive fee litigation?

On June 19, 2020, plaintiffs in Hughes v. Northwestern University – an “excessive fee” case – filed a Writ of Certiorari, asking the Court to review a Seventh Circuit decision affirming a district court’s grant of defendants’ motion to dismiss.

Election 2020: 7 Things to Know About Joe Biden’s Tax Plan

With a presidential election coming up next month, tax policy will be one of the issues on the table. And, while it seems reasonable to assume that if President Trump were to be re-elected his tax policy would not change, we also know that if former Vice President Joe Biden gets elected, there will be changes.