Among other issues, Linkedin involves a claim that Linkedin plan fiduciaries breached their duty of prudence by selecting/retaining an “underperforming” target date fund. This sort of claim is being brought more frequently by plaintiffs’ lawyers in 401(k) breach-of-duty-of-prudence litigation.
On October 13, 2021, the Department of Labor released a proposed regulation on “Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights” (environmental, social, or governance (ESG) investing and proxy voting), proposing to significantly revise the position taken by the Trump DOL at the end of 2020 on these issues. (We discuss the…Read More
In 2022 defined contribution plan sponsors will have to begin providing participants with lifetime income illustrations.
August 2021 retirement policy updates and proposed legislation out of Washington DC.
The recently released Spring 2021 Unified Agenda of Regulatory and Deregulatory Actions out of the Office of Management and Budget details four significant regulatory initiatives from the DOL.
In Harmon v. Shell Oil Company, court holds in favor of defendants: participant data is not a plan asset.
The focus of this guidance is not sponsor cybersecurity. Rather, the focus is on the responsibility of plan fiduciaries for the cybersecurity of plan providers, a slightly more complicated issue.
The nonenforcement policy only applies to the Department of Labor, and, theoretically, a private lawsuit could still cite the regulations in support of a fiduciary claim.
With the focus currently on how President-Elect Biden will staff his new Administration and on the change in control of the Senate, we provide a brief review of the key Administration jobs that President Biden will have to fill, and the key Congressional leadership, that directly affect retirement savings policy, and some of the issues they will be considering.
On December 11, 2020, the Department of Labor released a final regulation revising DOL’s rules for the voting (or not voting) of proxies by ERISA plan fiduciaries.