Defined Benefits

Seattle-based Weyerhaeuser Company employees filed a class action lawsuit over the transfer of plan assets to Athene Annuity & Life Assurance, alleging a breach of fiduciary duty, according to law firm Schlichter Bogard.

So far, 17 states have passed laws to limit environmental, social and governance investing, and there have been over 150 bills on ESG investing in 37 states.

The late CEO Brian Thompson, along with two other UnitedHealth Group executives, were accused of dumping stock prior to a Department of Justice antitrust investigation into the company.

It’s a fair and reasonable ask of legislators to create parity of choice for retirement investors, regardless of who their employer is, according to collective trust provider Great Gray Trust Company.

Most (82%) participants in National Association of Government Defined Contribution Administrators  member plans have access to defined benefit and defined contribution plans, according to a new NAGDCA guide.

The DOL has “shared information with class action law firms to give them a leg up in federal litigation,” House Committee Chair Rep. Virginia Foxx wrote to the DOL’s Inspector General.

There’s a push by Congress to pass a bill to allow CITs – tax-exempt, pooled investment vehicles similar to mutual funds – in 403(b) plans, but investor advocacy groups oppose the bill. But now, the American Retirement Association is strongly advocating for its passage.

Six investor advocacy groups are opposing CITs in 403(b)s because some plans are not governed by ERISA, so eliminating SEC’s regulatory oversight is detrimental, in a letter to the Senate committee.