Legal

The health organization’s class action lawsuit, filed by an employee alleging the company used forfeited plan funds from departing employees to pay administrative expenses was dismissed, after a federal judge found no fiduciary breach.

Representing 16,000 employees, a former participant in the retirement plan filed a class action lawsuit, alleging the plan’s target date funds from American Century Investments should have been replaced.

Two weeks ago, the Supreme Court heard arguments in Cornell University’s 403(b) excessive fees lawsuit, but the high court refused to hear AT&T’s bid for review of its 401(k) ERISA lawsuit on Monday.

While a recent 401(k) fiduciary survey claimed more than 700,000 American companies could be at risk of fines and legal penalties for fiduciary failures in their retirement plans, one retirement expert now claims that most of these ERISA "red flags" are unfounded.

A New York jury awarded 26,000 employees $38,760,232 in an ERISA fiduciary breach lawsuit over unreasonable recordkeeping and administrative fees from their retirement plan provider.

Senator Bill Cassidy, ranking member of the Senate Health, Education, Labor and Pensions Committee, has issued a white paper outlining proposals to provide retirement plans to independent workers.

Former employees had sued the grocery chain for failing to rein in recordkeeping costs from Fidelity, even though services were “routine” and did not justify the excessive costs, according to the class action lawsuit.

Since the Court took a worker-friendly approach on behalf of the University’s 28,000 employees in this excessive fees suit, the final ruling could burden plan fiduciaries and open the floodgates of meritless litigation, say retirement industry groups ERIC and the Spark Institute.