Companies need to fully understand what the plan fees are so they can be "fully transparent" with their workers, said law firm Schlichter Bogard, which is representing plaintiffs suing TIAA for steering them into high-fee investments.
The IRS notice instructs employers planning to provide matching retirement contributions to employees making student loan payments, aligning with the new SECURE 2.0 provision.
The firm mismanages its $3.4 billion 401(k) plan by overpaying for administrative services and using money forfeited by former employees, the class action lawsuit alleges.
BofA employees filed a lawsuit last week, alleging that the company mismanaged its 401(k) plan by using assets forfeited by former workers for its own financial benefit, in yet another fiduciary forfeiture lawsuit.
Insurers argue that prior authorization is a critical tool for managing excessive or wasteful use of health care services and keeping costs (and ultimately, premiums) in check.
Following a companion bill introduced in the Senate last year, the House has introduced legislation that removes barriers for employers to begin offering employer-sponsored retirement plans to employees aged 18 to 21.
By knowing a few high-level details about these cases and taking purposeful steps, employers and their benefits advisors can help protect their health plans in defending against similar claims while also putting members' best interests first.
It's been nearly two years since SECURE 2.0 was enacted, yet many employers still have concerns and questions. SECURE 2.0 was designed to enhance retirement…