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.
The Council issued recommendations to the DOL to create a “tips document” to help fiduciaries in choosing QDIAs with lifetime income options, improve QDIA guidance, and provide for QDIAs in IRAs.
The lawsuit alleged UnitedHealth CFO John Rex interfered with the company's decision to drop "one of the worst-performing target date options in the entire market.”
Since some 401(k) plans now offer the option to invest in crypto assets like bitcoin and the DOL has not required fiduciaries to monitor all crypto options, the Government Accountability investigated in response to a request from the House Committee on Ways and Means.
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.