A federal judge has dismissed – for the second time – a lawsuit against Bechtel Global that alleged the $5.7 billion plan's default managed account investment led to excessive fees and subpar returns, arguing that a target date fund would have been a better alternative.
The Department of Labor will not take action, under ERISA, against plan fiduciaries that transfer entire benefit payments owed to missing participants of $1,000 or less if certain conditions are met.
A federal judge in Texas ruled that American Airlines violated its ERISA duties by not focusing “on the best financial benefit” for its 401(k) plan, in the biggest victory yet in a case involving ESG investing.
With regard to SECURE 2.0' s new catch-up provision, the IRS and the Treasury won’t allow employers to require that plan participants make Roth contributions, according to newly proposed guidelines released on Friday.
Participants in the firm’s $2.9 billion 401(k) plan had sued the company, alleging it failed to regularly monitor plan investments and remove underperforming in-house funds.
Ex-employees are suing Verizon as well as State Street Global Advisors, which served as the “independent fiduciary” in putting the deal together to manage the pensions of 56,000 retirees.
The online retailer has been hit with a class action lawsuit, alleging it violated its ERISA fiduciary duties by using forfeited 401(k) funds to offset the company's own contributions instead of reducing administrative fees for over 20,000 participants.