News & Analysis as of

401k Employee Retirement Income Security Act (ERISA) Annuities

Faegre Drinker Biddle & Reath LLP

The New Fiduciary Rule (52): The Loper Bright Decision and What it Means for DOL Exemptions (2)

As I explained in my last post, Fiduciary Rule 51, I have been asked whether the Supreme Court’s decision in Loper Bright Enterprises et al. v. Raimondo, Secretary of Commerce et al. could affect the outcome of the litigation...more

Mayer Brown

United States: The Long Read - Lifetime Income Products in CITs on the Rise

Mayer Brown on

As recently noted by the US Department of Labor (“DOL”), since the passage of the Employee Retirement Income Security Act of 1974 (“ERISA”), “the retirement plan landscape has changed significantly, with a shift from defined...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

I won’t add annuity options to 401(k) plans

When it comes to plan design, I believe in the idea of KISS: keep it simple, stupid....more

Clark Hill PLC

ERISA 401(K) And Other Defined Contribution Plans Must Add Lifetime Annuity Illustrations to Benefit Statements

Clark Hill PLC on

The Setting Every Community Up for Retirement Enhancement Act of 2019 (“SECURE Act”) amended ERISA to require ERISA-covered 401(k) and other defined contribution plans to provide two estimated lifetime income (annuity)...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

BlackRock adding annuities to product lineup

With a push for fixed income products, there is n shock that BlackRock is putting annuities in American workers’ 401(k)Plan....more

Burr & Forman

The Countdown Begins for Lifetime Income Disclosures

Burr & Forman on

The SECURE Act of 2019 made three statutory changes to ERISA regarding lifetime income benefit payments from defined contribution plans (e.g., 401(k), 403(b), profit sharing, and money purchase pension plans). This blog will...more

King & Spalding

The SECURE Act Reduces—But Does Not Eliminate—Litigation Risk of Offering Annuities in 401(k) Plans

King & Spalding on

On December 20, 2019, President Trump signed into law the Setting Every Community Up for Retirement Enhancement (SECURE) Act, the most important retirement legislation since the Pension Protection Act of 2006. One of the most...more

Burns & Levinson LLP

The SECURE Act – Considerations for January 2020

Burns & Levinson LLP on

Often times in a divorce matter, the two biggest assets the parties have are their house and retirement accounts. While everyone was busy with the recent holiday rush, President Trump signed the SECURE Act into law as part of...more

Bracewell LLP

SECURE Act Provisions

Bracewell LLP on

Major changes in federal law are in the works that could significantly impact employers’ qualified retirement plans, which could require amending such plans to reflect mandatory and elective changes.  The U.S. House of...more

Blank Rome LLP

Why Employers Should Think Twice About Adding Annuity Payments to Their §401(K) Plan

Blank Rome LLP on

INTRODUCTION - Now that §401(k) plans have replaced traditional pension plans as the overwhelming type of employer-sponsored type of retirement plan, there is a growing concern that many employees are not equipped to make...more

WilmerHale

Life and Annuity Series: Stable Value Funds

WilmerHale on

Class action plaintiffs have long claimed that insurance companies may become ERISA fiduciaries when offering variable annuity products and funds to 401(k) plans. The Colorado federal court decision in Teets v. Great...more

WilmerHale

Life and Annuity Series: Excessive Fees—Different Theory

WilmerHale on

A recent decision on "excessive fees," titled Santomenno v. Transamerica Life (C.D. Cal.), supports an even broader theory of ERISA liability than the "sub-advisor" claims I have previously reviewed, but it restricts that...more

Carlton Fields

For Life Insurers and Agents – A Summary of Predicted Litigation Under the DOL’s Proposed Fiduciary Rule

Carlton Fields on

The Department of Labor’s recent Proposed Rule (the “Proposal”), which defines the term “fiduciary” as it applies to persons who provide “investment advice” to ERISA plans and IRAs, will impact the likelihood and severity of...more

Carlton Fields

Third Circuit Limits ERISA Fiduciary Liability

Carlton Fields on

Former and current annuity holders sued John Hancock Life Insurance Company in New Jersey federal court several years ago, alleging that, as a service provider to their 401(k) plans, John Hancock was an ERISA fiduciary and...more

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