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Fiduciary Duty Retirement Plan Pensions

The Wagner Law Group

District Court Grants Motion to Dismiss Forfeiture Complaint

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Last year, we alerted you to the filing of several class action lawsuits alleging that plan fiduciaries violated their duties of prudence and loyalty under Title I of ERISA by using forfeitures to reduce employer...more

Snell & Wilmer

Cheers to 50 Years of ERISA: A Major Milestone in Employee Protection

Snell & Wilmer on

As the Employee Retirement Income Security Act (“ERISA”) celebrates its 50th anniversary, it offers us an opportunity to reflect on its transformative impact on employee benefits and retirement security. Signed into law on...more

Jackson Lewis P.C.

Conflicting Decisions Foreshadow Upcoming Disputes in ERISA 401(K) Forfeiture Class Actions

Jackson Lewis P.C. on

Conflicting orders on motions to dismiss from two California courts foreshadow issues for a new theory of ERISA liability. Employers have faced a recent wave of novel ERISA class actions that challenge the reallocation of...more

Jackson Lewis P.C.

Use of Plan Forfeitures Not the Slam Dunk It Used to Be

Jackson Lewis P.C. on

A recent rash of class action lawsuits in California claim that using forfeitures to reduce future employer contributions to tax-qualified retirement plans runs afoul of the Employee Retirement Income Security Act (ERISA)....more

Troutman Pepper

EDVA Judge Allows Pension Investment Expert to Testify in Class Action ERISA Case

Troutman Pepper on

A recent decision by Senior District Judge Robert Payne on a Daubert motion in class action litigation against a pension fund offers some helpful lessons on challenging expert witnesses in the EDVA. Trauernicht v. Genworth...more

Bricker Graydon LLP

Pension Risk Transfer Considerations and Recent Litigation - A Case of Imprudent “Passing the Buck” or Sound Risk Management?

Bricker Graydon LLP on

Over the last several years, numerous large pension plan sponsors have transferred billions of dollars in financial risk related to their pension plan benefit obligations to insurance companies through the purchase of group...more

Bricker Graydon LLP

Knock Knock, Is Anyone Home? Do You Know Where Your “Missing” Retirement Plan Participants Are?

Bricker Graydon LLP on

In the laundry list of retirement plan administrative and operational requirements, plan sponsors may sometimes overlook their obligations with respect to terminated vested employees. Even though these individuals have left...more

Bricker Graydon LLP

Unicorn, Ostrich or Okapi? Fiduciary Duties for Governmental Retirement Plan Sponsors

Bricker Graydon LLP on

Most retirement plan sponsors know that ERISA - the federal law that imposes duties (and liability for breaching those duties) on certain individuals and entities that are defined as plan fiduciaries – is the primary source...more

Dickinson Wright

Mastering Retirement Plan Forfeitures: A Deep Dive into IRS’s 2023 Proposals & Fiduciary Litigation Trends

Dickinson Wright on

When a participant terminates employment without being fully vested in their qualified retirement plan account, the non-vested portion of the account is a “forfeiture.” While forfeitures are a common element of most...more

Nossaman LLP

Felony Forfeitures Statutes Tested Again: A Tale of Two States’ Pension Reform Statutes–One Forfeiture Survives and One Does Not

Nossaman LLP on

The constitutionality of California’s felony forfeiture statute, as applied by the Board of Administration of the California Public Employees’ Retirement System (CalPERS), survived yet another challenge in September 2023,...more

Nossaman LLP

Federal Court Rejects States’ Challenge to DOL’s ESG Investing Rule

Nossaman LLP on

On September 21, 2023, a federal judge in Texas granted summary judgment in, and thus dismissed, a lawsuit filed by the Attorneys General of 25 states and other interested parties challenging a final rule issued by the U.S....more

Foley & Lardner LLP

Does the Supreme Court’s Analysis in Thole v U.S., Bank, N.A. Apply to Welfare Benefit Plans?

Foley & Lardner LLP on

In Thole v. U.S. Bank, N.A., 140 S Ct. 1615 (2020), the Supreme Court, in a five to four decision authored by Justice Kavanaugh, held that participants in an ERISA defined benefit pension plan did not have standing under...more

Morgan Lewis - ML Benefits

Transitioning to Post-SECURE 2.0 Pension Overpayment Recovery Practices

As we have previously discussed, the SECURE Act 2.0 of 2022 (SECURE 2.0) changed the game for plan sponsors when considering whether and how to recover retirement plan overpayments. The new rules provide welcome relief and...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

DOL proposes VFCP self-correction

The Department of Labor’s Employee Benefits Security Administration (EBSA) proposed updates to their Voluntary Fiduciary Compliance Program (VFCP), which would allow a self-correction component. The EBSA proposal includes a...more

Pietragallo Gordon Alfano Bosick & Raspanti,...

BEWARE Pension Plan Trustees: The United States Supreme Court has Heightened Your Responsibility

On Monday, January 24, 2022 the United States Supreme Court issued its much-anticipated opinion in the Hughes, et al. v. Northwestern University, et al. case. Before the Court was the issue of whether Northwestern University...more

Goodwin

ERISA Litigation Update - July 2021

Goodwin on

Welcome to Goodwin’s ERISA Litigation Update. Litigation involving ERISA-governed benefits plans has exploded in recent years. Lawyers in our award-winning ERISA Litigation practice have extensive experience litigating these...more

Nossaman LLP

Podcast: Getting the Most Out of Your Public Pension Plan Insurance Coverage

Nossaman LLP on

All public pension plans need a well-crafted fiduciary liability insurance policy. This should include ample coverage, including protection against the risk of impending litigation. The recent ruling by the U.S. Court of...more

Williams Mullen

PODCAST: Williams Mullen's Benefits Companion - Missing Plan Participants

Williams Mullen on

On this episode of Williams Mullen's Benefits Companion, host Brydon DeWitt is joined once again by Beryl Ball, Principal Financial Advisor at CAPTRUST, who explains the Department of Labor’s recent guidance for plan sponsors...more

Verrill

Pension Plan Mortality Table Litigation – What’s Next?

Verrill on

The first major settlement of a lawsuit challenging the mortality assumptions used to calculate pension plan benefits was announced earlier this year. According to court filings in Cruz v. Raytheon Company, the settlement...more

Jackson Lewis P.C.

About That Pension Check… A Miscalculation Case With Broader Implications

Jackson Lewis P.C. on

The Ninth Circuit Court of Appeals recently addressed several issues of first impression in Bafford v. Northrop Grumman (9th Cir. April 15, 2021), a lawsuit involving retirees who received vastly overstated pension benefit...more

Blake, Cassels & Graydon LLP

Pensions, Benefits & Executive Compensation Newsletter – March 2021

Welcome to the 29th issue of the Blakes Pensions, Benefits & Executive Compensation Newsletter. This newsletter provides a summary of recent jurisprudential developments that affect pensions, benefits and executive...more

Groom Law Group, Chartered

UK to Mandate Consideration of Climate Change by Pension Fiduciaries in 2021

On January 27, 2021, the United Kingdom’s Department for Work and Pensions (“DWP”) issued the draft regulation, The Occupational Pension Schemes (Climate Change Governance and Reporting) Regulations 2021 (the “Regulation”). ...more

Proskauer - Employee Benefits & Executive...

DOL Releases Guidance on addressing the Missing Participant Problem

The problem of “missing” participants and beneficiaries (individuals for whom the plan administrator does not have adequate contact information) is an ongoing issue for retirement plan administrators. It is also an area to...more

Verrill

DOL Guidance on Missing Pension Plan Participants Benefits Law Update

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The Department of Labor (“DOL”) has undertaken a nationwide compliance initiative to ensure that retirement plan participants receive the benefits that they were promised when they reach their retirement age. To that end, the...more

Eversheds Sutherland (US) LLP

Lost and found: DOL issues guidance relating to missing participants

On January 12, 2021, the Department of Labor (DOL) released a triple shot of guidance related to helping retirement plan fiduciaries meet their obligations under the Employee Retirement Income Security Act (ERISA) to...more

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