The DOL's new Retirement Security Rule was designed with the U.S. 5th Circuit Court of Appeals rebuttal of a prior fiduciary proposal in mind, an official noted to the American Bar Association, a day after an insurance agent advocacy group filed a motion to pause the rule while litigation plays out.
A South Carolina-based product packaging company's board and benefits committee is the latest to be hit with a lawsuit alleging excessive participant fees in its 401k plan. The complaint brought in the US District Court for the District of South Carolina Florence Division alleges a breach of fiduciary duty under ERISA for allowing for excessive fees in the $1.2 billion 401k plan, which was record kept by Empower.
There is strong support among current and potential participants for state-run retirement plans that provide coverage for those whose employers do not, according to a recent study. And a panel of experts and state officials offer ideas regarding why.
The SECURE 2.0 Act provides for permanent distribution and loan relief for any federally declared major disasters occurring on or after January 26, 2021. This new relief is intended to facilitate timely disaster distributions from qualified plans and IRAs, without having to wait for any specific IRS relief (as was needed in the past).
Account balances rose to their highest levels since the fourth quarter of 2021, thanks to record-high contribution levels and positive market conditions, reports a new retirement analysis out today by Fidelity Investments. For 401k accounts, balances increased 6% from Q4 2024, to achieve $125,900. IRAs saw a 10% rise and totaled $127,745 in Q1, while 403b accounts moved up 7% for a total of $113,000.
Over a thousand participants in the Walmart 401k Retirement Plan were exposed to a data breach by recordkeeping provider Merrill Lynch, after an employee accidentally revealed private information that included names and Social Security numbers to an unauthorized user. The data breach impacted 1,883 Walmart employees who were enrolled in the company's 401k Retirement Plan.
The FACC, along with other independent insurance agents, filed the preliminary injunction in the U.S. District Court for the Eastern District of Texas. The suit argues that if applied, the new fiduciary rule would cause "dire consequences for tens of thousands of independent insurance agents and their clientele if not stopped." Therefore, its implementation should be delayed until the first lawsuit is settled, plaintiffs maintained.
More than a decade after proposing amendments to regulations on abandoned plans, the DOL has issued interim final regulations that, among other things, allow bankruptcy trustees to use the DOL's Abandoned Plan Program to terminate and wind up the plans of sponsors in Chapter 7 bankruptcy. The article provides background and highlights of the regulations for bankruptcy trustee QTAs.
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Collected Wisdom™
Our researchers look for what they think are some of the better resources available to assist you in administering your plan or helping your clients. We group these resources in our COLLECTED WISDOM™ topics to make it easy for you to locate the information you need. Each item in a category contains a summary and date of when it was placed in the group.
We also maintain some older material in these collections for perspective and context.