IRS Issues CARES ACT Guidance Related to 401(k) Plans
On May 4, 2020, the IRS issued guidance regarding the provisions of the CARES Act related to 401(k) plan distributions and loans (among other things). That guidance can be found here.
Category: 401(k) Plans
DOL Offers Guidance to Retirement Plan Sponsors
On April 28, 2020, the U.S. Depart of Labor (through the Employee Benefits Security Administration) issued helpful regulatory guidance for retirement plans. That guidance is set forth here and here.
Class Action Counsels’ Reach Expands to “Fee” Claims against Small and Mid-Size 401(k) Plans
So-called 401(k) “fee” cases first appeared on the scene in 2006, when a personal injury firm filed a group of lawsuits against sponsors and fiduciaries of large 401(k) plans. Originally, these lawsuits targeted allegedly “excessive fees” charged to plan participants. But the claims have morphed...
Some Thoughts about How to Manage Plan Investments During a Time of Market Volatility
Andrew Holly and Nick Bullard have provided thoughts on how ERISA fiduciaries can perform their duties and minimize litigation risk during these difficult times. You can read their thoughts here.
Will the Supreme Court Review Standards for Pleading 401(k) Fiduciary Breach Cases?
As we have discussed on several different occasions, the Supreme Court has found itself inundated with ERISA cases. The Seventh Circuit’s decision in Divane v. Nw. Univ., 953 F.3d 980 (7th Cir. 2020) (discussed just prior to this post) provides an opportunity for the Supreme...
The Seventh Circuit Opines on What a Plaintiff Must Plead for a 401(k) Imprudence Claim to Go Forward
As ERISA watchers know, courts have been inundated with lawsuits alleging fiduciary breaches with respect to 401(k)/403(b) plans sponsored by universities and healthcare providers. The Seventh Circuit issued another decision identifying exactly what a complaint must allege in order to get past the initial pleading...
Circuit Courts Define when a Stable Value Fund Issuer’s Control over Credited Interest Rate Makes It an ERISA Fiduciary
Two recent cases from the Eighth and Eleventh Circuits have provided further clarity as to when a stable value fund sponsor’s control over the fund’s credited interest rate make is a de facto ERISA fiduciary. (The credited interest rate generally refers to the rate of...
The Supreme Court (Again) Addresses Fiduciary Standards for Company Stock Investments
On January 14, 2020, the Supreme Court—for the third time in six years—issued an opinion discussing the legal standard for alleging a breach of fiduciary duty in connection with the retention of company stock in a 401(k) plan. See Ret. Plans Comm. of IBM v....
