ERISA – Page 9 – Legal News Feed

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Michigan Court Dismisses ERISA Class-Action Suits: Implications for Investment Options and Administrative Fees

Pieter Gunst3 years ago02 mins

In recent news on ERISA litigation, a Michigan Court has dismissed key class-action lawsuits around investment options and administrative fees. The dismissal marks a turning point in the ongoing legal understanding and interpretation of the Employee Retirement Income Security Act (ERISA). Defined by class-action lawsuits targeting fiduciaries of 401(k) and other retirement plans, the primary…

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Pension Plan Cybersecurity: Navigating Department of Labor Scrutiny and Protecting Beneficiaries

Pieter Gunst3 years ago02 mins

In the realm of pension plan administration, the issue of cybersecurity risk management is becoming more prominent. Following recent data breaches affecting pension systems and their beneficiaries across the nation, administrative officials are under increasing scrutiny from the Department of Labor regarding their cybersecurity policies and procedures. Nossaman LLP’s Ashley Dunning and Michelle McCarthy hosted…

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Fourth Circuit Clarifies Unjust Enrichment Standards under ERISA’s Equitable Relief Provision

Pieter Gunst3 years ago03 mins

The United States Court of Appeals for the Fourth Circuit has recently established new standards for plaintiffs seeking unjust enrichment as an equitable remedy under the Employee Retirement Income Security Act (ERISA). This development offers clarity about the circumstances under which a plaintiff may seek a monetary recovery under § 502(a)(3) of ERISA, a section…

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DOL Finalizes ESG Regulations and Proxy Voting Rules for ERISA Fiduciaries

Pieter Gunst3 years ago03 mins

In late 2022, the U.S. Department of Labor (DOL) issued the final regulations addressing the responsibilities of ERISA fiduciaries when considering environmental, social, and governance (ESG) factors in investment decisions. These regulations also govern the exercising of shareholder rights, such as voting proxies, that might impact ERISA-covered clients. The new DOL rule on proxy voting…

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Analyzing Recent ERISA Litigation Decisions: Insights and Implications for Law Firms and Corporations

Pieter Gunst3 years ago03 mins

In the world of ERISA litigation, keeping an eye on recent decisions can be informative and potentially impactful for corporations and law firms alike. This October 2023 edition of The Friday Five, provides a concise exploration of recent rulings. Saul Ewing LLP highlights cases that cover a wide array of topics, including the questionable effect…

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Decoding MRLs: Navigating Management Rights Letters in Venture Capital Investments

Pieter Gunst3 years ago04 mins

In the world of venture capital and finance, acronyms and terms can often become convoluted, leaving both investors and entrepreneurs perplexed. One such term that has become prevalent among U.S.-based investors is “MRL”, which stands for a management rights letter. Despite its commonality, many are left wondering: “What is an MRL?” and “Why does this…

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ERISA Lawsuits Challenge 401(k) Plan Forfeiture Practices: Potential Industry Shift Looms

Pieter Gunst3 years ago03 mins

In the past month, plaintiffs have filed two separate lawsuits, Dimou v. Thermo Fisher Scientific, Inc. and Rodriguez v. Intuit, Inc., accusing plan fiduciaries of violating the Employee Retirement Income Security Act of 1974 (ERISA) by leveraging plan forfeitures to offset future employer contributions. This recent flurry of lawsuits is targeted at a common practice…

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5 Essential Practices for ERISA Retirement Plan Administrative Fiduciaries

Pieter Gunst3 years ago04 mins

The fiduciary standards of ERISA and applicable tax rules have, for a long time, presented a challenging spectrum for benefit plan administrators. Given the complexity of the responsibilities, sourcing for formidable best practices has emerged as a common concern for plan sponsors aiming to enhance their compliance, regardless of the plan type involved. Following our…

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Navigating the Shifting Landscape of ERISA and Retirement Plan Regulations

Pieter Gunst3 years ago03 mins

The legal landscape of the National Employee Retirement Income Security Act (ERISA) and retirement plan regulations have undergone significant changes over the last decade. In light of this, legal professionals in corporations and law firms are grappling with the evolving environment. Ary Rosenbaum of The Rosenbaum Law Firm P.C. provides insight into his experience in…

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Tenth Circuit Rules ERISA Overrides Oklahoma PBM Reform Law, Intensifying Preemption Debate

Pieter Gunst3 years ago02 mins

In a noteworthy legal development, the Tenth Circuit has ruled that the Employee Retirement Income Security Act (ERISA) overrides the Oklahoma Pharmacy Benefit Manager (PBM) reform law. This decision came in response to a petition filed by the Oklahoma Attorney General seeking an En Banc Rehearing on September 19, 2023. The Oklahoma Attorney General’s petition…

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ERISA Monthly Minute: Tobacco Surcharges, Gag Clause Attestation, and ACA Affordability Adjustments

Pieter Gunst3 years ago03 mins

Keating Muething & Klekamp PLL have recently distributed their monthly update on significant Employee Retirement Income Security Act (ERISA) legal developments. The September Monthly Minute is directed to corporate legal professionals and covers three important areas: tobacco surcharge cases, gag clause attestation, and adjustments to the Affordable Care Act (ACA) affordability percentage. The Monthly Minute…

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ERISA Fund Managers Face December 2023 Deadline for DOL Fiduciary Compliance

Pieter Gunst3 years ago03 mins

Private investment fund managers who oversee funds subject to Title I of ERISA and are not feeder funds (referred to here as “ERISA Funds”) are facing some important deadlines. By December 1, 2023, these managers must ensure compliance with the Department of Labor’s (DOL’s) 2022 regulation that specifies fiduciary responsibilities regarding plan investment selection and…

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Navigating Common Health and Welfare Pitfalls in Employee Benefits Plans

Pieter Gunst3 years ago03 mins

In this third part of our series on employee benefit plans, we will discuss some of the more unnoticed yet potentially consequential health and welfare issues that can arise within staff benefit structures. With an understanding of these common faults, plan sponsors can optimise their benefits offerings, mitigate problems, and ensure compliance with the Employee…

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Avoiding Common Pitfalls in 401(k) Plan Administration: Navigating Compliance and Fiduciary Challenges

Pieter Gunst3 years ago03 mins

In the context of American retirement policy, the 401(k) plan has rather evolved, for better or for worse, to become a centrepiece. With these changing pressures, it is crucial to examine some of the common pitfalls that occur with 401(k) plans, which can often be overlooked in the fast-paced corporate world. As Part Two of…

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Exploring Surcharge as a Remedy for ERISA Breach of Fiduciary Duty in the Fourth Circuit

Pieter Gunst3 years ago02 mins

A recent development has led to discussions within the legal community around whether plaintiffs in the Fourth Circuit may be granted “surcharge” as a remedy for breach of fiduciary duty under the Employee Retirement Income Security Act (ERISA). The matter was extensively addressed in a legal publication by Troutman Pepper. In contrast to the traditional…

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Reintroduced Bills to Require Spousal Consent for 401(k) Distributions

Pieter Gunst3 years ago03 mins

The Democratic members of the United States Congress have recently reintroduced a set of bills that seek to establish the necessity of spousal consent for distributions from 401(k) retirement plans. If passed into law, the regulations would extend additional protection to spouses in matters related to retirement savings and assets distribution.More details can be found…

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Navigating ERISA Challenges: A Comprehensive Guide to Employee Benefit Plan Wellness Checks

Pieter Gunst3 years ago03 mins

Operating within the complexities of the Employee Retirement Income Security Act of 1974 (“ERISA”) can pose significant challenges for plan sponsors. Unlike traditional labor and employment considerations, ERISA’s fiduciary standards may appear more stringent for those involved in making corporate decisions. As ERISA has continued to broaden its reach, it could be argued that it…

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Navigating 2023 ERISA Welfare Plan Automatic Participant Disclosures: A Corporate Compliance Guide

Pieter Gunst3 years ago04 mins

As corporations prepare to navigate the upcoming 2023, it’s crucial to focus on the Employee Retirement Income Security Act (ERISA) guidelines pertaining to employee welfare plans. A significant aspect of these guidelines is the necessary distribution of Summary Plan Descriptions (SPDs) to plan participants. This process lets benefactors know their respective entitlements, rights, and obligations,…

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Retirement Plan Professionals: Navigating the High Risk of Legal Liability

Pieter Gunst3 years ago02 mins

In an era where legal liability is an almost persistent threat, having a sound and proactive approach to risk management is critical. This rings especially true for sponsors and providers of retirement plans, where the chances of being sued are conspicuously high, regardless of the quality of their work or services. JD Supra provides a…

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ERISA Fiduciary Claims: Analyzing the Uncommon Bench Trial Ruling in Nunez v. B. Braun Medical

Pieter Gunst3 years ago02 mins

Recent developments within the realms of ERISA lawsuits have led to a rare bench trial. Given that ERISA fiduciary claims are on the rise, it is of utmost interest that the case of Nunez et al., v. B. Braun Medical Inc. et al. was permitted to proceed to trial, given the long-standing rarity of such…

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Workers Prioritize 401(k) Matching Contributions Over Direct Wage Increases, Survey Reveals

Pieter Gunst3 years ago03 mins

A recent survey by the National Bureau of Economic Research (NBER) found that workers tend to value 401(k) matching contributions more than direct cash or wage increases. In fact, a dollar contributed to their 401(k) appears to be twice as effective at attracting employees as a dollar increase in wages. In an ever-tightening labor market,…

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Platinum 401k Pioneers 403(b) Pooled Employer Plan Following SECURE 2.0 Legislation

Pieter Gunst3 years ago03 mins

In the wake of the SECURE 2.0 legislation, Platinum 401k, a Florida-based third party administration firm and ERISA 3(16) Plan Administrator, has pioneered a 403(b) Pooled Employer Plan (PEP). This move presents an opportunity for organizations, notably those with generic, starter or frozen 403(b) plans, to potentially benefit from lower costs, better investments, and improved…

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DOL Seeks Stakeholder Input on SECURE 2.0 Act’s ERISA Reporting and Disclosure Requirements

Pieter Gunst3 years ago02 mins

The U.S. Department of Labor (DOL) has drawn attention as it recently issued a Request for Information (RFI), asking for stakeholder input surrounding various regulatory issues tied to the SECURE 2.0 Act. The request, which took place on August 11, 2023, spans a range of topics, primarily focusing on the reporting and disclosure requirements under…

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ISDA Updates Master Agreement in Response to COVID-19 Pandemic Concerns

Pieter Gunst3 years ago02 mins

Responding to member feedback amid the Covid-19 pandemic, the International Swaps and Derivatives Association (ISDA) has published several standard form amendments to the ISDA Master Agreement. This move came after consultation with ISDA members, starting in 2022. The amendments cover areas such as standard notice provisions and force majeure language, all of which can be…

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Indiana Addresses E-Lien Fee Permissibility Amid Statewide Electronic Lien and Title System Implementation

Pieter Gunst3 years ago02 mins

On June 30, 2023, the Indiana Department of Financial Institutions published an advisory letter addressing the issue of e-lien fees that are not payable to the Indiana Bureau of Motor Vehicles. This publication was sparked by the mandatory induction of a statewide electronic lien, and title system. The assessment was shared in a letter formulated…