Regulations/Legal
Long after the financial crisis brought serious ethical lapses at ratings agencies to light, S&P Ratings evidently continued to violate SEC regulations.
MetLife sues FSOC over “SIFI” designation
MetLife has long argued that the SIFI restrictions are designed for banks, and not insurance companies, because their risks are fundamentally different from banks, and because insurers are already...
Illinois Mandates Workplace Retirement Plans
Private-sector employers in Illinois with 25 or more full-time employees have to offer access to a retirement plan by June 1, 2017 or face penalties. Illinois state senator Daniel...
Trial Date Set for “Excessive fee” Suit against Boeing
“This decision reflects the pendulum that has clearly swung in the participants’ favor in recent years,” writes ERISA attorney and blogger Thomas E. Clark, Jr. of FRAPlanTools.com.
Eaton Vance gets SEC approval for ‘managed ETFs’
The SEC has just approved a request to list and trade exchange-traded managed funds on NASDAQ, and has issued a notice of intent to grant exemptive relief to permit...
MassMutual settles part of excessive fee lawsuit for $9.5 million
MassMutual has settled its lawsuit with Goldenstar retirement plan participants, which accused the retirement plan provider of violating its fiduciary responsibilities when it received revenue-sharing payments from asset managers...
Fidelity settles suit for $12 million, revises its own 401(k) plan
“Fidelity’s settlement of this case is somewhat surprising as typically vigorously defended itself in other excessive fee litigation," wrote ERISA blogger Thomas E. Clark.
Life Just Got Easier for Qualified DIAs
The new Treasury regulation on "longevity insurance" does more than promote late-life annuities. By removing an RMD barrier, it makes retirement income planning easier for middle-class people whose savings...
Is Time Running Out on the Fiduciary Proposal?
'If it takes six months for a comment period and six months for hearings, and then time to develop a final rule, by then we’re running into an election...
Federal judge denies MassMutual’s motion to dismiss ERISA suit
U.S. District Judge Patti B. Saris ruled on May 20 that MassMutual became a "functional fiduciary" when it decided to collect a 1% revenue-sharing fee from third-party mutual fund...
DoL to hold hearing on “facilitating lifetime plan participation”
The meeting is open to the public, and Assistant Labor Secretary Phyllis Borzi will speak. To address the council or submit a written statement, email requests to the DoL...
Fidelity, as service provider, wins in appeal of “Tussey v. ABB”
This week's appeals court decision in the class action suit against Fidelity and one of its 401(k) recordkeeping clients was a "mixed bag for plan sponsors, participants and service...