New Legislation Will Temporarily Raise Contribution Limits
Rep. Patrick McHenry, a republican of North Carolina serving on the House Financial Services Committee, introduced the Securing Additional Value for Every Retirement Saver (SAVERS) Act in order to temporarily raise contribution limits for defined…
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House Approves Bill to Help Pay Retirement Benefits
On April 23, the House of Representatives approved a $484 billion COVID-19 stimulus bill which incorporates funding that can be utilized to help pay retirement benefits. The novel legislation, titled the Paycheck Protection Program and…
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Record Keeper, Plan Sponsor Sued for Fiduciary Breach in 401(k) Account Hack
A suit has been filed, alleging “actions in allowing an unknown individual to prey on and steal hundreds of thousands of dollars form the retirement savings of the Plaintiff.” The case was filed on behalf…
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Putnam Settles for $12.5 Million in ERISA Case
In recent ERISA litigation headlines, there was a monumental divide between the nation’s courts in determining who exactly bears the burden of proof in a lawsuit. The original case, Brotherston v. Putnam Investments, LLC was…
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California and New Jersey Extend COVID-19-Related Deadlines
Citing the magnitude of the current pandemic, New Jersey has prolonged the deadline for contemplating its suggested fiduciary rule. The Garden State’s novel uniform fiduciary standard was declared on April 15, 2019; nonetheless, under the…
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Plan Sponsor Cybersecurity Responsibilities
If you are a plan sponsor, you set up retirement plans for your employees. Retirement benefit plan administrators harbor personal information of employees, like social security numbers and email addresses, in myriad electronic records. Plan…
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Unearthing the Cyber Dimensions of the COVID-19 Pandemic
Since the dawn of the coronavirus crisis, there has been a sharp increase in the amount of devastating cyber incidents across the globe. Per the cybersecurity firm CYE, the beginning of February and thereafter has…
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What Types of Insurances Cover COVID-19 Losses?
In light of the recent coronavirus outbreak, more and more people are dealing with insurance-related problems handling the outbreak of the disease. What types of losses are you covered under insurance that could possibly stem…
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The Basics of Fiduciary Liability Insurance
When it comes to the management of retirement plans, a fiduciary’s liability is often misunderstood. Fiduciary liability stems from the strict obligations set in place by the Employee Retirement Income Security Act of 1974, or…
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