DOL Proposal Fortifies Fiduciary Role in ESG Investing
According to a new proposed rule from the Labor Department, ERISA plan fiduciaries are not allowed to invest in ESG vehicles that take on more risk and sacrifice investment returns. The rule, published Tuesday night,…
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Fidelity Investments Reaches Settlement in ERISA Lawsuit
Fidelity Investments just reached a settlement with former plan participants in the firm’s 401(k) plan, who accused plan fiduciaries of violating ERISA laws. Filed on June 18 in U.S. District Court in Boston, the plaintiffs…
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IRS Extends COVID-19 Relief for Plan Participants
The IRS has prolonged relief to plan participants whose significant others are laid off and take COVID-19-related loans or distributions from their retirement accounts, as well as offered novel safe harbors for loan repayments. Per…
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Excessive Fee Lawsuit Targets RK Fees
In the U.S. District Court for the Southern District of Ohio, a lawsuit was filed by plaintiff-participants Gregory Stark, William Gaff and Michael Lewin as representatives on behalf of participants in the $2.9 billion Keycorp…
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Novel SBA Guidance Simplifies Key PPP Provision
Partnering with the Treasury Department, The U.S. Small Business Administration launched novel guidance offering vital clarifications for individuals taking advantage of the Paycheck Protection Program. Published on June 12, the Interim Final Rule edits the…
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Automatic Features Push Plan Participation and Contribution Rates Soar
Per the 2020 Universe Benchmarks report, the 2010s was deemed a decade of the defined contribution investor. Attributable to employers embracing automatic features, more employees participating in employee benefit plans, the average savings rate soared,…
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Colorado’s Savings Plan Offers Employer Mandate
Colorado is expected to join states across the country in having a state-sponsored retirement savings plan for private sector employees, including a mandate for employers with greater than five workers that do not provide a…
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Ohio Bill Legislation Creates Defined Benefit Plans
The Ohio House of Representatives crafted a defined benefit plan for workers of private sector employers. It is the first state proposal using a DB plan instead of a defined contribution plan. Introduced on May…
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DOL Approves Private Equity in TDFs
The Department of Labor has given the green light to private equity investments in professionally handled funds within 401(k)s. In a detailed Information Letter, the head of Division of Fiduciary Interpretations at the Employee Benefit…
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