Posts in Fiduciary Issues
IBM Files for Certiorari in ERISA Duty of Prudence Breach Claim

“Last week, International Business Machines Corp. (IBM) sought Supreme Court review of a Second Circuit decision favoring retirement plan participants claiming the plan’s fiduciaries breached their duty of prudence in failing to disclose pertinent information with respect to the declining value of the business.  Click here to keep reading.

Source: Holland & Hart

401(k) Contribution Deadlines - You Don't Want to Miss Them!

“All 401(k) plan contributions have deposit deadline - and it’s up to 401(k) fiduciaries to meet them. Yet, many employers are unclear about the deadlines applicable to their 401(k) plan. That confusion can easily lead to late contributions. When that happens, there are always consequences for the employer. Click here to keep reading.

Source: www.employeefiduciary.com

Appellate Court Affirms Dismissal of Chevron ERISA Lawsuit

“Agreeing with a federal district court that plaintiffs did not allege sufficient facts to support a plausible claim that Chevron Corporation and its defined contribution (DC) plan committee breached their Employee Retirement Income Security Act (ERISA) duties of loyalty and prudence, the 9th U.S. Circuit Court of Appeals affirmed dismissal of the lawsuit.” Click here for more details.

Source: PlanSponsor

Groups Say SEC’s Best Interest Proposal Fails to Provide Uniform Fiduciary Standard

Many groups and regulatory officials feel as though the SEC’s ‘best interest’ proposal “fails to impose a uniform fiduciary standard.”  Xavier Becerra, California’s Attorney General, calls the proposed rules “toothless” because emphasis is placed on “disclosure instead of preventing conflicts of interest”. Additionally, many groups feel as though the SEC did a poor job by leaving key terms, such as ‘best interest’, undefined. Throughout this article, organizations such as AARP, FPA, PIABA comment on the proposal and offer their recommendations on ways to clear up some of the ambiguity surrounding the new rulings. Click here to read the full article.

Source: PLANADVISER

University of Chicago Settles Excessive Fee Law Suit

"In addition to the monetary settlement, the university has agreed to “retain certain structural changes to the Plans that will further benefit the Plans and their participants,” including agreeing “not to increase per-participant recordkeeping fees for three years from the date of Final Approval of the Settlement, and to use commercially reasonable best efforts to continue to attempt to reduce recordkeeping fees.”

Click here to read more.

Source: Napa.net

Colorado Public Plan Coalition (CPPC) Annual Conference

The Colorado Public Plan Coalition (CPPC) is a 501c(6) nonprofit organization which provides education, networking opportunities for administrators of Colorado public plans, and powerful advocacy for public employee benefit plans. CPPC trains public plan trustees on their fiduciary responsibilities and Colorado laws affecting public plans. Innovest and its professionals have been directly involved in CPPC for more than 20 years. Wendy Dominguez, Innovest’s president and co-founder, served as the chair of the organization at its inception. More than 80 public sector plans attend the conference regularly. Innovest is a regular contributor and volunteer to the educational programs, delivering presentations on plan benchmarking, investing, fiduciary responsibility, and participant communication.

CPPC is an excellent resource for public plan sponsors. Please join us at CPPC’s annual conference from August 28 to 31 in Beaver Creek, Colorado. Click here to see the agenda for this year's conference and to register. CPE credits are being offered for the first time.