Another 401(k) excessive fee suit has been dismissed—because the participant bringing suit suffered no injury, and thus, had no grounds to bring suit according to a federal court. The suit—brought by one Danny Sabana, a former employee and participant of the CoreLogic 401(k) plan—charged that... READ MORE

Last week an article in an industry publication led with the title “401(k) experiment has failed, fueled U.S. retirement crisis, labor economist says.” In what I am sure generated a fair number of “clicks” that turned out to be the pronouncement of none other than Professor Teresa Ghilarducci,... READ MORE

Well, here we are again at the end of yet another workweek …and (nearly) another month…and just look at what has happened to these guys and gals… In Wales, UK…here are some things that DON’T warrant a call for an ambulance (though they have apparently been used)…  In Chicago, Illinois…there’s... READ MORE

A new report offers a new level of transparency on recordkeeping fees paid by the large plan targets of excessive fee suits—and calls out a number of misleading claims and benchmarks used by the plaintiffs’ bar in bringing those suits. According to the announcement from Encore Fiduciary, formerly... READ MORE

Noting that “at some point, there must be some endpoint to this time-consuming and expensive cycle of litigation,” a federal judge has dismissed a 401(k) excessive fee suit. That “expensive cycle” dates back to October 2020 when a suit (Guyes et al. v. Nestle USA Inc. et al.) was brought in the U.... READ MORE

A federal judge stands ready to approve an excessive fee settlement proposal—but not the requested attorney fees. The settlement was struck between participant-plaintiffs Brian Reichert and Derek Deviny and Juniper Networks, Inc.—the terms announced roughly a year ago. The suit in question had... READ MORE

Another of the 401(k) plans sued for offsetting company contributions with plan forfeitures rather than reallocating them to participant accounts, has filed a motion to dismiss the suit. The action comes after similar motions to dismiss filed by three (and now four) of the five firms sued on those... READ MORE

Yet another of the plan fiduciaries sued for offsetting employer contributions with forfeitures has moved to dismiss the suit for failure to state a claim—taking a different approach than other such motions to dismiss have thus far. This is, of course, one of five suits[i] filed against[ii] large... READ MORE

The Internal Revenue Service (IRS) has issued initial guidance to help employers with implementation of pension-linked emergency savings accounts (PLESAs). Authorized under the SECURE 2.0 Act of 2022, PLESAs are individual accounts in defined contribution (DC) plans—designed to permit and... READ MORE