A federal magistrate judge—who has been tasked with a number of recommendations regarding dismissals of late—has recommended that an excessive fee suit be dismissed, this one with prejudice. In outlining the controversy (Genna B. Laabs v. Faith Technologies Inc. et al., case number 1:20-cv-01534,... READ MORE

A federal magistrate judge has—again—recommended tossing an excessive fee suit against a $4 billion 401(k) plan—this time with prejudice. While the recommendation still requires the signoff of a district judge, U.S. Magistrate Judge Stephen C. Dries—who considered the case last November and... READ MORE

Pensions were not on my mind in 1974, certainly not on Labor Day of that year.  While I was pondering my new college textbooks (and trying to figure out how I was going to pay for $.55/gallon gasoline), President Gerald R. Ford, less than a month in that role—and, appropriately enough on Labor Day... READ MORE

The allegations are familiar, as are the attorneys representing the plaintiffs—but this settlement proposal involves more than just money. The proposed settlement comes in an action brought by plaintiffs Sarah Gamble, David Covington, Tansy Wilkerson, and Daisy Santiago (represented by Miller Shah... READ MORE

Just four years after striking an excessive fee settlement, a fund company has been sued again—and settled again—for allegedly not making the changes to its 401(k) lineup the original settlement contemplated. The defendants in the case are Allianz Asset Management of America (AAM), and the (new)... READ MORE

One of the most-anticipated provisions in the SECURE Act was the advent of a new brand of multiple employer plan—now labeled a pooled employer plan, or PEP.    Created by the SECURE Act in 2019 and first approved for use in 2021, a PEP is a type of 401(k) plan that allows unrelated businesses to... READ MORE

The third-party administrator, or TPA (bear in mind that a recordkeeper is also a TPA) can be a key advisor ally—or, if expectations aren’t aligned—the bane of a customer relationship. What’s most important in an advisor/TPA relationship? Now, it has been well-established in previous Summit... READ MORE

An update of a so-called “study” has been making the rounds—again—and its authors have doubled-down (and then some) on the assumptions in an updated version. I’m referring to something called “The True Cost of Forgotten 401(k) Accounts (2023)”—an update to a report circulated about a year ago of... READ MORE

Well, here we are again at the end of yet another workweek—and yet, there’s no shortage of…well, just look at what happened to these guys and gals… First, some odds and ends… No matter how badly your day is going…it has to be better than THIS… Ok, talk about your misleading headlines…  The... READ MORE