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Excessive Fee Suit Comes From a New Direction
Another plan sponsor has been charged in an excessive fee suit – but if the allegations are familiar, the law firm bringing the suit could represent a whole new “class” of litigation. The suit (Barrett...
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Small Businesses Increasingly Using Best-in-Class Design Features
Like their large corporation counterparts, small business 401(k) plans are increasingly implementing best-in-class design features to improve the retirement readiness of their employees, Vanguard says...
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Reader Poll: Would Rothification Wreck Rising Rates for Roth?
A recent survey found the biggest one-year increase in Roth contribution offerings among its clients in 2016, and another recently chronicled the potential impact of a switch to Roth for 401(k)s. What...
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Excessive Fee Suit Filed Against Another Ivy League 403(b)
Another “mega” university 403(b) plan finds itself in the excessive fee crosshairs of a participant-plaintiff suit. The latest is a suit (Short v. Brown Univ., D.R.I., No. 1:17-cv-00318, complaint...
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Are SDBAs the Next Litigation Target?
Back in the 1990s, the ability to support a self-directed brokerage account (SDBA) capability was a widely utilized means of winnowing the field in a 401(k) search, and more recently, the option seemed...
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Pay Me Now, or Pay Me Later
Many years ago, there was a commercial (for car oil filters, as I recall) that cautioned, “You can pay me now, or pay me later” – in other words, spend a little now on an oil filter, or pay lots later...
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Gucci Gulp? Another Excessive Fee Suit Filed
Another excessive fee suit – this one involving a not-so-jumbo plan – claims that 401(k) plan fiduciaries “severely mismanaged the Plan in a myriad of ways,” notably by, in the plaintiff’s words,...
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University of Pennsylvania Prevails in 403(b) Excessive Fee Suit
An excessive fee suit that had challenged the number of funds on the menu, the use of multiple recordkeepers, and the embrace of asset-based, rather than per-participant fees (among other things) has...
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Excessive Fee Suit Targets Advisor Comp
Another excessive fee suit has been filed against 401(k) plan fiduciaries, including allegations that part of a breach of fiduciary duty was allowing the plan’s advisor to be paid excessive...
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Supremes Leave ABB ‘Be’
The long-running excessive fee case of Tussey v. ABB won’t get its day before the U.S. Supreme Court – but the case has yet to reach a final conclusion. The nation’s high court has announced without...
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Damaged ‘Goods’: Court Rejects Damage Calculations in Excessive Fee Suit
Finding disagreement on the calculation of damages – and disagreeing with the assumptions presented – in the long-running excessive fee case of Tussey v. ABB, a federal court judge has directed the...
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Allianz Strikes a Deal in Excessive Fee Suit
The parties in an excessive fee suit involving proprietary funds have come to terms on a settlement agreement. The suit, filed in October 2015 in U.S. District Court in Santa Ana, CA, by plaintiffs...
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New Ground(s) Emerge in NYU Excessive Fee Suit
An amended claim in an excessive fee litigation treads some new ground – including naming the plan’s investment advisor as a defendant. New York University was the target of one of the first of the...
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Fidelity to Implement Surcharge on Vanguard Assets in DC Plans
Fidelity Investments has confirmed that beginning this year, all new 401(k) clients with less than $20 million in assets will be assessed a fee on participant assets held in Vanguard investment funds....
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Excessive Fee Claims Rejected in Capital Group Case
Capital Group has prevailed in an excessive fee suit brought by a participant in the money manager’s 401(k) plan, with the judge noting that “fiduciaries need not choose the cheapest fees available to...
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Reader Poll: (Not Yet) a Tipping Point for CITs?
Once primarily associated with passively managed investment strategies, interest in collective investment trusts, or CITs, is said to be increasing – but have we reached an adoption tipping point for...
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Hoyas Hit with 403(b) University Excessive Fee Suit
Georgetown University and two of its officers are the latest to find themselves in the crosshairs of an excessive fee suit. The suit (Wilcox v. Georgetown Univ., D.D.C., No. 1:18-cv-00422), filed Feb....
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TDF Assets: The Big Got Even Bigger in 2017
Fueled by the strong stock market performance in 2017, assets in mutual fund and CIT-based target-date solutions continued to see impressive growth, with passive strategies still gaining market share,...
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Excessive Fee Suit Targets Advisor Comp
Another excessive fee suit has been filed against 401(k) plan fiduciaries, including allegations that part of a breach of fiduciary duty was allowing the plan’s advisor to be paid excessive...
View ArticleClik here to view.
Supremes Leave ABB ‘Be’
The long-running excessive fee case of Tussey v. ABB won’t get its day before the U.S. Supreme Court – but the case has yet to reach a final conclusion. The nation’s high court has announced without...
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