Nevin & Fred: Has the Forfeiture Tide Turned?

National Association of Plan Advisors [NAPA]

In recent days, federal courts have dismissed two notable suits regarding forfeiture reallocation, but most notably the Labor Department has now weighed in on behalf of plan fiduciaries in another case. Could this be a turning point? Nevin & Fred weigh in.

The dismissed suits — against JP Morgan and Wells Fargo — were dismissed in different courts on different grounds. Still, they came at a time, and in a way, that suggest that at least some federal courts are now inclined to see practices long sanctioned by practice (and the IRS) as meritless.

The real game changer, of course, might be the Labor Department’s “friend of the court” filing on yet another suit — one that the fiduciary defendants have already had success in challenging the suit, and yet find themselves (still) in court litigating the issue(s).

Speaking of the Labor Department, a federal judge in Texas recently ruled on a suit filed challenging the application of the so-called fiduciary regulation, most specifically with regard to its implications on rollovers.

So, what does all that portend for ERISA plan fiduciaries? And what might the anticipated executive order from the Trump Administration expanding/opening the door for private assets in defined contribution mean?

All this and more in the latest episode of Nevin (Adams) & Fred (Reish)…

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