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Eighth Circuit Rules Stable Value Provider Is a Fiduciary
October Three Consulting 
Feb. 12, 2020 "[T]he Eighth Circuit Court of Appeals ruled ... that Principal was a fiduciary with respect to one of its stable value products ... because of [1] its ability (unilaterally) to set the guaranteed rate on the PFIO and [2] the sponsor's inability (without paying a 5% surrender charge or waiting 12 months) to withdraw from the PFIO, notwithstanding that participants could (individually) withdraw their assets from the PFIO subject only to an 'equity wash.' " [Rozo v. Principal Life Ins. Co., No. 18-3310 (8th Cir. Feb. 3, 2020)] MORE >> |
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