[Guidance Overview]
Supreme Court Signals Broader View of Equitable Relief Under ERISA
"Why the Court embarks on this peculiar path is beyond me. It cannot even be explained by an eagerness to demonstrate -- by blatant dictum, if necessary -- that, by George, plan members misled by an SPD will be compensated. . . . SCALIA, J."
(Roy Harmon III / Health Plan Law)
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DATAIR Retirement Plan Document Software [Advert.]
Cost-effective PC software gives you everything needed to produce and maintain accurate plan documents, SPDs, amendments and employee communications. Many choices of DC, DB, 403(b) and Cash Balance plan types, plus expert support from DATAIR's team.
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[Guidance Overview]
Supreme Court Says SPD Terms Not Enforceable As Plan Terms Leaving Opening for Showing Actual Harm
"Despite this narrow holding, the Supreme Court, in dicta, expanded the scope of equitable relief available under ERISA 502(a)(3), suggesting that the traditional equitable remedies of reformation, equitable estoppel or surcharge are available to provide relief, and that a showing of detrimental reliance is not required for all equitable remedies, but plaintiffs must show 'actual harm.''
(Davis Wright Tremaine LLP)
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[Guidance Overview]
Misplaced Enrollment Form Creates ERISA Liability for Sponsor
"[This case] holds at least three lessons for employers: Even small employers can be sued for large amounts under ERISA; Retaining the responsibility for collecting investment forms can be risky; and Thoughtful plan governance can prevent unforeseen corporate liability."
(Spencer Fane Britt & Browne LLP)
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Asset Allocation Fund Usage Rising in 401(k) Plans
"The popularity of asset allocation funds is expected to increase as investors become increasingly comfortable with relying on the investment expertise of providers rather than trying to 'do it yourself'."
(Spectrem Group)
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Senate Bill Would Limit 401(k) Loans
"The bill would reduce the number of loans workers may take from a 401(k) and give participants more time to repay after losing a job. It will allow savers to contribute to their plan after taking a hardship withdrawal and ban debit cards linked to the accounts . . . ."
(Treasury & Risk)
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12th Annual Transamerica Retirement Survey, May 2011 (PDF)
"The [survey] found that for many Americans, the foundation of their retirement strategy is simply to not retire or to work considerably longer than the traditional retirement age of 65. Overall, American workers' confidence in their ability to achieve a financially secure retirement is low."
(Transamerica Center for Retirement Studies)
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Use Plan Design to Take Advantage of Employee Inertia
"The majority of employers want to prepare their employees for a financially secure retirement, but have found educational campaigns unlikely to result in substantial changes in behavior."
(Employee Benefit News; free registration required)
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Retirement Income Adequacy with Immediate and Longevity Annuities (PDF)
"This report analyzes how differently immediate and longevity annuities can affect probable income adequacy in retirement by taking into account long-term health care expenditures. Specifically, it attempts to find the optimal level of annuitization and asset allocation that would provide a desired level of confidence that individuals will have sufficient retirement income, based on the three different types of risk: investment income, longevity, and long-term care."
(Employee Benefit Research Institute)
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[Opinion]
The 401(k) Plan Sponsor's Biggest Mistake
"Of all [the fiduciary] liabilities, the one most overlooked deals with the hiring of an ERISA attorney. Sometimes it's the fear of fees and sometimes it's just the nature of the question, but for some reason too many plan sponsors don't seek an ERISA attorney when it matters."
(BenefitsPro)
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[Opinion]
Could Your 401(k) Plan Be Illegal?
"Legalities aside, what about the moral and ethical issues? The present system subsidizes the cost for employers and eviscerates the savings of plan participants."
(TheHuffingtonPost.com, Inc.)
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Press Releases
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