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BPAS
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July Business Services
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DC Retirement Plan Administrator Michigan Pension & Actuarial Services, LLC
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Anchor 3(16) Fiduciary Solutions
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ESOP Administration Consultant Blue Ridge Associates
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Cash Balance/ Defined Benefit Plan Administrator Steidle Pension Solutions, LLC
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Strongpoint Partners
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EPIC RPS
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Retirement Plan Consultants
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Combo Retirement Plan Administrator Strongpoint Partners
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Relationship Manager for Defined Benefit/Cash Balance Plans Daybright Financial
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Compass
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MVP Plan Administrators, Inc.
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Retirement Plan Administration Consultant Blue Ridge Associates
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Nova 401(k) Associates
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Managing Director - Operations, Benefits Daybright Financial
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Mergers & Acquisition Specialist Compass
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-- An attorney subscriber
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Search the News Archive
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7 Matching News Items |
| 1. |
Goodwin Procter
Dec. 13, 2012
"The court held that, like in those cases, plaintiffs' allegations plausibly alleged that the defendants selected affiliated funds 'to benefit themselves at the expense of participants' and that the selection process was 'flawed,' each of which it found sufficient to support a claim of breach of ERISA fiduciary duty. The court also held that the fact that defendants included a range of investment options under the plan -- which included investments managed by unaffiliated entities -- did not shield defendants from liability." [Krueger v. Ameriprise Financial, Inc., No. 11-cv-02781, 2012 WL 5873825 (D. Minn. Nov. 20, 2012)]
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| 2. |
Ameriprise Financial
Aug. 23, 2007
10 pages. Excerpt: Ameriprise found the employees surveyed would like their employer to provide financial planning assistance. Eighty-nine percent of respondents said a financial plan that directly addressed their workplace benefit costs and contingent financial decisions would be helpful, and 70% would be moderately or very interested in one-on-one financial planning if offered through their employer.
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| 3. |
HR Daily Advisor
Dec. 20, 2012
"In ruling for the plaintiffs, the judge reminded that ERISA's duty of loyalty requires fiduciaries such as Ameriprise to act with an eye solely to the interests of participants. She said plaintiffs plausibly argued that Ameriprise did not do this when discharging its duties to participants and beneficiaries of the plan. 'Perhaps the most fundamental duty of a [fiduciary] is that he must display ... complete loyalty to the interests of the beneficiary and must exclude all selfish interest and all consideration of the interests of third persons.'" [Krueger v. Ameriprise Financial Inc., No. 11-cv-02781 (D. Minn., Nov. 20, 2012)]
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| 4. |
InsuranceNewsNet.com
Aug. 1, 2016
"Complying with the [DOL's] new fiduciary rule will cost an estimated $1 million a month for the next 18 months to 24 months, and between $5 million to $10 million a year afterwards, executives with Principal Financial Group said Friday. Earlier in the week, executives from Ameriprise Financial said DOL rule compliance-related issues had cost the company $11 million in the first half of 2016."
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| 5. |
ABC News
Oct. 14, 2011
[M]ore workers are already going after companies that they allege are taking advantage of those retirement accounts. Ameriprise Financial Inc. employees participating in the company's 401(k) plan filed a suit last month against the company, alleging the financial services firm invested employee retirement money into its own untested funds and charged expensive, uncapped fees.
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| 6. |
Bloomberg BNA
July 21, 2015
"Attorneys who obtained a $62 million settlement from Lockheed Martin Corp. for participants in the company's 401(k) plan are entitled to $22.3 million in fees and costs as part of the settlement, a federal court in Illinois has ruled.... This is the second multimillion-dollar fee award in a week for Schlichter, which was awarded $9.9 million by a federal judge in Minnesota on July 13 for the firm's role in a settled case involving the Ameriprise Financial Inc. 401(k) plan."
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| 7. |
Financial Planning
Jan. 10, 2024
"[M]ost experts expect a lawsuit to challenge the rule in court, in an identical move out of the playbook of the industry trade groups that successfully got Labor's last attempt at a similar rule vacated in 2018. In another echo of earlier rulemakings or legislative efforts, opponents such as the Financial Services Institute, Ameriprise and LPL Financial helped advisors flood the agency with thousands of form letters."
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