In this article we discuss a July 22, 2022, decision by the same court, in favor of plaintiffs and denying defendants’ motion to dismiss, holding that a claim based on the use of a retail share class, rather than a less-expensive institutional share class, was sufficient to survive a motion to dismiss.
On June 8, 2022, the Sixth Circuit Court of Appeals affirmed the dismissal of plaintiff’s claim, in Smith v. CommonSpirit Health, et al., that the fiduciary of the CommonSpirit Health 401(k) plan “breached its duty of prudence by offering several actively managed investment funds when index funds available on the market offered higher returns and… Read More
On July 8, 2022, a three-judge panel of the DC Circuit Court of Appeals reversed the decision of a lower court in United Mine Workers of America 1974 Pension Plan v. Energy West Mining Company, ordering that the discount rate used to calculate multiemployer pension plan withdrawal liability must be similar to the discount rate the Enrolled Actuary uses in performing funding calculations for the plan. In doing so, the DC Circuit joins the Sixth Circuit (see our article Multiemployer plan withdrawal liability: Sixth Circuit strikes down “Segal Blend”) in coming to this conclusion. This is welcome news for contributing employers that withdraw from multiemployer pension plans.
Annuity Purchase interest rates hit a record high as of July 1 2022, with the average duration 7 and 15 rates over 4%.
On March 29, 2022, the House of Representatives, by a 414-5 vote, approved the Securing a Strong Retirement Act of 2022 (SECURE 2.0), a synthesis of the Ways and Means Committee’s Securing a Strong Retirement Act of 2021 and the Education and Labor Committee’s RISE Act. On June 14, 2022, the Senate Health, Education, Labor, and Pensions (HELP) Committee, by a voice vote, passed the Retirement Improvement and Savings Enhancement to Supplement Healthy Investments for the Nest Egg Act (the RISE & SHINE Act). And, on June 22, 2022, the Senate Finance Committee unanimously approved the Enhancing American Retirement Now (EARN) Act. In what follows we provide a brief summary of certain key provisions of these three bills.
Stocks tumbled again in June, driving the worst month of the year for pension finance. Both model plans1 we track lost ground last month: Plan A lost more than 3% but remains up 2% for the year, while the more conservative Plan B lost 1%, ending the first half of 2022 down 1%
On June 17, 2022, Senate Finance Committee Chair Ron Wyden (D-OR) released an outline of the bipartisan Enhancing American Retirement Now (EARN) Act. The Committee is expected to take up this legislation beginning the week of June 20. The EARN Act, together with the Retirement Improvement and Savings Enhancement to Supplement Healthy Investments for the… Read More
Annuity Purchase interest rates hit a record-setting high in June, with the average duration 7 rate at 3.82% and average duration 15 rate at 3.87%.
A number of recent cases have addressed the issue of which participants have “standing” to bring an ERISA fiduciary action against plan fiduciaries. The cases generally focus on the issue of whether the participant-plaintiffs have a “concrete stake” in the dispute. In what follows, we discuss two recent cases involving participant-plaintiffs in defined contribution plans… Read More
On May 26, 2022, Senator Murray (D-WA) and Senator Burr (R-NC) Chair and Ranking Member (respectively) of the Senate Health, Education, Labor, and Pensions (HELP) Committee released a discussion draft of the Retirement Improvement and Savings Enhancement to Supplement Healthy Investments for the Nest Egg Act (the RISE & SHINE Act). The HELP Committee proposal… Read More
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