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Supreme Court rules against Edison in 401(k) fiduciary breach case
trueThe U.S. Supreme Court on Monday broadened the responsibility of defined contribution plans, saying they have a “continuing duty to monitor trust investments and remove imprudent ones” even though federal law sets a six-year time limit for lawsuits alleging breaches of fiduciary duty.
BofA: More participants contributing to 401(k) plans; auto enrollment, escalation on the rise
trueMore than 1.5 million participants contributed to 401(k) accounts last year, an increase of 18% over the contributions by participants in 2013, said a report by Bank of America Merrill Lynch based on its record-keeping data.
Verizon deal for AOL would add more than $600 million in DC plan assets
trueVerizon Communications Inc., New York, announced Tuesday it plans to purchase AOL Inc., New York, for about $4.4 billion in a deal that would add more than $600 million in assets to the telecommunications provider’s defined contribution plans.
Gannett goes with Vanguard as new 401(k) record keeper
trueGannett Co., McLean, Va., hired Vanguard Group as record keeper of its 401(k) plan.
DC plans with company stock slow to adopt changes following high court ruling
trueEleven percent of employers offering company stock in their defined contribution plans have hired independent fiduciaries to monitor the investment option since a Supreme Court ruling in June on stock-drop lawsuits, a report by Towers Watson said Tuesday.
Brightscope: Proprietary target-date funds continue to lose share
trueProprietary target-date fund assets have lost their majority status among total target-date fund assets, said research published Tuesday by BrightScope, a firm that evaluates 401(k) plans.
Concerned? Please speak up
trueThe Department of Labor has taken a welcome step in protecting the retirement assets of workers with its proposed new fiduciary rule.
San Bernardino County consolidates DC plan lineup
trueSan Bernardino County, Calif., is consolidating the lineups of its defined contribution plans, said a letter to plan participants on the county's human resources website.
Dow Corning switches to Vanguard as record keeper of 401(k) plan
trueDow Corning Corp. hired Vanguard Group to replace T. Rowe Price as record keeper of its Employees' Capital Accumulation 401(k) plan.
Sonepar USA replaces Prudential with Schwab as 401(k) record keeper
trueSonepar USA hired Schwab Retirement Plan Services as record keeper for its 401(k) plan.
Salt River Materials Group adds 2 bond funds to 401(k) plan, removes PIMCO
trueSalt River Materials Group, Scottsdale, Ariz., is adding the Metropolitan West Total Return Bond Fund and the Vanguard Total Bond Market Index Fund to the investment options lineup in its 401(k) plan.
Appeal notice filed in Fidelity float income case
trueAttorneys for participants in several defined contribution plans filed a notice of appeal with the 1st U.S. Circuit Court of Appeals, Boston, to overturn a federal district court's dismissal of their suit against Fidelity Investments.
Key events for the RJR Pension Investment Committee vs. Tatum case
trueThis reverse stock-drop case — RJR Pension Investment Committee et al. vs. Tatum et al. — will include some knotty legal questions if the Supreme Court chooses to review it.
Fidelity float-income lawsuit dismissed
trueA U.S. District Court judge in Massachusetts has dismissed claims by participants of several defined contribution plans that Fidelity Investments, Boston, breached its fiduciary duties through its management of float income as the DC plans' record keeper.
Ameriprise Financial to pay $27.5 million in settlement with 401(k) participants
trueAmeriprise Financial Inc. will pay $27.5 million as part of a preliminary settlement with participants in its 401(k) plan, said a court document published Thursday.