Torrillo & Associates

  • Contact Us
  • 484-574-8782
  • Home
  • About
    • specialists
    • our team
    • Careers
  • Audit Process
  • Services
    • CPA firm partnership
  • Clients
  • Videos
  • Blog
 March 22, 2023

Current Benefit Plan and Audit Related News and Updates

Friday, February, 22, 2019 / Published in Employee Benefit Plans, News and Press Releases, Retirement - 401(k), 403(b)

Recent Legal Cases of Interest to Plan Sponsors

There have been several recent legal developments which plan sponsors should be aware.
  • Putnam investments has asked the Supreme Court to weigh in on who is responsible for bearing the burden of proof whether investment losses resulted in losses to 401(k) plan participants. Certain circuit courts have ruled that it is the legal responsibility of the plaintiffs (participants) to prove the fiduciaries of the Plan did not take proper action, establishing a higher hurdle for a case to proceed. However, other circuit courts have ruled it is the responsibility of the defendants (plan sponsors) to prove they did prudently fulfill their fiduciary responsibilities, making it easier for plaintiff’s cases to proceed. With the circuits divided, it looks like the Supreme Court may take up the case. Please see the article from Benefits Pro, “Still waiting word on Putnam’s request for review in 401(k) case. “
  • Georgetown University became the latest defendant to win its lawsuit over allegedly excessive retirement-plan fees in its 403(b) plan. Please see the article in Investment News, “Have 403(b) lawsuits hit a wall? Fifth university wins dismissal.”
  • The Supreme Court recently refused to take up a ruling against USC which was seeking to force arbitration of those individuals claiming that its 403(b) plan has excessive fees and avoid class-action exposure. Please see the article from Benefits Pro, “SCOTUS will not review USC 403(b) Case.”
  • Lawsuits filed against MetLife, American Airlines, Pepsi and US. Bancorp highlight scrutiny of the mortality tables pension plans use in determining benefits. Please see the article from Bloomberg Law, “Pensioners’ Suits Say Outdated Mortality Data Shortchange Them.”

Plan sponsors should continue to work with their advisors and ERISA counsel to stay up to date on these developments.

Tagged under: 401(k), 403(b), Defined Benefit Plans, Plan Fiduciary Update

What you can read next

IRS Terminating Proposed Penalty Notices for Untimely Filed or Incomplete Forms 5500
403(b) Pre-Approved Plan Program Established
New Revenue Procedures for the Employee Plan Compliance Resolution System, including 403(b) Plan Failures

Recent Posts

  • DOL ISSUES CHANGES TO 2023 FORM 5500

    The U.S. Department of Labor (DOL), the Interna...
  • SECURE 2.0 Act of 2022

    SECURE 2.0 Act of 2022 was passed by Congress a...
  • DOL Proposed Changes to VFCP, including Adding Self-Correction for Late Contributions

    The U.S. Department of Labor announced that its...

Categories

  • Employee Benefit Plans
  • Forms and Procedures
  • News and Press Releases
  • Policy Updates
  • Retirement – 401(k), 403(b)
  • Uncategorized

Torrillo & Associates, LLC specializes in employee benefit plan audits, 401k audits, 403b audits, pension plan audits, and retirement plan audits. We are licensed in 7 states including New York, New Jersey, and Pennsylvania.  With firm mobility, we are also able to practice in an additional 27 states.

36 Regency Plaza
Glen Mills, PA 19342

view on map »

Careers
Phone: 484-574-8782
Fax: 484-574-8785

  • GET SOCIAL
Torrillo & Associates

Copyright © 2010 to 2023 Torrillo & Associates, LLC. All rights reserved. v07.03.22.WPE| Privacy Policy | Terms of Use

TOP
X
Worried about your yearly Benefit Plan Audit? Call us now for a free consultation!
Call Us
This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Cookie settingsACCEPT
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Non-necessary
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
SAVE & ACCEPT