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Jul 18, 2024 | 
jdsupra.com | Matthew T. Biggers |Stacey Cerrone |Lindsey Chopin
A New Jersey federal district court recently granted summary judgment in defendants’ favor in an ERISA excessive fee case accusing Evonik’s 401(k) plan fiduciaries of keeping imprudent investments in the plan and of allowing participants to pay excessive recordkeeping fees. Harris, et al. v. Evonik Corp., et al., No. 20-02202, 2024 U.S. Dist. LEXIS _____ (D.N.J. Jun. 28, 2024).
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Jul 18, 2024 | 
mondaq.com | Lindsey Chopin |Stacey Cerrone |Matthew T. Biggers
A New Jersey federal district court recently granted summary
judgment in defendants' favor in an ERISA excessive fee case
accusing Evonik's 401(k) plan fiduciaries of keeping imprudent
investments in the plan and of allowing participants to pay
excessive recordkeeping fees. Harris, et al. v. Evonik
Corp., et al., No. 20-02202, 2024 U.S. Dist. LEXIS
_____ (D.N.J. Jun. 28, 2024).
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Jul 17, 2024 | 
natlawreview.com | Lindsey Chopin
Skip to main content July 17, 2024 Volume XIV, Number 199 Legal Analysis. Expertly Written. Quickly Found.
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Jul 4, 2024 | 
mondaq.com | Lindsey Chopin
For the last 40 years, judges were required to defer to
administrative agencies' reasonable interpretations of
ambiguous federal statutes under Chevron v. Natural Resources
Defense Council. The Supreme Court upended that precedent in
Friday's 6-3 ruling in Loper Bright Enters. v. Raimondo, which overturned Chevron and instructs
judges to rely on their own judgment in determining whether an
agency's regulation falls within its authority.
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Jul 3, 2024 | 
jdsupra.com | Lindsey Chopin
For the last 40 years, judges were required to defer to administrative agencies’ reasonable interpretations of ambiguous federal statutes under Chevron v. Natural Resources Defense Council. The Supreme Court upended that precedent in Friday’s 6-3 ruling in Loper Bright Enters. v. Raimondo, which overturned Chevron and instructs judges to rely on their own judgment in determining whether an agency’s regulation falls within its authority.
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Jul 1, 2024 | 
mondaq.com | Lindsey Chopin
Conflicting orders on motions to dismiss from two California
courts foreshadow issues for a new theory of ERISA liability. Employers have faced a recent wave of novel ERISA class actions
that challenge the reallocation of defined contribution plan
forfeitures. Such plans often include provisions requiring
participants to work for the employer for a defined period before
their right to any employer contributions in their account vests.
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Jun 28, 2024 | 
jdsupra.com | Lindsey Chopin
Conflicting orders on motions to dismiss from two California courts foreshadow issues for a new theory of ERISA liability. Employers have faced a recent wave of novel ERISA class actions that challenge the reallocation of defined contribution plan forfeitures. Such plans often include provisions requiring participants to work for the employer for a defined period before their right to any employer contributions in their account vests.
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May 31, 2024 | 
jacksonlewis.com | Lindsey Chopin
Lindsey Chopin comments on reasons behind ESOPs holding substantial cash reserves and their role as a hedge against risk within the plan, amidst legal challenges questioning ESOP investment strategies in “Stock Plan Cash Holding Suits Tee Up Questions of Funds’ Purpose,” published by Bloomberg Law. Subscription may be required to view article
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Mar 22, 2024 | 
mondaq.com | Lindsey Chopin |Ryan Tucker
An enduring wave of novel class actions challenging the
actuarial assumptions used to calculate certain pension benefits
has prompted many sponsors of defined benefit pension plans to
evaluate their plan's terms for calculation various forms of
benefits. In total, nearly 30 cases have been filed to date. Several of these suits are against manufacturers.
Defined benefit pension plans offer a fixed benefit to retirees
that is determined through formulas set forth in the plan's
documents.
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Mar 15, 2024 | 
jdsupra.com | Lindsey Chopin |Ryan Tucker
An enduring wave of novel class actions challenging the actuarial assumptions used to calculate certain pension benefits has prompted many sponsors of defined benefit pension plans to evaluate their plan’s terms for calculation various forms of benefits. In total, nearly 30 cases have been filed to date. Several of these suits are against manufacturers. Defined benefit pension plans offer a fixed benefit to retirees that is determined through formulas set forth in the plan’s documents.
