Plan Sponsor

1 week ago | plansponsor.com | Remy Samuels

Simpson Thacher Bolsters Executive Compensation TeamSimpson Thacher & Bartlett LLP announced that Jana Hymowitz has joined the firm’s New York office as a partner in the executive compensation and employee benefits practice.

1 week ago | plansponsor.com | Remy Samuels

UBS has joined the list of companies facing lawsuits over their management of forfeited funds in their 401(k) plans. In Czakoczi v. UBS AG et al, filed Thursday in U.S. District Court for the District of New Jersey, the investment bank is accused of acting in its own self-interest by using forfeitures to reduce its employer contributions, as opposed to allocating forfeited funds toward paying plan expenses.

1 week ago | plansponsor.com | Remy Samuels

The U.S. 9th Circuit Court of Appeals has ruled in favor of Intel Corp. fiduciaries, affirming the dismissal of a long-running lawsuit alleging the inclusion of alternative investments in the company’s two defined contribution plans was a breach of their fiduciary duties. Last week, the appeals court affirmed the U.S. District Court for the Northern District of California’s dismissal of Anderson v. Intel Corp.

1 week ago | plansponsor.com | Amy Resnick

In 2023, the Federal Trade Commission reported nationwide financial fraud losses topped $10 billion, up 14% from the prior year; while the number of fraud reports was relatively unchanged, meaning losses per incident are rising. Within the category of financial fraud, consumers reported losing more money to investment scams—more than $4.6 billion—than any other category in 2023; up 21% over 2022.

1 week ago | plansponsor.com | Amy Resnick

Q: We are a 403(b) plan sponsor attempting to streamline our investment lineup, but our investment provider claims that their fixed and variable annuities cannot be mapped to replacement funds. Is this correct? Kimberly Boberg, Kelly Geloneck, Emily Gerard and David Levine, with Groom Law Group, and Michael A. Webb, senior financial adviser at CAPTRUST, answer:A: This is likely accurate, but you should review the annuity contracts in question to confirm.