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Welcome to the Snell & Wilmer Benefits Blog. We will be posting about current employee benefits and executive compensation topics and issues. We invite you to contact the authors with your thoughts or questions.Blog Contributors
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More is Not Always Better: Supreme Court Reexamines Fiduciary Duty of Prudence
In what may be one of the shortest decisions this term, the Supreme Court handed down a unanimous six-page opinion on January 24, 2022 in Hughes v. Northwestern University. Vacating the Seventh Circuit’s decision, the Court further defined an ERISA … Continue reading
Posted in Employee Benefits
| Tagged duty, ERISA, fiduciary, fiduciary duty, hughes, northwestern, SCOTUS, Supreme Court
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With a New Administration, Will the Department of Labor’s Fiduciary Rule Once Again be Revised?
The Department of Labor’s (the “DOL”) attempts to regulate the conduct of fiduciaries under ERISA and the Code has been mired in controversy. In 2010, the Obama administration’s DOL proposed a fiduciary regulation that was met with so much criticism … Continue reading
Posted in Employee Benefits, Qualified Retirement Plans
| Tagged DOL, ERISA, fiduciary duty, financial institutions, iras, plan investments
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U.S. Supreme Court to Decide Standing Question on ERISA Pension Lawsuits
The U.S. Supreme Court is mulling over whether retirement plan participants must demonstrate individual or imminent risk of financial loss before seeking a breach of fiduciary duty action under the Employee Retirement Income Security Act of 1974 (“ERISA”). On January … Continue reading
Posted in Employee Benefits, Qualified Retirement Plans
| Tagged diversify, fiduciary duty, overfunding, pension plan, standing, Supreme Court, thole, us bank
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Dealing with Long-Winded Out-of-Network Provider Nuisance Letters
Over the past couple years, more and more of my clients with self-funded plans have received letters from out-of-network providers appealing denied claims. The letters are usually 20 to 30 pages long, not very specific, and make various accusations against … Continue reading
Posted in Employee Benefits, Health & Welfare Plans
| Tagged anti-assignment, due diligence, ERISA, fiduciary, fiduciary duty, out of network, out of network provider, provider
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Supreme Court Confirms that Plan Fiduciaries have a “Continuing Duty of Some Kind” to Monitor Investments
In Tibble v. Edison International, Justice Breyer held, for a unanimous Supreme Court, that “a fiduciary normally has a continuing duty of some kind to monitor investments and remove imprudent ones.” In so ruling, the Court reversed a decision from … Continue reading
Posted in Employee Benefits, Qualified Retirement Plans
| Tagged 401(k) plan, duty to monitor, fiduciary duty, plan investments, Supreme Court, Tibble v. Edison International
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401(k) Plan Fiduciaries – Have you thought about your continued offering of the PIMCO Total Return Fund?
The abrupt departure of Bill Gross from PIMCO leaves many investors pondering their next move. Should an investor stay the course and see how PIMCO’s new investment team performs? Should an investor leave and follow Mr. Gross to Janus Funds? Should … Continue reading
Posted in Employee Benefits, Qualified Retirement Plans
| Tagged 401k) plans, Bill Gross, fiduciary, fiduciary duty, fiduciary standards, PIMCO, prudent person standard, qualified retirement plans
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Supreme Court Decision Changes Standards for Employer Stock in Retirement Plans
The Supreme Court recently decided a case that eliminates the “presumption of prudence” for plan fiduciaries relating to their investment in employer stock in retirement plans. In Fifth Third Bancorp v. Dudenhoeffer, the Supreme Court determined that fiduciaries of an … Continue reading
Posted in Employee Benefits, Qualified Retirement Plans
| Tagged Dudenhoeffer, employee stock ownership plan, employer stock, ESOP, fiduciary duty, presumption of prudence, Supreme Court
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