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Consulting firm October Three says lawyers will likely set their sights on MEPs. Multiple employer pension (MEP) plan sponsors should brace themselves as a potential target for litigation as the plans continue to emerge as a provider-based alternative to single-employer 401(k) plans, according to consulting firm October Three. In a recent article, the firm said that as MEPs begin to accumulate participants and assets, it is “inevitable that plaintiffs’ lawyers will train their sights on MEPs as a fiduciary litigation target” with the “the same sort of fiduciary litigation that has aff...

Employment-based non-immigrant visa sponsorship and/or assistance is not offered for this specific job opportunity. Create a career that goes in the direction you choose. Get to know opportunity. The Business Join one of the fastest growing areas of our retirement business! The Retirement Service Center (also called Actuarial Service Center – ASC) is a growing group of colleagues within the North American Retirement Line of Business who focus on operational excellence and systems expertise. As integrated members of client teams in a variety of offices, they provide high quality and efficie...

Lawsuit: DC Plans More Vulnerable to ERISA Litigation Than DB Plans Lawyers taking aim at a company’s retirement savings plan say firms with 401(k)s should expect to be sued more than those with traditional pensions. Defined contribution (DC) retirement plans are far more susceptible to Employee Retirement Income Security Act (ERISA) lawsuits than defined benefit (DB) plans, lawyers argue in a lawsuit filed against The Wesco Distribution Inc. Retirement Savings Plan. “The potential for imprudence is much greater in defined contribution plans than in defined benefit plans,” said the laws...

The 2021 Aspen Leadership Forum on Retirement Savings: Making Retirement Savings Part of an Equitable Recovery Event information Contact On April 15, 2021, the Aspen Leadership Forum on Retirement Savings is kicking off its fifth convening with a free, public dialogue on how retirement savings must be part of an equitable recovery from COVID-19. We invite policymakers, the private sector (record keepers, asset managers, plan sponsors, consultants, fintech), academia, nonprofits, and advocates to join us in a dialogue designed to accelerate the development of a truly inclusive savings system....

Opponents say the proposed legislation attempts to solve a problem that doesn’t exist. The Florida state Senate has passed a bill that would eliminate the option for nearly all new state employees to participate in a defined benefit (DB) plan, instead requiring them to join a defined contribution (DC) plan. The bill, which was sponsored by Republican Sen. Ray Rodrigues, would require new hires as of July 1, 2022, to enroll in a 401(k)-style investment plan. Employees are currently given the option to participate in either the DB plan or the DC plan. The bill excludes “special risk class�...