The lobbying group also says a surge in litigation could have ‘significant negative consequences for plan participants.’
Lawsuit alleges firm breached its fiduciary duties by providing underperforming proprietary funds.
The plaintiffs claim switching from State Street has cost participants $100 million in losses.
Among other measures, the bill would expand automatic enrollment for 401(k) and 403(b) plans.
Lawsuit alleges fiduciary failure cost participants nearly $6.3 million in retirement plan services fees.
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.
District court judge concludes conflict of interest alone is not a breach of fiduciary duties.
Republicans say retirement plans will be harmed if fiduciaries promote justice, diversity, and lower carbon emissions.
Investment professionals can collect payment for a wider range of transactions, so long as they satisfy the reinstated ‘five-part test’ for fiduciaries.
In ‘most unusual case,’ judges back PBGC and find that someone must be held responsible for a pension even if the sponsor is long gone.
Lawsuit claims default retirement plan investments have underperformed up to 90% of peers for nearly a decade.