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Articles by Jeff Witt
A Friendly DOL Amicus Brief on Forfeitures | JD Supra
On July 9th, the Secretary of Labor filed an amicus brief with the Ninth Circuit relating to the appeal of Hutchins v. HP, Inc. In that case, a participant claimed that forfeitures should have been used to offset plan expenses charged to participants rather than offset employer contributions, although the plan document allowed both uses of forfeitures. The Northern District of California dismissed the participant’s claims on two separate occasions, which has led to the appeal.
What is an Improper Use of Forfeiture Case Worth? Intuit Settlement Provides Perspective | JD Supra
On Friday, May 16th, plaintiff’s counsel in the Rodriguez v. Intuit Inc. case filed a motion to support a settlement of $1,995,000. The motion appears to reflect a good compromise between the parties … and as they say, a good compromise means that nobody is completely happy. From a plaintiff’s perspective, each of the impacted participants will receive a minimum of $10 (and possibly more), and the plaintiff’s attorneys will receive up to $665,000 for their efforts.
There May Still Be Work for Retirement Plans After the Check is in the Mail | JD Supra
A recent complaint (Dylan Handy v. Paychex, Inc.) highlights the potential for plan administrators, and their delegates, to continue monitoring distributions after being made. In this particular situation, the participant requested a distribution from his 401(k) account administered by Paychex in April 2023 to rollover to another financial institution. Consistent with the plan’s process, he received his account in two checks totaling over $100,000, which he forwarded to a financial institution.
From Stable to Shaky: What Bed Bath & Beyond’s Settlement Means for Retirement Plan Sponsors | JD Supra
In February, Bed Bath & Beyond, Inc.’s 401(k) Savings Plan Committee (the “Plan Committee”) agreed to pay $1,950,000 to participants in the Bed Bath & Beyond, Inc. 401(k) Savings Plan (the “Plan”) whose accounts were invested in the Plan’s stable value fund.
EBSA Guidance on Annual Funding Notices … Better Later than Never | JD Supra
On April 3rd, the Employee Benefits Security Administration (EBSA) released FAB 2025-02 and related model notices to provide some guidance for the 2024 plan year annual funding notices (AFNs). See Field Assistance Bulletin No. 2025-02 | U.S. Department of Labor.
A Plan Win in an ESG Case … For the Most Part | JD Supra
A New York Appellate court affirmed a dismissal of a fiduciary breach claim against the New York City Employees’ Retirement System, Teachers’ Retirement System of the City of New York, and Board of Education Retirement System of the City of New York (Wayne Wong et al. v. New York City Employees’ Retirement System et al.) related to decisions by fiduciaries that divested fossil-fuel based investments.
[Webinar] SECURE 2.0 and Defined Benefit Plans - March 1st, 2:00 pm - 2:30 pm EST | JD Supra
March 1st, 2023 2:00 PM - 2:30 PM EST With its more than 90 retirement provisions, SECURE 2.0 has set out to improve the retirement system and increase retirement savings. Notably, included are measures to improve upon the handling of defined benefit plans. Here, in part eight of our SECURE 2.0 webinar series on March 1, 2023 at 2:00 – 2:30 p.m. ET, we will cover defined benefit updates.
Leadoff Banquet hits home run as Menomonie High School baseball fans meet the coaches
On the evening of March 5, the realities of snow on the ground and cold temperatures were replaced by thoughts of warmer days and the smell of a freshly mowed baseball field. About 230 people attended the First Annual Leadoff Banquet at Off Broadway. They enjoyed great food, camaraderie, big prizes and terrific speakers. The Menomonie Baseball Association and the Menomonie High School Baseball teamed up to host the event.
UK Pension Regulator Issues New Guidance To Employers And Trustees For Pension Risk Transfers To
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UK Pension Regulator Issues New Guidance to Employers and Trustees for Pension Risk Transfers to “Superfunds” | JD Supra
For some time, the UK has been working to implement the concept of “superfunds” to consolidate defined benefit (“DB”) plans. We wrote about this early on here. In essence, a superfund would be akin to a collective defined benefit plan, and a plan transferring assets and liabilities to superfund would relieve the employer of the pension liabilities, at a cost expected to be less than that of a “buyout” or transfer to an insurance company.
The Battle Pass Q&A you didn’t know you Needed
Battle Pass integration in top grossing games has skyrocketed over the past few years. Unfortunately, we’ve seen mixed results in the implementation of Battle Pass in games. During a recent event we discussed how to implement Battle Pass successfully. Here are the answers to some of the top questions. If you have more questions that I didn’t cover here, please send them to us here at ggDigest.
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