Mercer recently provided an update on the legal, legislative and regulatory activity impacting defined contribution plans, and provided advice for plan sponsors for the near term.
In legal developments, Mercer noted there was action on 43 defined contribution-related cases during the first quarter, including 14 settlements for a total of $55.3 million, with individual settlements ranging from $200,000 to $15 million. Most cases continue to revolve around fees and investments, according to Rhonda Berg, senior defined contribution consultant: Eight cases target 403(b)/not-for-profit plans. Four cases targeted plan sponsor operations, a relatively new focus of litigation.
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