Retirement

The health organization’s class action lawsuit, filed by an employee alleging the company used forfeited plan funds from departing employees to pay administrative expenses was dismissed, after a federal judge found no fiduciary breach.

Representing 16,000 employees, a former participant in the retirement plan filed a class action lawsuit, alleging the plan’s target date funds from American Century Investments should have been replaced.

On Friday, 26,000 bank employees and retirees reached a settlement with Pentegra over prohibited transactions in their class action lawsuit, just nine days after a rare jury trial awarded them $38,760,232 over excessive fees.

The ongoing battle over the use of environmental, social and governance factors when making investing decisions for retirement plans continues, as Representative Rick Allen reintroduces new anti-ESG legislation.

The Retirement Savings for Americans Act, which is supported by Charles Schwab and the National Economic Council, was reintroduced in the Senate by Sen. John Hickenlooper.

The proposal, which calls for hiking the required pension contribution for federal employees to 4.4% of salary, will now advance to the House Budget Committee.