DOL Orders Wells Fargo to Pay $132M Settlement to 401(k) Participants

The company, as well as trustee GreatBanc Trust, caused the plan to overpay for company stock.

By Alan Goforth | September 19, 2022 at 08:48 AM

Wells Fargo last week agreed to a settlement with the U.S. Department of Labor (DOL) in which it will return more than $131.8 million to its retirement plan participants and pay a penalty of nearly $13.2 million.

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Retirement & Benefits

News

1 Another Pension Plan Risk-Transfer Lawsuit: Lumber Firm Sued over Its $1.5 Billion Transfer to Athene Annuity

2 Fed’s Focus Has Returned Firmly to Inflation

3 Fed Lowers Interest Rates by a Quarter Point

4 Fabricating a Treasury Function from Scratch to Support an $18 Billion Business

5 U.S.–Euro Rates Gap Is Set to Widen Again

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Another Pension Plan Risk-Transfer Lawsuit: Lumber Firm Sued over Its $1.5 Billion Transfer to Athene Annuity

By Lynn Cavanaugh | December 19, 2024

Employees of Seattle-based Weyerhaeuser Company filed a class-action lawsuit over the transfer of plan assets to Athene Annuity & Life Assurance, alleging a breach of fiduciary duty, according to law firm Schlichter Bogard.

Another Pension Plan Risk-Transfer Lawsuit: Lumber Firm Sued over Its $1.5 Billion Transfer to Athene Annuity

How to Hedge the Interest Rate Exposure in Cash Balance Plans

By John Southall and Andrew Carter and Sabrina Ren | November 21, 2024

Many companies mitigate the interest rate risk of their cash balance plans with floors using a binary approach. Here’s a better option.

How to Hedge the Interest Rate Exposure in Cash Balance Plans

The Inflation Reduction Act’s Implications for Employer-Sponsored Health Plans

By Christine Cooper and Jack Towarnicky | November 12, 2024

By being prepared and implementing strategic solutions, employers can mitigate some of the financial pressures that may arise from the IRA, ensuring that their employees and retirees are better protected from the ripple effects of this landmark legislation.

The Inflation Reduction Act’s Implications for Employer-Sponsored Health Plans

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