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Quarterly Considerations – 09/30/2013

Plan Sponsors

  • Legal Briefing ‐ International Paper settled a lawsuit alleging poor fiduciary oversight of their Plans. In addition to a $30 million payment, the company is also required to monitor its Plans and rebid recordkeeping contracts.
  • Close to Home ‐ The industry’s largest recordkeeper is on the defense. Current and former employees of Fidelity Investments have filed a class‐action lawsuit alleging that the company’s decision to choose only Fidelity funds for the plan represented “self‐dealing” and a conflict of interest.
  • Right Direction ‐ Corporate pension funded ratio jumped to 91% during September, a level last observed in 2008 according to Milliman. Robust investment gains improved fund status by $32 billion for the 100 largest defined benefit plans. A rise in interest rates could push funded status to 95% by 2014.

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