Regulation

DC participants sue Home Depot, 2 advice providers over alleged fiduciary breaches

Courts -

Courts -

Two participants sued Home Depot's 401(k) plan executives alleging excessive fees and poor-performing investments represented a fiduciary breach.
Latest U.K. CMA paper raises concerns over abilities to switch consultants, OCIOs

CONSULTANTS -

CONSULTANTS -

The U.K. Competition and Markets Authority raises potential concerns how retirement plan trustees are able to assess value for money provided by consultants.
House passes SIFI reform bill

Legislation -

Legislation -

The House passed a bill that would give non-bank financial firms more say in how FSOC designates systemically important financial institutions.
Commentary: SEC is proving it can be both cop and counselor

INDUSTRY VOICES -

INDUSTRY VOICES -

In just one week, the SEC showed just how much things have changed under Chairman Jay Clayton — and how much they've stayed the same.
Tesco's pension deficit increases 13.75% in 6 months

Pension Funds -

Pension Funds -

Tesco PLC's pension fund deficit grew 13.75% in the six months ended Feb. 24 to 2.73 billion, but fell 50.4% for the 12-month period.
China, Hong Kong expand daily quotas for connect programs

Markets -

Markets -

Chinese and Hong Kong regulators announced a quadrupling of the daily quotas for the "connect" programs between mainland and international investors.
Moody's: New U.K. transparency rules are credit negative for active managers

Money Management -

Money Management -

New rules aimed at ensuring U.K. money managers act in the best interests of their investor clients are credit negative for active managers.
Brexit, rise in passive among U.K. watchdog's priorities

REGULATION -

REGULATION -

Brexit, the rise of passive investment and the U.K. retirement market are among this fiscal year's priorities for the FCA.
Puerto Rico governor's latest plan still leaves out pension reforms

Pension Funds -

Pension Funds -

Puerto Rico Gov. Ricardo Rossello submitted a revised fiscal plan that still refuses to consider pension benefit cuts and more shifting to DC plans.
Concerns of higher opt-out rates follow U.K. auto-enrollment contribution increases

Defined Contribution -

Defined Contribution -

The planned increase in automatic enrollment contributions in the U.K. may lead to younger participants opting out of corporate plans.
U.K. pension committee proposes default drawdown options for DC plans

Defined Contribution -

Defined Contribution -

The U.K. Work and Pensions Committee proposed for defined contribution plans to start providing a default drawdown option for participants going into retirement.
Managers will need to prove their worth, U.K. watchdog says

Regulation -

Regulation -

Money managers will need to prove they provide value for money and face increased transparency requirements under measures by the U.K.'s financial watchdog.
Companies should fund pension plans, not pay big dividends, Pensions Regulator says

Pension Plans -

Pension Plans -

Large plan sponsors should reduce pension fund deficits instead of paying out high dividends to shareholders, The Pensions Regulator said.
PBGC encourages new approaches to multiemployer withdrawal liability

Washington -

Washington -

The PBGC is issuing new guidance on multiemployer withdrawal liability calculations.
Puerto Rico governor rejects board's pension benefit cuts

PENSION FUNDS -

PENSION FUNDS -

Puerto Rico's governor told a federal oversight board he would not agree to its demand for 10% pension benefit cuts and other reforms.