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Two insurers have joined the effort to make lifetime income available in a simplified manner.
A federal judge previously moved forward ERISA claims against retirement plan providers and has recently allowed for a counterclaim by the providers against the plan sponsor.
A payment of $9 million will be made to “fully, finally and forever resolve, discharge and settle the released claims.”
Plan participants allege prohibited transactions between a plan sponsor and its investment manager relating to a revamp of the plan's investment lineup.