Preliminary estimates indicate a big uptick in class action lawsuits stemming from the Best Interest Contract Exemption.
In fact, Morningstar has estimated that the expenses from class action lawsuits stemming from the Best Interest Contract Exemption could range from approximately $70 million to $150 million annually, “adding an increase in compliance costs of about 5%-10% using the department’s estimates,” while noting that they “could be quite a bit higher in the near term as firms adjust to the rule and set up systems to determine, demonstrate, and document best interest recommendations.”
A special panel of ERISA litigators will be examining those issues, and the current trends in 401(k) plan litigation, at the fifth annual NAPA DC Fly-in Forum on July 18.
Delegates to the Forum will hear from:
- Thomas E. Clark, Jr. of the Wagner Law Group (who was with the law firm of Schlichter, Bogard & Denton from July 2008-March 2013);
- Nancy G. Ross, a partner in Mayer Brown's Chicago office and Co-Chair of the ERISA Litigation practice, who has represented a number of the defendants in the excessive fee litigation cases; and
- David N. Levine of Groom Law Group, who will moderate what will surely be an interesting, insightful and engaging panel.
NAPA DC Fly-in Forum delegates will hear updates on federal regulations and tax reform affecting the retirement plan industry from top congressional leaders and industry experts. On the second day of the forum, delegates have an opportunity to meet one-on-one with congressional representatives on Capitol Hill to share insights from the experiences they have on a daily basis with business owners and plan participants.
There is no registration fee to participate in the NAPA DC Fly-In Forum (you are, however, responsible for your own travel and hotel expenses, if any) – but there is an application process, because this is truly for elite advisors.
Apply today at http://napadcflyin.org.
PLEASE NOTE: Delegates to the Forum must:
- be a NAPA member;
- be responsible for $100M+ in plan assets, 10+ plans and 2,000+ participants; and
- have 5+ years of experience servicing retirement plans.
Only a limited number of delegates are accepted – so complete your delegate application today!
The NAPA DC Fly-In Forum
July 18-19, 2017
Washington Court Hotel
Washington, D.C.
