9th Circuit Affirms: Plan Sponsor Engaged In Prohibited Self-Dealing

Mealey's (April 24, 2019, 12:49 PM EDT) -- SAN FRANCISCO — A panel of the Ninth Circuit U.S. Court of Appeals on April 23 upheld a California federal judge’s determination that a 401(k) plan sponsor engaged in self-dealing under the Employee Retirement Income Security Act and agreed that the sponsor is not entitled to a “reasonable compensation” exemption under the statute for record-keeping services (Alexander Acosta, Secretary of Labor v. City National Corporation, et al., No. 17-55421, 9th Cir., 2019 U.S. App. LEXIS 11718)....