Nevin Adams

The Department of Labor’s much-anticipated fiduciary reproposal drew intense criticism Feb. 20 from SEC Commissioner Daniel M. Gallagher.Gallagher’s comments, made at the “SEC Speaks in 2015” event, were particularly harsh — not only regarding the potential impact of the DOL’s proposed extension of... READ MORE

If the Senate Committee on Homeland Security and Government Affairs has its way, the Department of Labor has some ’splaining to do on its fiduciary regulation reproposal.In a Feb. 5 letter from Committee Chairman Ron Johnson (R-Wisc.) to Secretary of Labor Thomas Perez, the committee requests that... READ MORE

The 114th Congress has gotten off to a quick start with retirement legislation.During the week of Jan. 25, Collins-Nelson Retirement Security Act of 2015 (S. 266) was introduced in the Senate, while a companion bill, the Retirement Security Act of 2015 (H.R. 557) was introduced in the House. The... READ MORE

The 7th U.S. Circuit Court of Appeals has outlined the conditions for determining the existence of a partial plan termination, ruling on the fifth appeal of what it called a “seemingly interminable class action suit.”The ruling came in a case filed just two months short of 19 years ago, in which... READ MORE

Despite media attention surrounding the Millennial Generation’s relatively poor economic outcomes during the Great Recession, a new analysis by researchers at the Federal Reserve finds that they have fared better on many measures than both current older adults and earlier young adults. According to... READ MORE

A federal district court in North Carolina has ruled that the rounding decision is a discretionary one that a plan administrator can make, and that choosing to round to five decimal places was not an abuse of discretion.The Duke Energy Retirement Cash Balance Plan was recently sued by a plan... READ MORE

The IRS has amended the safe harbor explanations provided with eligible rollover distributions to accommodate recent guidance on in-plan Roth rollovers and the allocation of taxable amounts.Notice 2014-74 amends the two safe harbor explanations provided in Notice 2009-68, explanations that are... READ MORE

The Government Accountability Office (GAO) published its final report on Individual Retirement Accounts (IRAs), offering some recommendations for Congress and the IRS on so-called “mega” IRAs.As had the agency’s preliminary reports on IRAs, the new report notes that a small number of taxpayers has... READ MORE

Five Senate Finance Committee members are asking Treasury Secretary Jack Lew for some retirement plan relief.The letter — signed by Senate Finance Committee Chairman Ron Wyden (D-Ore.) and Sens. Debbie Stabenow (D-Mich.), Ben Cardin (D-Md.), Sherrod Brown (D-Ohio) and Bill Nelson (D-Fla.) — cites... READ MORE