Skip to main content

You are here



The Department of Labor’s Employee Benefits Security Administration (EBSA) on April 25 issued frequently asked questions (FAQs) on the annual funding notice requirements for multiemployer pension plans that received special financial assistance (SFA) funds under the American Rescue Plan (ARP) Act... READ MORE
Terms of a proprietary fund suit settlement with Mutual of America have been revealed. The plaintiffs had claimed the plan fiduciaries had “an imprudent and disloyal preference for its own proprietary funds.” Represented in the action by Nichols Kaster PLLP, the participant/plaintiffs had claimed... READ MORE
The plaintiffs had claimed the plan fiduciaries had “an imprudent and disloyal preference for its own proprietary funds” — but have now come to terms. Back in September of 2022, participant-plaintiffs Eric Goldstein, Matt Sudol, and Bonnie Zelazek, individually and as representatives of a class of... READ MORE
The U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) is resoliciting comments on its Voluntary Fiduciary Correction Program (VFCP) for input on changes mandated by the SECURE 2.0 Act of 2022.   Also cited were comments to the proposed amendment to Prohibited Transaction... READ MORE
Mere days before the Labor Department’s ESG regulation is set to go into effect, a coalition of 24 states has filed suit to stop it. More specifically, the coalition, led by Texas Attorney General Paxton, says in a press release that the 2022 Rule “undermines key protections for retirement savings... READ MORE
Efforts by proponents to carve out an exemption to a Nevada state fiduciary law for ERISA-covered retirement plan advisors continued this week, with the American Retirement Association (ARA) submitting a letter supporting the exemption.  Nevada State Senate Bill 383 (SB 383), effective July 1,... READ MORE
Legislation that would create a state-run multiple-employer retirement saving plan in the Show Me State is before the Missouri House of Representatives. HB 155, introduced by Rep. Michael O’Donnell on Jan. 4, would establish the Show-Me MyRetirement Savings Administrative Fund, a multiple-employer... READ MORE
A $4 billion plan has struck a $4 million settlement—and “meaningful prospective relief” — in a suit that challenged the fees it paid itself as recordkeeper for its own plan. Plaintiffs Chris Carrigan, Michael Venti, and Sylvain Yelle (represented by Nichols Kaster PLLP[1] and Garrison, Levin-... READ MORE
Just as the Department of Labor (DOL) gets set to release a final regulation allowing the use of environmental, social and governance (ESG) factors by fiduciaries when selecting plan investments, another bill has been introduced in Congress that seeks to dial that back.  The Safeguarding... READ MORE
In comments to the Department of Labor (DOL), the American Retirement Association (ARA) argues that proposed changes to the QPAM Exemption would “needlessly” disrupt plan relationships and increase costs for plan sponsors and participants — with no obvious corresponding benefit.  The ARA’s letter ... READ MORE
Shortly before recessing for the mid-term elections, the House of Representatives approved legislation opposed by the American Retirement Association that would prohibit arbitration and discretionary clauses in employer-sponsored benefit plans under ERISA.  The proposed changes were passed as part... READ MORE
Legislation that could affect retirement plans is pending on Capitol Hill — the midterm elections loom and its remaining weeks after that will be a “lame-duck” session. But that may not spell doom for those bills, suggested American Retirement Association CEO Brian Graff at the Oct. 3 opening... READ MORE
Now that the U.S. Senate has confirmed Lisa Gomez to serve as Assistant Secretary for the Department of Labor’s Employee Benefits Security Administration (EBSA), a lengthy to-do list awaits her attention.   Since the start of the current administration, Ali Khawar has been serving as Acting... READ MORE
A trio of Republican legislators have introduced a bill that would widen the acceptable investment classes in defined contribution plans to, well, pretty much anything—including “digital assets.” The Retirement Savings Modernization Act was just introduced by U.S. Sens. Pat Toomey (R-PA) and Tim... READ MORE
The IRS on Sept. 26 in Notice 2022-45 announced that it is extending the deadline by which certain plans must be amended under the CARES Act and the Taxpayer Certainty and Disaster Tax Relief Act of 2020.  CARES Act and Relief Act Specifically, the deadline is extended under Section 2202 of the... READ MORE
There are plenty of cautionary tales about beneficiary designations and unintended consequences—here’s another. It seems that Sally A. Hogen made contributions to a 401(k) plan during her employment at Honeywell International Inc. She originally designated her husband (Clifford C. Hogen) as the... READ MORE
ERISA’s anti-alienation provisions generally serve to protect/shield retirement assets from garnishment—there is, however, an exception—and Evan Greebel just found out the hard way. In 2017, Evan Greebel was convicted of Conspiracy to Commit Wire Fraud and Conspiracy to Commit Securities Fraud as... READ MORE
As expected, the Department of Labor (DOL) has just released updated guidance addressing the “independence” requirements for accountants auditing employee benefit plans.  More specifically, Interpretive Bulletin 2022-01, released Sept. 2 by the DOL’s Employee Benefits Security Administration (EBSA... READ MORE
In a case that has lumbered around since a 2017 embezzlement by Vantage Benefits Administrators, a custodian has finally been able to clear its name. The action followed an Oct. 31, 2017 raid by the Federal Bureau of Investigation on the offices of Vantage Benefits Administrators “amid concerns... READ MORE
Eleanor Shellstrop has operated her fledgling business, The Good Place, for about seven years now. She established a 401(k) Profit Sharing Plan somewhere around Year 2 at the recommendation of her CPA. The CPA set up the plan for her with a bundled service provider. Whatever the CPA put on the... READ MORE