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ERISA
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...
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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...
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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...
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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...
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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...
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The American Retirement Association (ARA) in a May 25 comment letter has made recommendations to the IRS concerning the proposed required minimum distributions (RMD) regulations issued in February 2022, including that the IRS delay the effective date of the regulations when they are in final form...
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Editor’s note: This is the second in a two-part series. The first installment appeared here.
In my last column, I argued that when ERISA diversification requirements are met, the only remaining prudence issue is price and that, regarding an asset (e.g., stock in a company) that is traded in a...
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The Pension Benefit Guaranty Corporation (PBGC) has its hands full helping provide retirement security for plan participants. But what’s behind their approaches and actions? A recent meeting with a group of industry experts—including ASEA’s Kelsey Mayo and Virginia Wentz—provides a window into the...
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The Department of Labor (DOL), Treasury and Pension Benefit Guaranty Corporation (PBGC) on May 20 released the final revisions to the forms and instructions for the Form 5500 series to be used for reporting concerning plan years beginning on or after Jan. 1, 2022. They also indicated, however, that...
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A March 1 House subcommittee hearing to address improving retirement security and access to mental health found itself largely debating the Biden administration’s proposed guidance on ESG factors, as well an array of retirement policy proposals.
The hearing by the House Education and Labor’s...
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Keep in mind that the Department of Labor (DOL) adjusted the civil monetary penalties for inflation for 2022.
The DOL adjusts the penalties for various violations of Title 1 of ERISA in accordance with the 2015 Inflation Adjustment Act, which provides a formula on how to determine the proper...
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Despite a request—and an apparent consideration of that request—the nation’s highest court has decided not to take on a case challenging the CalSavers state-run IRA program for private sector workers.
The original suit, filed in the U.S. District Court for the Eastern District of California in...
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In a ruling likely to make it harder—perhaps much harder—to dismiss excessive fee lawsuits, the U.S. Supreme Court has remanded for further consideration a lower court decision that had favored the fiduciary defendants.
In a unanimous decision[1] (Hughes v. Northwestern University et al., case...
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With cybersecurity of increasing concern to plan fiduciaries, participants—and regulators—a participant has sued his plan’s recordkeeper for breach of an implied contract to keep his data secure—as well as a breach of fiduciary obligation.
The suit was brought by one Eric Giannini “on behalf of...
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President Biden’s nominee to lead the Employee Benefits Security Administration has moved one step closer to being confirmed.
Lisa Gomez, who was nominated by Biden in July to serve as Assistant Secretary for EBSA at the Department of Labor, was approved Dec. 2 by the Senate Health, Education,...
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UPDATED NOV. 29: HEARING RESCHEDULED
The Senate Health, Education, Labor and Pensions (HELP) Committee has scheduled a vote to consider President Biden’s pick to head the Employee Benefits Security Administration (EBSA).
The HELP Committee has scheduled a vote to consider the nomination of Lisa...
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While the plan fiduciaries in the case chose to settle, the investment consultant for the plan took the case to trial—and won.
The former participant/plaintiff here (one Benjamin Reetz) claimed that the defendants here (Lowe’s, the Administrative Committee of Lowe’s Companies, Inc. and investment...
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Retirement savings—in an IRA, a 401(k) plan, or a defined benefit plan—is, in the end, a project that involves turning present income, via savings and investment, into future income. As such, it inevitably involves the capital markets. And, indeed, it is often hard to sort out whether any...
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In a legal pursuit that spanned more than 18 years, the Department of Labor has obtained a final court order concluding its case against a disbarred attorney and former plan fiduciary who gained personally by diverting millions from employee benefit plans.
A Sept. 2 announcement by the DOL notes...
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Kathleen Kennedy Townsend is joining the Department of Labor to help advance state and federal efforts to expand retirement savings programs.
In an emailed statement, Townsend explained that on Aug. 30 she started a new role as Labor Secretary Marty Walsh’s Representative on Retirement and...
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