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ERISA
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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The increased prevalence of defined contribution plans has heightened the importance of portability and the rules and circumstances affecting it, says a recent analysis that addresses common questions that arise as a result.
In “In-Plan Guaranteed Lifetime Income: Debunking Portability Myths,”...
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It is possible that sometimes an employee’s elective contribution may not timely deposited for a variety of reasons. There are consequences to that, a recent blog entry points out, and there are ways to address such a situation.
One of the errors that can come to light during the course of a plan...
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The plan is smaller than most targeted with such allegations—but the allegations are familiar.
The eight plaintiffs here (Coppel, Flores, Garcia, Martinez, Mitchell, Ortega, Uriostegui and Usselman—participants in or beneficiaries of the $310 million SeaWorld Parks and Entertainment 401(K) Plan,...
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Every plan has participants—and, sooner or later, will therefore have “ex” participants—and sometimes those participants go…missing. And that can be a real problem for retirement plan fiduciaries.
While most are likely aware of the fiduciary obligation to keep accurate records, many are less aware...
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Which is better? It depends! That’s the verdict from an industry insider who compared and contrasted the two in a June 29 session of the 2021 NTSA Summit.
“A vexing issue,” said Mark Heisler, CEO of ADMIN Partners, LLC, of the question. Not only that, he said, it is “probably the number one...
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Tempus Fugit! DB plans, DC plans and 403(b) annuity arrangements with calendar year plan years—the Form 5500 filing deadline for the 2020 plan year is not far off. In most years that would mean July 31—but not in 2021.
The form must be filed by the end of the seventh month after the end of a...
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After a split decision on the merits—and a $3.1 million settlement—the plaintiffs’ attorneys asked for a fee of $5.4 million. Guess what the judge allowed?
In the case at hand—Ramos v. Banner Health—the plaintiffs (represented by Schlichter Bogard & Denton LLP) just last month lost their...
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The study of history is a passion of mine, and while it seems a bit trite, the old adage that those who don’t remember the past are doomed to repeat it seems more apropos by the day. Regardless, I never cease to be touched by the experience of walking the grounds where famous individuals or great...
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A plan sponsor asserts that an audio recording of a claims inquiry was made for quality assurance purposes and was not part of the administrative record, but the Department of Labor has a different opinion.
Addressing the question of whether a plan sponsor is required to produce an audio...
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The who, what, when and how many of retirement plan committees, as well as some best practices.
It’s been said that a committee is a group that keeps minutes and loses hours, but advisors know they are an essential element in assuring prudent retirement plan operation and administration. In...
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The Department of Labor (DOL) on June 23 announced that it is reopening the comment period for amendments to class exemptions from prohibited transaction rules set forth in ERISA and the Internal Revenue Code. The proposed amendments, which were originally proposed in 2013, are relevant to certain...
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A June 2 ASPPA webinar emphasized the importance of the Form 5500 as a trigger for investigation, and how to avoid one.
In “Form 5500: Update, Troubleshooting and Audit Triggers,” Stephen W. Forbes, J.D., LL.M. of Forbes Retirement Plan Consulting emphasized how important it is not only to report...
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The Department of Labor’s (DOL) newly released Spring 2021 regulatory agenda confirms that a fiduciary rule rewrite is in the works and provides other key insight for the department’s regulatory plans for the coming months.
Fiduciary Rule Recast
The 10-year saga of the fiduciary rule will...
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Note that there are changes in the schedules and instructions for filing the 2020 Form 5500—and a wrinkle in the filing deadline as well.
Instructions for Form 5500
One-Participant Plans. The instructions have been revised to reflect that, effective for plan years beginning after 2019, a one-...
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President Biden has issued an Executive Order that, among other things, directs the Labor Secretary to reconsider rules that would have barred consideration of ESG factors in investment decisions.
Specifically, the May 20 Executive Order on Climate-Related Financial Risk directs the Secretary of...
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One of the most active ERISA litigation firms has, once again, targeted one of the nation’s largest 401(k) plans.
This time the firm is representing Kena Moore, Timothy K. Sweeney, Russell A. Hohman, Susan M. Smith and Veronica Cargill who have filed suit on behalf of participants in the $5.354...
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A class action involving a $1.6 billion 401(k) plan has been fast-tracked to the U.S. Court of Appeals for the Third Circuit for a ruling on an issue of emerging concern in ERISA excessive fee litigation.
The case involves three participant-plaintiffs—Mary K. Boley, Kandie Sutter and Phyllis Johns...
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Amid ongoing questions surrounding the use of private equity investments in professionally managed funds within 401(k)s, a senior Department of Labor (DOL) official confirmed that the department is conducting stakeholder outreach to assess the issue.
Speaking May 10 at the first day of EBRI’s...
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The 9th U.S. Circuit Court of Appeals on May 6 affirmed a district court ruling that CalSavers, the state-run retirement program that provides coverage for employees whose employers do not offer a retirement plan, is not preempted by ERISA.
The 9th Circuit in Howard Jarvis Taxpayers Association v...
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