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ERISA
Few professionals have a bird’s eye view of 401(k) plans like that of an auditor. One such professional offers his observations regarding issues and concerns 401(k) plans face and need to address.
In “401(k) Plan Concerns—from the Auditor Perspective,” Bradley Bartels, a partner at Mann, Urrutia...
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In the latest of a series of regulatory announcements, updates and proposals, the Department of Labor (DOL) has unveiled an Interim Final Rule on lifetime income disclosures under the SECURE Act.
Under the Interim Final Rule, retirement plans would provide lifetime income illustrations using...
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A social media name brand now finds itself “linked” to a 401(k) excessive fee suit.
The plaintiffs here (Bailey v. LinkedIn Corp., N.D. Cal., No. 5:20-cv-05704, complaint 8/14/20) are two former, and one current participant of the LinkedIn Corporation 401(k) Profit Sharing Plan and Trust. For...
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A 4½-year-old suit regarding the lack of a stable value alternative—where a judge once ruled that an $8.8 million settlement was insufficient—has been decided in favor of the plan fiduciaries.
According to U.S. District Judge John McBryde’s recitation of the case background, the American...
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The IRS on Aug. 6 in Notice 2020-61 issued guidance on special funding and benefit limitation rules for single-employer pension plans under the Coronavirus, Aid, Relief and Economic Security (CARES) Act.
Specifically, Notice 2020-61 provides guidance regarding the special rules relating to single-...
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A bill pending in the Maine legislature would create a public-private partnership to promote individual retirement savings accounts.
State Senator Eloise Vitelli (D-Sagadahoc) introduced LD 594 on Feb. 5, 2019. It was referred to the Senate Committee on Health Coverage, Insurance and Financial...
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An employer, its two plans, and the plan trustee have—together—filed suit against Matrix Trust, alleging that it not only failed to disclose certain fees, but that the custodian held on to them.
The class action suit was filed by MBA Engineering, Inc., as Sponsor and Administrator of the MBA...
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One of the most important—and complicated—forms that must be completed and filed is the Form 5500. A recent ASPPA webcast took a look at issues concerning the form and how they can be addressed.
In “Form 5500 Issues and Resolution”, Kizzy M. Gaul, Esq., QKA, QPA, CPC, TGPC, framed issues...
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The Labor Department has finally unveiled its much anticipated fiduciary rule, though it’s a mixed bag and has a certain “back to the future” feel, along with some new implications for recordkeepers, Pooled Employer Plans and rollover advice.
Titled “Improving Investment Advice for Workers...
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There’s generally not much you can learn from litigation settlements—the parties mostly agree to disagree, and the issues raised remain largely unresolved. But there are exceptions.
When the parties to a potential settlement present it to the court for approval, they take pains to point out...
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The IRS announced on June 23 that it is further extending some compliance deadlines for parts of the South that were affected by storms in April.
Specifically, the relief gives victims of tornadoes, severe storms and flooding that took place in April in parts of Mississippi, South Carolina and...
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Noting its concern “that the growing emphasis on ESG investing may be prompting ERISA plan fiduciaries to make investment decisions for purposes distinct from providing benefits to participants and beneficiaries and defraying reasonable expenses of administering the plan,” the Labor Department has...
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Some Form 5500 filers received relief in April, but not all. And the July 31 Form 5500 deadline looms for calendar-year plans—pandemic or no pandemic.
IRS Notice 2020-23 granted extensions to individuals, trusts, estates, corporations, exempt organizations and other non-corporate tax filers...
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We know that all parties involved in plan administration are struggling with the question of whether the employer or the participant have the right under the CARES Act to:
an extension of loan amounts (I think it’s the employer’s choice);
the right to suspend loan repayments (I think it’s...
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The New York Regional Office of the Employee Benefit Security Administration is said to be seeking a long list of information from plans with ESG funds—about the selection and review process for those options.
[UPDATED JUNE 17, ADDING A LINK TO THE LETTER]
In recent weeks, there have been reports...
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In a recent information letter, the Department of Labor (DOL) has outlined considerations regarding the use of private equity investments in designated investment alternatives made available to participants and beneficiaries in individual account plans subject to ERISA.
The letter was sent in...
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The American Retirement Association (ARA) has provided the Department of Labor with some comments on dealing with potential issues regarding pooled employer plans (PEPs).
The June 9 letter to Jeanne Klinefelter Wilson, Acting Assistant Secretary of Labor the Employee Benefits Employee Benefits...
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A recession creates an array of challenges for an employer, and among them are its effects on a retirement plan. A May 28 Plan Sponsor Council of America (PSCA) webinar examined what an employer and plan participants should look for and consider regarding the plan and the recovery of the economy...
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Concluding that “courts sometimes make standing law more complicated than it needs to be,” in a 5-4 decision, the nation’s highest court has ruled that plaintiffs in a suit involving a defined benefit plan hadn’t incurred the loss of benefits necessary to establish the right to bring suit.
More...
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While there's still no Form 5500 filing relief, Notice 2020-35, issued May 28, provides additional administrative relief regarding deadlines applicable to employment taxes, employee benefits and exempt organizations affected by the pandemic.
Under Code Section 7508A, the IRS is postponing...
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