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Fiduciary Governance
Citing the “change in administration,” the Department of Labor (DOL) has backed off its previous support for a lawsuit challenging the CalSavers Retirement Savings Program.
As recently as last summer, the DOL had affirmed concerns it had with the Golden State’s state-run IRA program for private...
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Recent DOL guidance on missing participants seems to fall short of what plan fiduciaries want/need—but may offer fiduciaries some key insights to avoid future problems.
On Jan. 12, 2021, the Department of Labor (DOL) released a triple dose of guidance related to helping retirement plan fiduciaries...
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A recent blog entry discusses the role of the Form 5500 in tripping the triggers for an investigation by the Employee Benefits Security Administration (EBSA).
Jerry Kalish in the Retirement Plan Blog notes that the DOL, the IRS and the Pension Benefit Guaranty Corporation (PBGC) have released...
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A fierce and powerful Democrat will be joining one of the Senate’s most powerful committees.
On Feb. 2, Sen. Ron Wyden (D-OR), who is the new, incoming chairman of the Senate Finance Committee, announced that Sen. Elizabeth Warren (D-MA) will join the Committee in the 117th Congress.
“I’m...
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Editor's Note: This is the twelfth installment in a series concerning correcting plan loan failures.
Q. If an employee has terminated and has a loan balance and remaining funds in the plan but has not initiated a distribution of their plan, should the balance of the loan be offset or considered a...
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(How) could the E-Delivery Rule open the door to cyber security/participant data suits?
The Department of Labor (DOL) has simplified the delivery of retirement plan information to participants through its new Electronic Disclosure Rule (the E-Delivery Rule). Although the E-Delivery Rule promises...
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A case involving custom target-date funds that made its way all the way to the U.S. Supreme Court (and back) has concluded—for the moment—in favor of the plan fiduciaries.
The original lawsuit, filed in November 2015 in the U.S. District Court for the Northern District of California by former...
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How do third party administrators (TPAs) and pooled employer plans (PEPs) interact? A Jan. 13 ASPPA webcast discussed the intricacies of such arrangements.
In “TPAs and PEPs: Structure and Service Options,” American Retirement Association Key Accounts Director Jake Linney, CPC, CPFA, addressed...
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On Jan. 25, the Senate confirmed one of President Biden’s top economic advisors, and a key Republican senator who has been a champion of retirement policy announced his intent to retire.
Janet Yellen was approved by the Senate in an 84-15 vote, becoming the first woman to lead the department in...
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The target of a new 401(k) suit is familiar, as is the law firm representing the participant-plaintiffs—but the combination is new.
The plan “target” this time is the $1.8 billion 401(k) plan of Takeda Pharmaceuticals USA Inc., more specifically the fiduciaries of that plan and their selection—and...
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The digital version of the latest issue of Plan Consultant is now available online.
The cover story is a recap of the 2020 ASPPA All Access virtual conference, delivered online over the course of three weeks in October and November.
The event captured the tenor of our time, presenting...
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A new case of 401(k) theft has led to a lawsuit by the participant—and the plan—against a provider.
The suit—filed by Raymond J. Mandli and Mandli Communications, Inc.—alleges that on Feb. 14, 2020, “American Trust made an unauthorized distribution in the total amount of $124,105 from Mr. Mandli’s...
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A lawsuit filed against a (relatively) small plan has been dismissed—essentially for failing to state sufficient specific allegations to warrant going to trial.
This suit, filed in February, targeted the 401(k) plan of Vail Resorts, which as of 12/31/18 had 8,276 participants with account balances...
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The cyber crime whack-a-mole contest continues; a recent blog entry discusses the persistence of identity theft and suggests steps that can be taken against it.
In “The Return of Identity Theft: The Risk Fights Back,” Alison J. Cohen of the Ferenczy Benefits Law Center LLP and David Kruse of...
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The IRS office of Tax Exempt & Government Entities has outlined its compliance program and priorities for 2021.
In the fiscal year 2021 program letter for the office, TE/GE Commissioner Tammy Ripperda and Deputy Commissioner Edward Killen note that “The challenges of COVID-19 during fiscal...
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The Department of Labor (DOL) has indicated, at least in one case, that it will allow defined contribution plans to offer indirect investment in private equities. A recent blog entry offers food for thought regarding private equity and considerations concerning such investments.
In “Understanding...
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The Securities and Exchange Commission has announced that President Donald J. Trump has designated SEC Commissioner Elad L. Roisman as Acting Chairman of the agency.
He steps into the role vacated by Jay Clayton, who had previously announced his intention to conclude his tenure at the end of this...
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The year 2020 provided unique circumstances. Among them are employers that are not paying bonuses this year but whose employees nonetheless have been logging overtime. A recent blog entry examines whether such a scenario has consequences for the employer’s retirement plan.
In “Overtime Is Up...
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So much of our lives have been disrupted by the COVID-19 pandemic—but the pace of 401(k) litigation, it seems, has, if anything, accelerated.
Now, some may find the label “terror” in the title extreme. In fact, it hadn’t really occurred to me until I read the response of defendants to a suit...
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Missing participants are a problem—for employers, for plans, for beneficiaries and even for the participants themselves. A Nov. 11 session of ASPPA All Access offered a look at the challenge missing participants pose, and what can—and must—be done to meet it.
Maggie Younis, CPC, QPA, QKA, TGPC,...
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