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Regulatory Compliance

The July 31, 2019 deadline for most employee benefits plans that must file the Form 5500 for reporting about 2018 is fast approaching. So the June 20 ASPPA Webcast, “Form 5500 Update,” was a well-timed reminder regarding changes that affect the form and its use and filing. Presenter Stephen Forbes... READ MORE
July 1 is the registration deadline for the next wave of employers for the Illinois Secure Choice Savings Program, a retirement savings vehicle for private sector employees in Illinois who do not have access to an employer-sponsored plan. Employers with 100-499 employees must register with the... READ MORE
The House Ways & Means Committee has voted to extend a vast array of individual and corporate tax provisions, including special disaster-related rules for use of retirement funds. Disaster Relief Assistance The Committee late June 20 approved the Taxpayer Certainty and Disaster Tax Relief Act... READ MORE
The IRS on June 17 issued a third quarter update of its 2018-2019 Priority Guidance Plan. As in such previous such plans, retirement benefits are among the many areas in which the IRS plans to take action. In the update, the IRS also reports on progress in projects it has listed in the plan.The ‘To... READ MORE
A plan sponsor fiduciary won their case in court, refuting allegations that they should have removed a fund from the plan’s investment menu. The plaintiff in this case was Marc J. Muri, an employee of National Indemnity, an insurance provider located in Omaha, Nebraska, and a participant in... READ MORE
Compliance is serious business and audits of an employee benefit program are no joke. But the mere fact that one is scheduled need not spell imminent doom. As a recent blog entry points out, there are steps one can take to be ready — and, in the process, better ensure that the plan is in compliance... READ MORE
Not wasting any time, the Garden State has announced that it will hold a July 17 hearing in connection with its proposed new fiduciary standards. According to an announcement in the New Jersey Register, the Bureau of Securities also simultaneously announced that it is extending the comment period... READ MORE
Consistent with prior input from the American Retirement Association, New Jersey correctly excluded ERISA plan fiduciaries from the application of its proposed new fiduciary standards. In a June 14 comment letter, the ARA – parent organization of the ASPPA/NTSA – expressed support for the proposed... READ MORE
An excessive fee suit has been granted class action status in federal court. This time it’s a group of former participants in the JPMorgan Chase 401(k) Savings Plan, a plan that has approximately 266,000 to 300,000 participants and more than $14 billion in assets. Suit ‘Case’ In considering the... READ MORE
The official hurricane season has just begun (the National Oceanic and Atmospheric Administration says it starts June 1). But we’ve already had a tropical system in the Atlantic (Andrea) — and that serves as a reminder that it can be helpful to a service provider and plan administrator to prepare…... READ MORE
The Department of Labor’s Employee Benefits Security Administration (EBSA) is responsible for overseeing millions of employee benefit plans, including investigating retirement plans when necessary. A recent blog entry examines what an employer should know about that. In Thompson Coburn LLP’s blog... READ MORE
Words matter. Don’t think so? The publisher of a King James Bible in the 17th century who left out the word “not” in the commandment “thou shalt not commit adultery” and who suffered the consequences would beg to differ. And words matter in retirement plan communications as well, as recent analyses... READ MORE
The U.S. Supreme Court will, once again, take up the issue of where, and how, to draw the line between the obligations of corporate officials and ERISA plan fiduciaries. Specifically, the Supreme Court has now decided (Ret. Plans Comm. of IBM v. Jander, U.S., No. 18-1165, certiorari granted 6/3/19... READ MORE
The Department of Labor (DOL) is preparing to act on a variety of issues relevant to retirement plans and participants, according to a department official who offered an outline at a June 5 session of the SPARK national conference held in Falls Church, VA. Jeanne Klinefelter Wilson, Deputy... READ MORE
I was late to the Game of Thrones – and though its final season seems a bit “rushed” – there has been plenty to not only watch, but mull over in its eight-season run. And yet, as the series wound to a close, I kept thinking there were some lessons for retirement amidst the mayhem. ‘A man’s gotta... READ MORE
It’s often said that “if at first you don’t succeed, try, try again.” But that didn’t work for the plaintiffs in a suit challenging the use of a money market fund, rather than a stable value option. The plaintiffs here have been “trying” since February 2016, when they, represented by the St. Louis... READ MORE
ASPPA is always providing information and insights that will be valuable to its members! Following is a summary of upcoming webcasts and events. Live Webcasts  ASPPA Webcast: Late Deferral/Loan Deposits and Form 5330Thursday, June 6, 2019 2:00–2:50 p.m. ET Speaker: Kristina Kananen, QPA QKA,... READ MORE
The Internal Revenue Service has announced updated deduction limits for high deductible health plans. For calendar year 2020, the annual limitation on deductions under § 223(b)(2)(A) for an individual with self-only coverage under a high deductible health plan is $3,550, up $50 from the 2019... READ MORE
UPDATED MAY 24 AT 9:30 A.M. ET One of the most consequential pieces of retirement security legislation in more than a decade has been approved overwhelmingly by the U.S. House of Representatives.    In a May 23 House floor debate that featured much praise and few objections, the Setting Every... READ MORE
The fire and ice of dragons in winter – the stuff of mythology. But even the seemingly commonplace can incorporate a dash of mythology as well, as a speaker at the recent Plan Sponsor Council of America (PSCA) annual conference outlined – concerning, of all things, DC plans. In “Defined... READ MORE

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