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Regulatory Compliance
Is it ESG for me but not for thee?
Republicans heavily criticized environmental, social, and governance (ESG) investing policies in recent months, arguing it does little more than serve a woke agenda at the expense of investment returns.
For instance, they say divestment from fossil fuels...
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Plan fiduciaries say that a suit brought by a participant alleging a breach of fiduciary duty by a plan that included ESG options on its menu—and funds managed by ESG-friendly managers—didn’t invest in those options and has no basis for the suit.
Participant-plaintiff (and pilot) Bryan P. Spence...
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The Pension Benefit Guaranty Corporation (PBGC) on Aug. 7 announced that it is granting a one-time waiver of filing requirements under ERISA Section 4010 for certain filers.
The PBGC issued the relief in PBGC Technical Update 23-1. It provides a one-time waiver of the reporting requirement in...
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My previous article examined the Internal Revenue Code (IRC) Section 404(a)(7) combined deduction limit. In addition to Section 404(a)(7), self-employed individuals also are subject to the limits of IRC Section 404(a)(8). (Editor's Note: The previous article, "404(a)(7) Deduction Limit Deep Dive,"...
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As some of us gather at our first conference since the pandemic, there is excitement in the air for this week’s Symposium. The biggest question we face…will flights leave on time coming and going? I had to drive to the EA-2L Exam Writers Committee Meeting in Toronto after my flight was cancelled....
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I’ve heard that 10% of all small plan Pension Benefit Guaranty Corporation (PBGC) terminations are audited and at other times I’ve heard that the number is 33%. I’ve heard the PBGC audits are random.
What I believe is most audits are random, but some are due to red flags that come up during the...
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Until recently, ERISA seldom appeared in national headlines—let alone the Speaker of the House making an Instagram video about it. But many Members of Congress have proclaimed that the new Department of Labor (DOL) prudence regulation allows investment managers for ERISA plans to “push a political...
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The Pension Benefit Guaranty Corporation (PBGC) expects that both of its pension insurance programs—for single employers and for multiemployer plans—will remain not only solvent but robust for years to come.
The good news is contained in its FY 2022 Projections Report, which it released on Aug....
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Principal Deputy Assistant Secretary for the DOL’s Employee Benefits Security Administration (EBSA) Ali Khawar on July 25 shared with delegates at the 2023 NAPA D.C. Fly-In Forum the key priorities of the department, including new guidance on SECURE 2.0, an update to the fiduciary rule, and...
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Following an audit by the Office of the Inspector General (OIG), the Pension Benefit Guaranty Corporation (PBGC) has updated documentation required in order to apply for Special Financial Assistance (SFA).
The OIG recently issued “Audit of PBGC’s Review of Initial Special Financial Assistance...
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A federal appellate court has backed the ruling of a lower court, finding that a 401(k) plan’s investment consultant acted prudently, and in the interests of participants in decisions regarding a proprietary CIT.
The former participant/plaintiff here (one Benjamin Reetz) claimed that the...
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A new excessive fee suit challenges the imprudent selection of share classes, the poor selection of a stable value offering AND exorbitant recordkeeping fees.
Here we have one participant-plaintiff Robert Humphries suing based on the actions (or lack thereof) of the fiduciaries of the $700...
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The IRS will accept certain requests that an application for a private letter ruling (PLR) be put on the fast track. The announcement came in Revenue Procedure (Rev. Proc.) 2023-26, issued on July 26.
The acceptance of requests for accelerated processing is a departure from usual procedure: the...
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New regulatory guidance that would permit bankruptcy trustees to use the Department of Labor’s (DOL) Abandoned Plan Program has been submitted to the White House’s Office of Management and Budget (OMB) for review.
The new guidance, which was submitted to the agency on July 19, apparently will be...
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Hawaii is seeking an executive director for the Hawaii Retirement Savings Program. Executive Assistant to the Deputy Director Nancy Bernal, who also serves as interim secretary to the Hawaii Retirement Savings Board (HRSB), made the announcement July 21.
The executive director will provide...
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Fifty retirement-related organizations sent a letter to the Treasury Department and specifically the IRS on July 19 requesting “transition relief” for Section 603 under the SECURE 2.0 Act.
The signers—representing advocacy organizations (including the American Retirement Association), large...
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Just ahead of a scheduled trial date, the parties in a fiduciary breach suit involving a $30 billion master trust have come to terms.
The suit—filed in February 2016 by Melina N. Jacobs—alleged that the fiduciary defendants of the Verizon Master Savings Trust violated their fiduciary duty of...
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The IRS has updated content it provides concerning the deductibility of employer contributions to a 401(k) plan made after the end of the tax year. The material now reflects the application of the SECURE Act as well as discussion of the use of up-to-date forms.
The content is contained in the IRS...
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A “painstakingly negotiated global Settlement” of some $124 million involving multiple suits (and the involvement of the Labor Department) has been reached in a long-standing ERISA suit.
The original suit was filed in March 2016 by Clive Cooper, a former employee (and participant) of DST Systems,...
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New requirements included in SECURE 2.0 legislation to simplify and consolidate reporting and disclosure forms have been submitted to the Office of Management and Budget (OMB).
The items identified as RIN: 1210-AC23 appear on the regulatory dashboard at Reginfo.gov; however, they have not been...
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