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Regulatory Compliance
The Department of Labor’s Employee Benefits Security Administration (EBSA) has issued a consultation paper on its review of Interpretive Bulletin (IB) 95-1, which concerns fiduciary standards applicable when selecting an annuity provider for a pension plan.
SECURE 2.0 requires the DOL to review IB...
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It’s hurricane season. So far, it’s been mild, but that may not last. The current lull offers an opportunity to take preparations that will protect your plan and participants if you have not already.
The IRS offers the following tips to help be ready in case a disaster happens.
Take Advantage...
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The parties involved in a suit challenging the ability to defer more to a 401(k) have come to terms, with a settlement of roughly $1.5 million.
The suit (Baird v. Hyatt Corp., C.D. Cal., No. 2:22-cv-01620, complaint 3/10/22), filed by one Lance Baird, accused his employer, Hyatt Corporation, of...
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The Pension Benefit Guaranty Corporation (PBGC) on July 11, 2023 issued a final rule amending its regulations on benefit payments, allocation of assets, and termination liability. On Sept. 30, 2019, the PBGC had published a proposed rule to amend these regulations.
The PBGC did so to increase...
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A federal magistrate judge has recommended curtailment of a key rollover provision of the Labor Department’s investment advice regulation.
The recommendation of U.S. Magistrate Judge Rebecca Rutherford comes in a 75-page “findings, conclusions, and recommendations” in response to a suit filed last...
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An important deadline fast approaches for many plans—the Form 5500 is due to be filed by July 31.
Plan sponsors of calendar-year plans must file their Form 5500 series returns by the last day of the seventh month after the plan year ends, which for calendar year plans is July 31 of the year after...
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The allegations in a new excessive fee suit are familiar—but the plaintiff has clearly been attentive to pleading failures that have led to other, similar cases being dismissed.
Commenting that “the proliferation of 401(k)plans has exposed workers to big drops in the stock market and high fees...
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Another target-date fund family has been…targeted…in a fiduciary breach suit that claims plan fiduciaries failed to prudently review—and remove—underperforming target-date funds.
The target-date funds in question this time are the JPMorgan SmartRetirement series, while the plans in question are...
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After a lot of comings and goings, filings and amended filings, an excessive fee suit brought against a $7.9 billion multiple employer plan has faded into the sunset…
The suit was filed in May 2020 in the U.S. District Court for the District of New Jersey by McCaffree Financial Corp.,[1]...
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The newest digital edition of ASPPA’s members-only magazine has been posted online!
For the self-employed and small business owners with a Solo 401(k) plan, important rules need to be carefully considered in the coming years. In this issue’s cover story, an expert panel—Nevin Adams, Dick Billings...
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Participants in OregonSaves, the first state-run retirement plan for private-sector employees whose employers do not offer one, have now cumulatively saved more than $200 million through the program.
So reported the Oregon Retirement Savings Board and State Treasurer Tobias Read, who serves as...
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A participant in yet another mega 401(k) plan claims participants paid nearly twice what they might have for “fungible” recordkeeping services.
This time it’s participant-plaintiff Matthew A. Miller[1] positioned as a representative of a Class of Participants and Beneficiaries of the $22 billion...
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After a lot of comings and goings, filings and amended filings, an excessive fee suit brought against a $7.9 billion multiple employer plan has faded into the sunset…
The suit was filed in May 2020 in the U.S. District Court for the District of New Jersey by McCaffree Financial Corp.,[1]...
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After months of speculation, the Department of Labor’s (DOL) newly released Spring 2023 regulatory agenda confirms that a fiduciary rule rewrite could be released later this summer; it also provides other key insight for the department’s regulatory plans for the coming months.
In fact, the fall...
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The Pension Benefit Guaranty Corporation (PBGC) on June 14 issued the interest assumptions under the asset allocation regulation for plans with valuation dates in the third quarter of 2023.
The assumptions are contained in a final rule that amends the PBGC’s regulation on Allocation of Assets in...
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The Pension Benefit Guaranty Corporation’s (PBGC) regulatory agenda now includes proposed rules to reflect updates to the dollar limit for mandatory distributions under SECURE 2.0.
The Office of Information and Regulatory Affairs of the Office of Management and Budget (OMB) has outlined the PBGC...
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A federal judge has approved the recommendation to certify a class in a proprietary fund suit—determining that even a “well-educated, well-informed, and careful investor”—might lack actual knowledge of fiduciary breaches.
The Suit
The participant-plaintiff in question here is one Brian Waldner,...
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A participant lawsuit claims that American Airlines has put retirement savings at risk by investing with managers and funds that “pursue leftist political agendas through environmental, social and governance (ESG) strategies, proxy voting, and shareholder activism.”
Participant-plaintiff (and...
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The Senate Committee on Health, Education, Labor, and Pensions (HELP) sent a letter to the Department of Labor (DOL) on May 30 urging it to “effectively and expeditiously” implement SECURE 2.0. It also urged the DOL to prioritize six provisions related to the committee’s mission.
More specifically...
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The IRS has issued guidance on the expansion of the Employee Plans Compliance Resolution System (EPCRS) under Section 305 of SECURE 2.0.
The guidance is contained in Notice 2023-43, which provides interim guidance in advance of an update to Revenue Procedure (Rev. Proc.) 2021-30.
The issues the...
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