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Regulatory Compliance
Sen. Elizabeth Warren (D-Mass.) has expressed concerns about conflicts of interest in a study critical of the Labor Department’s fiduciary proposal — and that has forced the resignation of one of its authors.According to a report in The Hill, the left-leaning Brookings Institution has forced one of...
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The House Financial Services has given a nod to a bill that would delay the Department of Labor (DOL) from implementing the proposed fiduciary rule. H.R. 1090, the Retail Investor Protection Act, passed the committee in a 34-25 vote on Sept. 30.The bill, which Rep. Ann Wagner (D-Mo.) introduced on...
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ERISA does not preempt the application of all federal laws and regulations to retirement plans — and that includes website privacy standards set by the Federal Trade Commission.In a recent post on his Business of Benefits blog, Robert Toth, Principal at Toth Law, discusses a recent court ruling on...
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The latest issue of Employee Plans News, which the IRS issued on Sept. 30, provides comprehensive access to information concerning forms, correcting mistakes, plans and more that have been updated since the last issue of the newsletter.The information that can be accessed through Issue No. 2015-10...
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The IRS on Sept. 23 released an updated set of instructions for Form 8950, Application for Voluntary Correction Program (VCP) Under the Employee Plans Compliance Resolution System (EPRCS).The IRS revised the form to reflect changes made to EPCRS by Revenue Procedure (Rev. Proc.) 2013-12, Rev. Proc...
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Excessive fees and all the matters attendant to them are topics that should be brought to a retirement plan committee to address. In “How Long Can You Hold Your Breath?,” a column by David J. Witz that appeared in the Summer 2015 issue of Plan Consultant, Witz argues that the statute of limitations...
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Recent guidance issued authorizing the use of qualified longevity annuity contracts (QLACs) and their inclusion in target date funds will change plan administration and retirement income solutions.In “Are You Looking at Retirement Income Alternatives? The DOL and IRS Are,” a webcast that will be...
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When it comes to workplace retirement plans, there are three kinds of people: those who are ERISA fiduciaries and know it, people who aren’t ERISA fiduciaries and know it, and people who are ERISA fiduciaries and don’t know it.If you’re in the first or last category — well, here are seven things...
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As the comment period window closes on the Labor Department’s fiduciary proposal, the American Retirement Association has filed a supplemental comment letter with the DOL — and another House subcommittee schedules a hearing on the subject.Specifically, the ARA sought to “amplify and clarify” two...
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The period during which the Department of Labor’s Employee Benefit Security Administration (EBSA) will accept public comments on the fiduciary proposal closes on Sept. 24.A comment may be submitted through one of the following methods: Email: [email protected]; include ZRIN 1210-ZA25 in the subject...
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Skepticism about the Department of Labor’s (DOL) proposed fiduciary rule is mounting — and not just from President Obama’s opposition. Concerned about consumer choice and access to advice, as well as the possible effect of the rule on the cost of saving for retirement and on the poor and middle...
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An employer sponsor of a SIMPLE IRA plan must restore to the plan withheld contributions that never made it into the plan’s funds, the U.S. District Court for the District of Connecticut ruled on Sept. 9. American Materials Corp. was the plan’s sponsor and administrator, and its president, Donald J...
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The IRS Employee Plans Compliance Unit (EPCU) has updated the information concerning its project on non-governmental 457(b) plans.The EPCU is soliciting information about the characteristics and features of their plans, including contributions and employer and employee eligibility. Through the...
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The Pension Benefit Guaranty Corporation (PBGC) on Sept. 17 issued a final rule amending its multiemployer regulations to require electronic filing of certain multiemployer notices starting in 2016. The final rule is effective Oct. 19, 2015 and is applicable to filings made on or after Jan. 1, 2016...
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The Department of Labor (DOL) hearings may be over, but a House committee plans to hold a hearing of its own on the fiduciary rule reproposal and its impact on younger savers.House Ways & Means Oversight Subcommittee Chairman Peter Roskam (R-Ill.) proclaimed 2017 as “the year when tax reform...
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The IRS Employee Plans Compliance Unit (EPCU) has updated the information concerning its project on terminated plans with outstanding participant loans.Through the project, the EPCU is attempting to determine if outstanding loan balances at the time all plan assets were distributed were treated...
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The Pension Benefit Guaranty Corporation (PBGC) on Sept. 16 issued an updated list of reminders intended to help plans keep their premium filings timely and accurate.The list includes these pointers from the PBGC: For plan years starting in 2015, small plans are subject to the same normal due date...
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In a public comment letter, ASPPA has asked the IRS to permit filers to complete the 2015 Form 5500-SUP (and/or the equivalent items appearing on the 2015 Form 5500 series, including the paid preparer disclosure) on a voluntary (i.e., optional) basis. ASPPA has previously expressed its concerns to...
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ASPPA is always providing information and insights that will be valuable to its members! Following is a summary of upcoming webcasts and events.Live WebcastsComplimentary Webcast: The Myth of MultitaskingTuesday, Sept. 22, 20151 p.m. - 2 p.m. ETSpeakers: Dave Crenshaw, business coach and author of...
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There is frequently a difference between doing all that the law requires of a plan sponsor and doing everything that could be done.Here are five things that plan sponsors don’t always do — but should.1. Have a Plan/Plan Investment Committee.ERISA only requires that the named fiduciary (and there...
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