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Regulatory Compliance
Live Nation finds itself in the crosshairs of litigation — and it has nothing to do with Taylor Swift tickets.
As it turns out, Live Nation Entertainment Inc. (which merged with TicketMaster in 2010), currently embroiled in controversy about access to tickets for mega star Taylor Swift, now also...
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The newest digital edition of ASPPA’s members-only magazine has been posted online!
SECURE 2.0 was enacted on the cusp of 2023. It’s complex and confusing — but also filled with opportunity. In this issue’s cover story, John Sullivan and Nevin E. Adams, JD take a look at what retirement...
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The Department of Labor (DOL) in its budget proposal for fiscal year 2024 seeks funding to implement SECURE 2.0, and that includes retirement-related priorities.
The DOL seeks $4,672,000 to Implement SECURE 2.0. The DOL indicates that it has no choice but to do so.
The Consolidated...
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Commenting that “the Florida court’s analysis is rooted in a fundamental legal error,” the Department of Labor says it may appeal a ruling that upended its guidance pertaining to fiduciary duty regarding rollovers.
Last month, the United States District Court’s Middle District of Florida sided...
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The SECURE Act added IRC §401(b)(2) to allow for the retroactive adoption of new plans. In the latest ASPPA asap, Erin Books, ERPA, CPC, TGPC EGPS, writes that beginning with calendar year 2020 plans, a plan sponsor could retroactively adopt a stock bonus, pension, profit-sharing, or annuity plan,...
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In what appears to address changes under the SECURE 2.0 Act, the IRS has issued updated information for reporting concerning IRAs, as well as a fresh reminder concerning required minimum distributions (RMDs).
IRA Reporting
The IRS has issued an updated version of Publication 590-B,...
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The Department of Labor (DOL) in its budget proposal for fiscal year 2024 seeks funding to fuel new initiatives to make sure lost benefits go to those to whom they belong.
The DOL seeks $5 million in FY 2024 to establish a program for ensuring that missing participants receive the benefits to...
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Another excessive fee suit involving proprietary funds has settled a little more than a year after the suit was filed.
In this one, plaintiffs Jubril Pecou and Ashley Schiefer (who joined the suit later) had filed suit (represented by Nichols Kaster PLLP.) against the Bessemer Trust Company and...
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The IRS issued two notices extending deadlines for qualified plan and IRA amendments required due to various pieces of legislation, including the SECURE Act, CARES Act, and Miners Act. In the latest ASPPA asap, Denise Matthews-Serra, CEBS, MSPM, CPC, QKC, QPA Mutual of America, discusses Notice...
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The Department of Labor’s Employee Benefits Security Administration (EBSA) on March 22 announced that it is reopening the comment period for the proposed amendment to prohibited transaction class exemption 84-14 (the QPAM Exemption).
The QPAM Exemption
The QPAM exemption permits various...
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In a move to encourage choice in retirement saving, President Biden vetoed a measure on March 20 that the administration says would block plan fiduciaries from freely considering the best interest of workers and savers in retirement plan investment offerings.
The veto, the Administration’s first...
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An excessive fee suit targeting a $5.9 billion 401(k) plan has been dismissed — with prejudice.
Fending off this particular lawsuit was Kroger and the fiduciaries of the Kroger 401(k) Retirement Savings Account Plan — the suit brought by participant Lisa A. Sigetich (a Customer Service...
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A number of recent excessive fee suits have failed to state a “plausible” claim to move past a motion to dismiss — but a federal judge in Massachusetts embraced what seems to be a lower threshold and is allowing one of those cases to proceed to trial.
This suit involved participants in the MITRE...
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Legislation is pending in two states to adjust the definition of “covered employer” and “covered employee” for purposes of state-sponsored retirement plans that cover private-sector employees whose employers do not offer a plan.
Hawaii. Bills are before both the Hawaii House of Representatives...
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The Pension Benefit Guaranty Corporation (PBGC) on March 14 issued the interest assumptions under the asset allocation regulation for plans with valuation dates in the second 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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So, if you had a court hearing with the same judge on the same day, ruling on suits involving identical allegations — what result would you expect?
Well, if you said the same result — you’d be correct. The suit here was brought by Michael Tullgren, an employee of Booz Allen Hamilton Inc. and a...
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April 1, 2023, is the last day, in most cases, for retirees who turned 72 during 2022 to begin taking distributions from IRAs, 401(k)s and similar workplace retirement plans. The IRS issued a reminder about the impending deadline on March 9.
RMDs, the IRS reminds, generally are made by the end...
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The American Retirement Association (ARA) has signed on to a joint letter supporting the IRS’ new permanent rules to allow remote notarization of spousal consent forms.
Background
During the pandemic, the IRS received requests from stakeholders to permit remote witnessing of spousal consents...
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The IRS has issued guidance to financial institutions for reporting required minimum distributions (RMDs) for 2023. The guidance, contained in Notice 2023-23, implements a change to the RMD rules made by the SECURE 2.0 Act, which delayed the required beginning date for RMDs.
Under this change, IRA...
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Plan fiduciaries that had come close to settling a suit that accused them of mismanaging plan assets — twice — have managed to prevail because the plaintiffs waited too long to sue.
In this case, participant-plaintiffs Daniel Draney and Lorenzo Ibarra brought suit against the plan fiduciaries of...
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