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Regulatory Compliance
Recent guidance clarifies that retirement contributions for unincorporated sole proprietors are excluded from payroll costs in calculating the maximum loan amount under the Paycheck Protection Program (PPP)—and so can’t be forgiven under the terms of that program.
Specifically, the Small Business...
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The IRS now will accept both paper and electronic requests for advice. The IRS announced on April 30 that it is allowing the electronic submission of requests for letter rulings, closing agreements, determination letters and information letters under the jurisdiction of the IRS Office of Chief...
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The U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) has issued “deadline relief and other guidance” related to the impact of the Coronavirus outbreak—including expanded “good faith” application of electronic delivery.
EBSA Disaster Relief Notice 2020-01 extends the time...
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ASPPA provides extensive coverage concerning a host of aspects of the pandemic and its consequences for plan sponsors, administrators, service providers and participants. This includes how developments resulting from it have affected plans and participants, and how they can be addressed; discussion...
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Editor's Note: This is the second installment in a series concerning correcting plan loan failures.
Q. Can a loan default be self-corrected if the 5-year repayment period has expired?
A. If the 5-year repayment period has expired, the employer cannot use the SCP correction methods (e.g.,...
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Law and regulation require that certain information is provided to plan participants. But those requirements have not necessarily kept pace with technological and social advances. The Labor Department is now addressing electronic means of disclosure, and an ASPPA webcast discussed some of the...
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Assistant Secretary of Labor Preston Rutledge is planning to leave his post at the end of May.
Rutledge was nominated to the post in October 2017 by President Trump. He was confirmed by voice vote of the Senate later that same year.
His tenure included a number of significant regulatory advances...
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Another excessive fee suit has been filed—with the plaintiffs represented by a familiar name.
This time the target were the fiduciaries of the approximately $700 million Pharmaceutical Product Development, LLC Retirement Savings Plan in a suit filed in the Eastern District of North Carolina by...
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Citing the impact of the Coronavirus pandemic, the Garden State has extended the deadline for considering its proposed fiduciary rule.
New Jersey’s proposed new uniform fiduciary standard was issued April 15, 2019, but under the state’s statutory deadline, the proposal would have expired if...
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Imagine a business owner who is familiar with the Form 5500 Series, but only just; they are surprised when their TPA says they need to have an independent qualified public accountant (IQPA) audit the plan and its Form 5500.
A recent blog post provides a nuts-and-bolts reminder of the importance...
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America may be sheltering in place—but 401(k) excessive fee litigation continues.
This time the target was the $7 billion, 50,500+ participant plan of Liberty Mutual. The suit was filed by on behalf of a half-dozen participants and ex-participants of that plan by none other than Schlichter...
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The Setting Every Community Up for Retirement Enhancement (SECURE) Act changed the age at which non-5% owners who have terminated employment with a retirement plan sponsor must take required minimum distributions (RMDs). Participants who reach age 70½ after 2019 must take their first RMD by the...
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The fiduciary rule issued by the Department of Labor (DOL) during the Obama administration was struck down in the courts, creating uncertainty that still exists. A recent ASPPA webcast discussed federal efforts to regulate fiduciary activity, as well as the demise of the fiduciary rule and what...
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What could getting to the chocolate center of a hard candy have to do with an expanded loan repayment period? Read on.
Some of you (older) readers might remember the Tootsie Roll Pop ad where a scholarly looking owl was asked how many licks it takes to get to the center of a Tootsie Roll Pop. One...
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At a time when much of the nation is working remotely, the Labor Department’s final rule on electronic disclosures has been delivered to the White House’s Office of Management and Budget for review.
“We are going to be pushing to get this finalized as soon as possible under the circumstances,”...
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ASPPA Connect now is running an occasional feature on correcting plan loan failures. The content is taken from “Loans: Correcting Taxation, Qualification and Fiduciary Failures,” an April 15, 2020 ASPPA Webinar presented by Stephen W. Forbes J.D., LL.M. of Forbes Retirement Plan Consulting.
The...
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The California Secure Choice Retirement Savings Investment Board on April 15 decided to extend the deadline for employers with 100 or more employees to register with CalSavers, the state-run retirement program for employees whose employers do not offer a retirement plan.
The extension will give...
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A common question regarding the CARES Act distribution, loan and required minimum distribution (RMD) waiver provisions [1] is whether these provisions are optional or mandatory. In most cases, they are optional – but in the retirement world there are very few questions where a short answer will...
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The Pension Benefit Guaranty Corporation (PBGC) on April 10 announced that it has extended deadlines for upcoming premium payments and other filings with the agency due to the COVID-19 pandemic.
Specifically, the PBGC has extended due dates for filings or actions that would otherwise have been due...
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The IRS has published some good news for Form 5500 filers—well, some Form 5500 filers.
Under Notice 2020-23, released April 9, the extensions[i] generally now apply to all taxpayers that have a filing or payment deadline falling on or after April 1, 2020, and before July 15, 2020. Individuals,...
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