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Regulatory Compliance
At the opening session of the 2019 NAPA D.C. Fly-in Forum on July 23, ASPPA Executive Director (and American Retirement Association CEO) Brian Graff noted that it’s a “hot mess” in Washington – both literally and figuratively.
Expressing his frustration that the bipartisan Setting Every Community...
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Legislation the House of Representatives passed on July 24 is intended to assist financially troubled multiemployer DB plans that meet specified criteria, but that help would come with a hefty price tag, according to the Congressional Research Service (CRS).
In a two-page report updated July 19,...
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A federal judge has weighed in on a question relevant to new plan committee fiduciaries: When and how does their liability for the decisions of previous committee members begin?
This case (Fuller v. SunTrust Banks, Inc., N.D. Ga., No. 1:11-cv-00784-ODE, 7/16/19) arises out of a suit brought by...
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A more personal approach is key to better engaging with individuals and building clientele and sales, argues the head of an organization that provides retirement education in a recent webcast.
In “Three Ways to Improve Client Engagement and Increase Sales,” Edward Dressel, President of ...
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Missing participants, and the problems they occasion, are becoming a more prominent problem for plan administrators, argues ERISA attorney Heather B. Abrigo, Esq.
“It’s really come to the forefront,” said Abrigo, a partner at Drinker Biddle & Reath LLP, in a July 16 ASPPA webcast. “Plan...
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While there’s likely a rocky confirmation road ahead, President Trump has announced (via tweet) his choice as the next Secretary of Labor.
“I am pleased to announce that it is my intention to nominate Gene Scalia as the new Secretary of Labor,” Trump tweeted Thursday evening. “Gene has led a life...
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Patrick Pizzella, the current Deputy Secretary of the Department of Labor, will take over as the Acting Labor Secretary in the wake of Alexander Acosta’s July 12 resignation.
Pizzella, who has served as the Deputy Secretary since April 2018, will likely serve as the Acting Secretary until a...
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American Retirement Association Chief Government Affairs Officer Will Hansen and past ASPPA President Stephen Dobrow offered testimony concerning benefit plan audits and how they may be improved at the June 25 meeting of the Department of Labor’s Advisory Council on Employee Welfare and Pension...
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The IRS and the Department of Labor should establish a formal way of collaborating on oversight of prohibited IRA transaction exemptions, the Government Accountability Office (GAO) has recommended.
The GAO undertook the study that led to its report, “Individual Retirement Accounts: Formalizing...
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Recent developments at the Pension Benefit Guaranty Corporation (PBGC) have resulted in new forms, a new final rule and a new page listing notices for plan participants.
New Form and Instructions
The PBGC has announced that a new form and instructions for requesting a determination regarding...
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A recent decision by the nation’s highest court could have implications for the Labor Department’s fiduciary rule.
The case itself (Kisor v. Wilkie) didn’t have anything to do with the fiduciary rule, or even the Labor Department. The plaintiff here was James Kisor, a Vietnam War veteran who...
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The Auditing Standards Board (ASB) of the American Institute of CPAs (AICPA) has issued two new statements on auditing standards: one concerning auditor reporting on financial statements by plans covered by ERISA, and the other concerning transparency in annual reports.
Statement on Auditing...
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Having been named in at least three separate suits regarding its FundsNetwork platform structure, Fidelity has filed a response.
The suits have been brought by participants in various 401(k) plans served by Fidelity (including the Publicis Benefits Connection 401(k) Retirement Savings Plan, the...
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Pension plans managed by religious organizations in Rhode Island now must provide regular updates to participants on the financial health of the plans. Gov. Gina Raimondo (D) signed a measure on July 2 setting that requirement into law.
House Majority Leader K. Joseph Shekarchi (D-Warwick)...
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A savings incentive match plan for employees of small employers (SIMPLE) IRA is intended to be a simplified way for employers and employees to contribute to retirement savings. But are they really simple? A recent analysis questions whether they really are as uncomplicated as they are purported to...
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A majority of pension plan sponsors in a recent study are seeking to reduce their roles and responsibilities with their plans.
Almost two-thirds plan to outsource some or all of their plan-related investment responsibilities and more than 60% plan to terminate their plans in the next five years,...
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The Treasury and IRS have proposed regulations designed to encourage adoption of multiple employer plans (MEPs) – though they’re not final yet.
Specifically, the proposed regulations would provide an exception to the “one bad apple” rule for certain MEPs. A MEP is a plan adopted by two or more...
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More than 20 years after the last such overhaul, on July 1 President Trump signed into law bipartisan legislation to revamp the Internal Revenue Service. The newly enacted Taxpayer First Act of 2019 (H.R. 3151) overhauls the IRS’ operations and tax administration systems and implements new taxpayer...
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The Oregon Retirement Savings Board (ORSB) now may partner with other states in providing services similar to those offered by OregonSaves, the Beaver State’s the state-run auto-IRA program for private-sector employees whose employers do not offer a retirement plan. On June 27, Gov. Kate Brown (D)...
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The U.S. Supreme Court has agreed to take on yet another ERISA case this term.
This case – Thole v. U.S. Bank, N.A., U.S., No. 17-1712, certiorari granted 6/28/19 – involves a suit by participants in U.S. Bank’s pension plan who, after the plan fiduciaries alleged mismanagement resulted in $750...
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