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Regulatory Compliance

Many (if not most) defined contribution plan documents provide that the plan administrator may use forfeitures to reduce contributions, pay plan expenses, or allocate to participants as additional benefits.  In fact, the Treasury and IRS recently suggested that plans be drafted this way to avoid... READ MORE
Plaintiffs have had their appeal of a district court’s dismissal of their excessive fee suit rejected by the appellate court. Appellants Cole Matney and Paul Watts[1]—participants in the Barrick Gold 401(k) plan—filed suit against Barrick Gold of North America, Inc., Barrick Gold’s Board of... READ MORE
Natural disasters disrupt normal business activity. The IRS makes timely notice to taxpayers of areas eligible for relief after disasters such as Hurricane Idalia and other recent events (see sidebar). Herein, we trace some of the regulatory language and published guidance from the IRS on disasters... READ MORE
The IRS on Sept. 13 issued guidance on exceptions from the electronic filing requirements for certain filers of Forms 8955-SSA and 5500-EZ. The guidance comes in Revenue Procedure (Rev. Proc.) 2023-31.  Rev. Proc. 2023-31 supersedes Rev. Proc. 2015-47, 2015-39 IRB 419 regarding the following forms... READ MORE
The Pension Benefit Guaranty Corporation (PBGC) has made some changes to the instructions for plans paying premiums for plan years beginning in 2023, including instructions for each data element that must be reported. The filing requirements for 2023 are almost identical to those for 2022.... READ MORE
The plaintiffs in one of the dozen or so cases involving the BlackRock Lifepath target-date funds (TDFs) have made it past the motion to dismiss stage. In this case (Trauernicht et al. v. Genworth Financial Inc. et al., case number 3:22-cv-00532, in the U.S. District Court for the Eastern District... READ MORE
Noting that “prolonged investigations carried out by federal agencies, such as EBSA, create tremendous strain on retirement plan sponsors,” two key House Republicans are pushing back. In a Sept. 19 letter to Acting Secretary of Labor Julie Su, Rep. Virginia Foxx (R-N.C.), chair of the Education... READ MORE
If you made an error with IRA contributions or discover one, there still is time to correct it. But not much time—the deadline for fixing those mistakes is Oct. 16, 2023.  Among the errors that could cause someone to seek to make an adjustment, observes Sarah Brenner, Director of Retirement... READ MORE
The importance of plan fees has been impossible to miss in recent years—just look at court dockets, if nothing else. And those plan fees can pose a challenge in fulfilling fiduciary duties.  Protecting 401(k) and 403 (b) participants from paying excessive fees is part of plan sponsors’ fiduciary... READ MORE
Noting that “a decision in this appeal has the potential to significantly affect Amici’s members, which include plan sponsors and fiduciaries…,” a group of industry trade groups has filed in support of fiduciaries and providers in a federal court. More specifically, the ERISA Industry Committee (... READ MORE
The Department of Labor’s Employee Benefits Security Administration is seeking nominations to fill five vacancies to serve three-year terms on the ERISA Advisory Council, known officially as the Advisory Council on Employee Welfare and Pension Benefit Plans. Nominations are being accepted for one... READ MORE
The IRS on Sept. 13 issued guidance on exceptions from the electronic filing requirements for certain filers of Forms 8955-SSA and 5500-EZ. The guidance comes in Revenue Procedure (Rev. Proc.) 2023-31.  Rev. Proc. 2023-31 supersedes Rev. Proc. 2015-47, 2015-39 IRB 419 regarding the following forms... READ MORE
The Pension Benefit Guaranty Corporation (PBGC) on Sept. 12 issued the interest assumptions under the asset allocation regulation for plans with valuation dates in the fourth quarter of 2023. The assumptions are contained in a final rule that amends the PBGC’s regulation on Allocation of Assets in... READ MORE
The Department of Labor (DOL) sent a new version of a proposed fiduciary rule to the Office of Management and Budget (OMB) late Sept. 8 for review.   Known officially as “Conflict of Interest in Investment Advice,” it would redefine fiduciary investment advice under ERISA. According to a post on... READ MORE
The industrial revolution, 21st century-style, mass-produces information—but at the same time makes it an individual experience. And that includes information about retirement plans and one’s own retirement plan and account. One of the ways in which that information is delivered is via apps. But... READ MORE
Less than a year after being sued for the standard series of alleged missteps, the parties in an excessive fee suit have struck a “deal.” The plaintiff bringing suit just a year ago was Grace Angelo (she was later joined in the action by Kerstin Thompson as a second class representative)—the... READ MORE
The findings in a new survey suggest retirement plan professionals need to optimize Social Security benefits with clients, as large percentages of respondents across generations do not have a firm grasp of how the program works. Nearly half (49%) of U.S. adults aged 18 or older believe that they... READ MORE
The two top Republican lawmakers serving on the House and Senate committees with jurisdiction over ERISA have called on the Department of Labor (DOL) to halt any further changes to the definition of fiduciary.  The Aug. 31 letter from Rep. Virginia Foxx (R-NC), who is chair of the House Education... READ MORE
The allegations are familiar, as are the attorneys representing the plaintiffs—but this settlement proposal involves more than just money. The proposed settlement comes in an action brought by plaintiffs Sarah Gamble, David Covington, Tansy Wilkerson, and Daisy Santiago (represented by Miller Shah... READ MORE
Starting a state-run program could result in private-sector employers dropping their existing retirement benefit plans, warned some soothsayers. Not so, says an industry expert.  Kim Olson, Senior Officer of the Pew Charitable Trusts’ Retirement Savings Project took issue with such doom and gloom... READ MORE

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