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Regulatory Compliance
Plan loan features in DC plans can encourage workers to participate in the plan. But the rules governing plan loans can be complicated, and mistakes can be made. A recent ASPPA webcast offered a look at common plan loan mistakes and how to correct them, using case studies to illustrate.
In “St....
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We recently celebrated Valentine’s Day; perhaps you saw one of those increasingly ubiquitous advertisements for a certain online florist.
Now, I’ve used that particular service on many an occasion over the past several years; they are not only convenient, they deliver a quality product, and on...
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The ratification of the 22nd amendment in 1951 may limit U.S. Presidents’ tenure, but that doesn’t mean their influence over a host of areas ends when their terms of office do. And that includes retirement readiness.
In “How 5 U.S. Presidents Continue to Influence Your Retirement Readiness Today...
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“Fiduciaries that manage employer-sponsored benefits plans will likely get sued no matter what they do.” Thus begins a request from a number of retirement industry groups – including the American Retirement Association – that the U.S. Supreme Court weigh in on a controversial fiduciary case.
Said...
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The Oregon Treasury on Feb. 16 filed a notice of proposed rulemaking, including a statement of need and fiscal impact, for a rule that would amend OregonSaves to allow a presumption of employer exemption.
The proposed amendments would:
Allow OregonSaves officials to use the federal Form 5500...
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In his First Quarter 2019 Washington Update, Robert Kaplan, the American Retirement Association’s Director of Technical Education, provided an overview of the new climate on Capitol Hill as well as recent regulatory developments affecting retirement plans.
On the Hill
With the changes that took...
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Markets moved higher heading into the New Year, but participant transfers slipped to a historic low.
According to the Alight Solutions 401(k) Index, January’s three “above-normal” trading days and one day of low trading activity marked the slowest start to the year in the more than 20-year history...
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The IRS has updated the content in its 401(k) Plan Fix-It Guide that addresses what to do when hardship distributions were not made properly.
The IRS makes recommendations regarding how to find and correct a mistake in providing hardship distributions.
How to Find the Mistake
Review your plan...
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The IRS has issued a new version of Publication 575, “Pension and Annuity Income” for use in 2018 reporting.
Publication 575 discusses the tax treatment of distributions received from pension and annuity plans and also shows how to report the income on a federal income tax return. How these...
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Fee litigation trends and disclosure requirements have compelled plan sponsors to focus on how recordkeeping fees are allocated to participants, but beyond ERISA’s general fiduciary requirements, there is limited legal guidance, explains a new white paper.
Under the Department of Labor’s fee...
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The IRS has issued a new version of Publication 560, “Retirement Plans for Small Business (SEP, SIMPLE, and Qualified Plans)" for use in 2018 reporting.
In addition to information about filing, Publication 560 contains information on the following:
what type of plan to set up;
how to set up a...
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The American Retirement Association (ARA) on Feb. 4 submitted a comment letter to the Pension Benefit Guaranty Corporation (PBGC) on the agency’s proposed form and instructions that would enable it to obtain information it needs in order to make coverage determinations.
The PBGC had announced Dec...
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The Pension Benefit Guaranty Corporation (PBGC) has issued proposed amendments to its regulations on allocating unfunded vested benefits to withdrawing employers and notice, collection, and redetermination of withdrawal liability.
The PBGC says that these amendments are needed in order to...
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Bills before the Oregon Senate would create a statutory responsibility for employers to indicate that they are exempt from participating in OregonSaves, and a penalty for not participating if they are eligible to do so.
SB 165 would direct employers to indicate on annual state tax withholding...
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The Pension Benefit Guaranty Corporation (PBGC) has updated its Staff Responses to Practitioner Questions webpage to include additional information about guaranteed benefits, reportable events and standard terminations. The page provides a useful look at the PBGC’s take on particular situations...
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A managed account provider and a recordkeeper platform have been sued for conspiring to direct participant savings to expensive, affiliated funds.
Plaintiff Kimberly Davis worked for Palace Entertainment in Greensboro, NC and Riverhead, NY, and participated in its 401(k) retirement plan that...
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Has an index fund become a presumption of prudence?
You may remember that not so very long ago, courts had determined that the holding of employer stock in Employee Stock Ownership Plans (ESOPs) was entitled to a presumption that their fund management was prudent under a “presumption of prudence”...
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Like water poured on the top of a hill whose reach is quick and hard to control, the stalemate in Washington is spreading beyond what’s reported on the nightly news. Add retirement plan administration to the list of everyday functions that are now feeling the impacts.
The most predictable effect,...
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Misunderstanding what the “15th business day” means for purposes of Department of Labor (DOL) regulations can earn one unwelcome federal attention. A recent blog entry discusses that risk and how to obviate it.
The DOL’s participant contribution regulation requires employers of all sizes to...
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Nevada’s Office of the Secretary of State, Securities Division, on Jan. 18 released draft regulations defining the state’s new fiduciary standard based on legislation enacted by the state’s legislature in 2017 – the first of several states to do so.
There does not appear to be an ERISA exemption,...
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