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Legislation has been introduced in the Bay State that would expand the Commonwealth’s auto-IRA program for private sector workers and establish a 401(k) parallel, with an employer mandate.
The first bill, SD 1902, introduced by state senator Patricia D. Jehlen, establishes the Massachusetts Secure...
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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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The IRS on Jan. 21 issued the instructions for the Form 5329, Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts to be used in reporting concerning benefits and distributions from 2018. Employers, plan administrators and retirement plan professionals may find it a...
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Like a teeth cleaning, plan audits are not popular but serve a useful purpose. And for many plans, they are unavoidable. But a plan audit need not be unpleasant, and there are steps that can be taken to prepare for one and make it a smoother experience.
In “Making Your Benefit Plan Audit Easier,”...
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Members of the American Academy of Actuaries (AAA) have filed a class action lawsuit against the AAA’s board alleging violations of the organization’s bylaws.
The complaint (2018-CH-15777) was filed on Dec. 20, 2018 in Cook County Circuit Court in Illinois. It alleges that the defendants, who are...
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Happy New Year to one and all! May the New Year bring you success in all your endeavors.
Almost 3 months into the ACOPA year, most of the ACOPA time of Leadership continues to be spent on determining how to respond the recent Academy decision to exclude ACOPA (and CCA) from the Selection Committee...
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The American Retirement Association’s governmental affairs staff and volunteer Legislative Relations Committee (LRC) both review legislative proposals and proactively propose legislative changes to improve the employer-provided retirement system. Over a period of years, many of ARA’s proposals have...
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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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Rep. Maxine Waters (D-CA), the new chair of the House Financial Services Committee, recently outlined a full-bodied agenda that seeks to protect consumers, safeguard investors and prevent another financial crisis.
In terms of setting the committee’s agenda, Waters, who has served on the committee...
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Three years to the day after filing suit, a 401(k) plan participant has dropped his excessive fee suit – with a whimper, not a bang.
The suit, originally filed Jan. 14, 2016 in the U.S. District Court for the District of Colorado, was filed by Wahan Krikorian, a participant in the TPS Parking...
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