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Nice try, but no. That appears to be the message from a court that said that a couple who used funds from an early IRA distribution to pay state and federal taxes cannot claim that qualifies as an exception to the penalty for taking an early distribution.In “Close Is Not Enough When it Comes to the...
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A new excessive fee suit claims that plan fiduciaries “abdicated” their responsibilities, allowing the plans’ trustee “…to load the Plans with high-cost mutual funds.”The most recent excessive fee suit involves both the 401(k) and 403(b) plans of Allina Health System, which have nearly $2.3 billion...
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There’s more to required minimum distributions (RMDs) than simply making payments. A recent white paper reminds that the responsibility of making RMDs includes fulfilling it on time.In the recent white paper “Are You Overlooking Required Beginning Dates?” William Grossman notes that Internal...
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The Sunshine Act has been around longer than all the Millennials. And fee disclosure has been required for years. And still, with all that — not to mention the advent of electronic means of research and communication — it’s still wise to pay close attention to defined contribution plan fees, argues...
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In a written response to a judge in litigation involving the fiduciary rule’s anti-arbitration provision, the Labor Department says the provision will “likely be mooted in the near future.”The letter (Thrivent Fin. for Lutherans v. Acosta, D. Minn., No. 0:16-cv-03289-SRN-DTS, letter to judge filed...
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Several years back, a group of us were talking about the rising cost of gasoline, when I quite casually mentioned, “Well, at least we’re not having to wait in lines to buy it.” At which point it was obvious from the reaction of the group that I was the only one who had had that particular...
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The Department of Labor’s Employee Benefit Security Administration (EBSA) has announced that it is withdrawing a rule requiring that employers provide a guide or similar material along with fee disclosures.The Obama administration had issued a notice of proposed rulemaking about the requirement on...
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The American Retirement Association has filed a comment letter raising concerns about the application of a new fiduciary regulation in the state of Nevada.The comment letter includes a legal analysis conducted by the law firm of Trucker Huss that concludes that courts would find that the Nevada...
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The ASPPA College of Pension Actuaries (ACOPA) honored Michael B. Preston, FSPA, EA, MAAA with the 2017 Edward E. Burrows Distinguished Achievement Award at the ACOPA Actuarial Symposium held in Chicago Aug. 18-19.The Edward E. Burrows Distinguished Achievement Award is presented annually to a...
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The U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) has extended until the end of this month the deadline to submit nominations to serve on the ERISA Advisory Council.The agency is soliciting nominations to fill five 3-year vacancies on the Advisory Council on Employee...
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