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The funded status of U.S. corporate pension plans improved in July, according to assessments by three financial services firms. Milliman, Wilshire Consulting and Legal & General Investment Management America (LGIMA) all report that funded status overall inched up slightly from June to July. But...
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Everyone’s favorite event, the ASPPA Annual Conference, is quickly approaching. After all of the hoopla of last year’s 50th anniversary celebration, you may be wondering to yourself, “Just HOW are they going to top it this year?”Well, just see what we have in store for you at this year’s event!...
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Employers with defined benefit plans have long sought to reduce the costs of offering them and handling associated uncertainties. Recent studies discuss the growing trend of turning to pension risk transfers to relieve the pressure and highlight purchase of group annuities as one of the ways they...
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The Department of Labor’s (DOL) Aug. 9 proposal that the transition period and full Best Interest Contract (BIC) applicability date of the fiduciary rule be delayed 18 months to July 1, 2019 no doubt was hailed by some as good news. But such a reaction is not universal.The Economic Policy Institute...
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The IRS on Aug. 15 announced that it seeks ideas on a video presentation it is preparing on the pre-approved plans opinion letter program.The presentation, which the IRS plans to post on its video portal in November 2017, will cover: the merger of the “master and prototype” and “volume submitter...
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Compliance with the Department of Labor’s fiduciary rule has reduced access to brokerage advice services and choice, cost billions, and disrupted retirement savers, according to a new study.The study, commissioned by long-time opponent and fiduciary rule litigant SIFMA and conducted by Deloitte...
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It’s a summertime trap: the poor baseball player trapped between bases who is going to be tagged out no matter which direction he goes. A recent blog entry argues that such a pickle faces employers and plan administrators too concerning distributions, but at any time of the year.Any employer and...
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Prior to departing for their summer breaks, House and Senate GOP leaders indicated that they plan to pivot from repealing and replacing Obamacare to making enactment of broad-based tax reform their number one priority.What are the chances of that happening? Lawmakers face a number of hurdles and a...
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Is it a fiduciary act to recommend contributions, or a higher rate of contributions? The Department of Labor (DOL) recently provided some clarity in the frequently asked questions it issued on Aug. 3. The DOL says that doing so would not be deemed a fiduciary act “provided that the information and...
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A plaintiff seeking class action status in a proprietary fund suit against his former employer may have hit a snag.The case is one brought by Marlon H. Cryer, individually and on behalf of a class of all other persons similarly situated, and on behalf of the Franklin Templeton 401(k) Retirement...
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