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Why A Plan Sponsor Should Get A Plan Review

Retirement plan sponsors tend to be reactive rather than pro-active. They would rather not spend money to undergo a plan review and assume everything is fine until they run into a big compliance issue or mistakes are...more

SEC Takes Issue with Employee Confidentiality Obligations and Waivers of Monetary Awards

The Securities and Exchange Commission's (the "SEC" or "Commission") Office of Compliance Inspections and Examinations ("OCIE") issued a risk alert on October 24, 2016, announcing that it will be reviewing registrants'...more

More Ways to be Tagged with Withdrawal Liability

I have written a number of posts, on employers and business owners who have been held responsible for the multiemployer plan withdrawal liability of a different employer. In some cases, the liability comes from common...more

The Rosenbaum Law Firm Review - November 2016

Things That Won't Help A Retirement Plan Sponsor Limit Their Liability. Yup, not going to help. When I was a teenager, we were told that eating oat bran would lower cholesterol and it didn't. We're told that...more

Ballard Opinion Letter Program to Replace IRS Determination Letter Program

The Internal Revenue Service has largely ended its determination letter program by which sponsors of individually designed retirement plans can obtain confirmation that their plan documents are tax-qualified. The IRS has...more

Much-Anticipated Section 871(m) Dividend Equivalent Guidance Provides Promised Transition Relief

The U.S. Internal Revenue Service (the “IRS”) has released Notice 2016-76, providing anticipated guidance and transition relief for certain dividend equivalent transactions described in section 871(m) of the U.S. Internal...more

DOL Prevails in Kansas Litigation Challenging Conflict of Interest Rule and Related Exemptions

On November 28, 2016, Judge Crabtree in the U.S. District Court for the District of Kansas ruled in favor of the U.S. Department of Labor and denied the motion for a preliminary injunction filed by the Market Synergy Group,...more

The TPA Asset Based Fee is a dinosaur

I have a good friend of mine that I’ve known for the last 18 years and he’s one of the most honest people in the 401(k) business and I love him even though he roots for the New York Islanders. He works for a third party...more

Your Daily Dose of Financial News

8 years after returning as CEO, Starbucks’ Howard Schultz is again planning to step down, turning over the barista apron to current president and COO Kevin Johnson. Schultz will continue to work on Sbux social issues and the...more

Banking & Financial Services E-Note - November 2016

Employers across the country can now exhale. On Tuesday, November 22, 2016, a Texas federal court entered a nationwide injunction blocking the U.S. Department of Labor’s (“DOL”) new federal overtime rules from taking effect...more

Judges v. Ministry of Justice and Lord Chancellor

It is not every day that a group of over 200 judges get together to issue proceedings against the Ministry of Justice and the Lord Chancellor, Liz Truss. However, this is exactly what has happened; the London Central...more

A “Crystal Ball” On Life After The New ERISA Fiduciary Rule

The Department of Labor’s (DOL) new fiduciary rule that is going to go in effect in April 2017 is going to have a profound change in how financial advisors work with their retirement plan clients. It’s unchartered waters,...more

Plan Fees Have Been Getting Lower

NEPC, LLC published the results of its 11th Annual NEPC Defined Contribution Plan and Fee Survey. Data shows that Defined Contribution (DC) plan record-keeping and investment management fees continue to decline....more

The ERISA Litigation Newsletter - November 2016

This month we review a recent Second Circuit decision addressing ERISA plan status as a class member in a securities shareholder class action. As discussed in the article, the decision exposes a potential conflict among the...more

Experts say Trump won’t delay or kill Fiduciary Rule

Experts claim that a President Donald Trump is likely to let the new Fiduciary Rule go into effect in April without trying to delay it or kill it. If I’m a betting man, I think they’re right....more

IRS Announces Additional Procedure for Accepting Late Retirement Plan Rollovers

The Internal Revenue Code (IRC) provides that distributions from certain retirement arrangements (e.g., qualified retirement plans, individual retirement accounts (IRAs), §403(a) annuity plans, §403(b) tax-sheltered...more

DOL Prevails Again and NAFA Moves on to the Circuit Court Challenging the Conflict of Interest Rule and Related Exemptions

On November 23, 2016, Judge Moss in the U.S. District Court for the District of Columbia again ruled in favor of the Department and denied the renewed motion for a preliminary injunction brought by the National Association...more

Nutter Bank Report, November 2016

Massachusetts Voters Approve Legalization of Marijuana for Recreational Purposes - Massachusetts voters have approved a ballot initiative legalizing the use of marijuana for recreational purposes, which will become law...more

401(k) Plan Fee Litigation Update

The wave of fee litigation is ongoing and has significantly increased the responsibility of 401(k) plan fiduciaries to follow well documented, prudent processes to monitor 401(k) plan fees and expenses....more

CFPB Outlines Expectations on Incentive Compensation

The CFPB issued a bulletin warning supervised financial companies that creating incentives for employees and service providers to meet sales and other business goals can lead to consumer harm if not properly managed....more

Employee Benefits Developments - November 2016

The Employee Benefits practice group is pleased to present the Benefits Developments Newsletter for the month of November, 2016. ACA Information Reporting – Bad News and Good News - First, the bad news: The 2016 final...more

Financial Services Weekly News - November 2016 #4

Editor's Note - Potential CFPB Reform in the Wake of the Election. The November 16 edition of the Roundup indicated that the Financial CHOICE Act (Act) may be a blueprint for legal changes affecting the financial...more

Rollovers are going to be a rough business

I have been saying all along that rollovers are going to be a very rough and difficult business after the new Fiduciary Rule gets final. You can just tell by the Department of Labor’s (DOL) stance in their Fiduciary Rule Q&A....more

New Pennsylvania Legislation Allows Payment of Wages by Payroll Debit Cards

Employers in Pennsylvania will be able to pay employee wages using payroll debit cards under an amendment to the banking code signed by Governor Tom Wolf on November 4, 2016. The new legislation goes into effect 180 days...more

Face facts: Retirement Plan Sponsors Only Seek Help When They Need It

When I was at that semi-prestigious law firm many moons ago, I developed this plan review called the Retirement Plan Tune-Up. I’d look at the plan document, plan design, costs, the Fiduciary process, basically anything that...more

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