News & Analysis as of

401k

Creditor Protection of Retirement Plan Assets

Assets in qualified retirement plans and individual accounts (IRAs) total more than $20 trillion and represent 34% of U.S. household assets.1 Clients and their advisers are rightfully concerned about insulating those assets...more

Data Breach Risks for 401(k) and Retirement Plans

by Jones Day on

There has been a recent spike in attacks on 401(k) and retirement plans by cyber criminals. Some have been reported publicly, and we are aware of several nonpublic incidents as well....more

Advisors Advantage - April 2017

by Ary Rosenbaum on

Thinking Outside The Box For Plan Providers. It's a way to get ahead. The retirement plan business is one of the most competitive businesses out there because there is so many competing plan providers out there...more

How to Avoid Costly Beneficiary Designation Litigation – Helpful Hints for All Benefit Plans

by Foley & Lardner LLP on

When administering an employee benefits plan, it is critically important to provide clear and specific instructions as to how a participant can designate a beneficiary. A recent federal district court opinion in Florida...more

Oracle’s 401(k) and what doesn’t look right

by Ary Rosenbaum on

A district court judge has ruled that Oracle will in have to defend itself regarding its 401(k) Plan. Plaintiffs allege the Oracle Corporation 401(k) Savings and Investment Plan “caused participants to pay recordkeeping...more

ERISA Newsletter - First Quarter 2017

by Proskauer Rose LLP on

After a brief hiatus, Proskauer's ERISA Newsletter is back with a brand new look. We hope you like it and find it is easier to navigate. In addition to implementing our new format, we have moved to a quarterly publication...more

The problem with Morgan Stanley’s payment decision

by Ary Rosenbaum on

As you probably heard, Morgan Stanley will be moving to a level compensation approach for its 401(k) advisors. So this means it will do away with commission payments and finder’s fees (for recommending record-keeping...more

IRS Announces Amendment Period for 403(b) Plans, Proposes to Allow Forfeitures to Fund QNECS and QMACs

by Williams Mullen on

The Internal Revenue Service recently issued a long-awaited Revenue Procedure regarding compliance for 403(b) plans and also offered flexibility to employers to fund employer contributions to their 401(k) plans with...more

The Rosenbaum Law Firm Review - March 2017

by Ary Rosenbaum on

Why an Employer Should Sponsor A 401(k) Plan. Lots of good reasons. Too many plan sponsors ignore their retirement plans and by doing that, they are unknowingly putting themselves in harm's way. I know hat plan...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Prepaid card company NetSpend has reached a $53 million settlement with the FTC to resolve claims that the company “deceived customers about when and whether they could access money they deposited on its reloadable debit...more

IRS Will Now Permit DC Plan Hardship Withdrawal Self-Certification Summaries

by McDermott Will & Emery on

Two recently published memoranda by the Internal Revenue Service (the IRS) indicate that it is permissible for 401(k) and 403(b) plan sponsors and their third party administrators (TPAs) to rely on participants’ written...more

There will be a morning after

by Ary Rosenbaum on

I was pleased to attend the NAPA 401(k) Summit helping my friends at Alliance Benefits Group at their booth. One vibe that I got from the event was a common one. The fear of the fiduciary rule and the fear of tax reform...more

The IRS Provides Updated Guidance on Hardship Distributions

by Bass, Berry & Sims PLC on

The Internal Revenue Service (IRS) recently issued updated audit guidelines for its agents regarding the substantiation requirements for hardship withdrawals from 401(k) and 403(b) plans. This guidance is welcome news for...more

Embezzlement of 401(k) Deferrals by COO of Architecture Firm is (Doubly) Costly

On March 22, 2017, the U.S. Court of Appeals for the Second Circuit ruled against Christine Bodouva that her restoration of funds to her Company’s 401(k) Plan should be offset against the District Court’s order for forfeiture...more

IRS Issues Substantiation Guidelines for Safe-Harbor Hardship Withdrawals

by McGuireWoods LLP on

Earlier this year, the IRS issued a memorandum setting forth substantiation guidelines for IRS auditors examining whether a 401(k) plan hardship distribution is “deemed to be on account of an immediate and heavy financial...more

IRS Views on Self-Certification of Financial Hardship

by Bryan Cave on

In today’s virtual world, we suspect most plan sponsors rely upon the self-certification process to document and process 401(k) distributions made on account of financial hardship. The IRS has recently issued examination...more

Don’t hire relatives as your plan providers

by Ary Rosenbaum on

I have some simple rules to live by. I never bet on the Mets, eat at a place called Mom’s, play cards with a guy named Doc, or do business with family. Yet I have come across so many financial advisors who bemoan to me...more

401(k) and 403(b) Plan Hardship Distribution Substantiation: What Will the IRS Be Looking For?

by Jackson Lewis P.C. on

On February 23 and March 7, 2017, the Internal Revenue Service (“IRS”) issued memoranda to examination agents addressing review of substantiation provided in support of safe harbor hardship distributions under 401(k) and...more

You’re Paying for That

by Ary Rosenbaum on

The best third party administration (TPA) salesman I ever knew wasn’t happy with the typical GMC SUVs that he had leased in the past, so he wanted something more. After talking with the head of the company who he was very...more

IRS Issues a Memorandum on Substantiation Guidelines for Safe-Harbor Hardship Withdrawals from 401(k) Plans

by Sherman & Howard L.L.C. on

On February 23, 2017, the Internal Revenue Service (“IRS”) issued a Memorandum to IRS agents. The Memorandum identified the steps agents should take, in examining a 401(k) plan, to confirm that a hardship withdrawal is...more

Did Hardship Distributions Just Get Easier?

by Snell & Wilmer on

In a previous blog, we addressed an issue of Employee Plans News in which the IRS took the position that 401(k) plan administrators must maintain hardship distribution records and should not rely on electronic participant...more

Advisors Advantage - March 2017

by Ary Rosenbaum on

How You Can Stand Out From The Crowd As A Retirement Plan Advisor. It would be a detriment to focus only on this stuff. There are lots of financial advisors who claim they handle retirement plans, but there are...more

New IRS Memorandum Is a Hardship Act to Follow

In an internal memorandum to its examination agents dated February 23, 2017, the Internal Revenue Service (IRS) issued guidance regarding the types of documentation that agents should request in verifying hardship withdrawals...more

Guidance to IRS Examiners on 401(k)/403(b) Hardship Withdrawals

by Seyfarth Shaw LLP on

Substantiation Requirement Clarified for Examination Purposes - Over the past few years, employers and plan administrators have frequently asked how hardship withdrawal requests can/should be substantiated from 401(k)...more

Are You Keeping the Right Documentation for 401(k) Hardship Distributions?

401(k) plans may allow an employee to receive a distribution of elective contributions (employee deferrals) on account of a hardship. The regulations provide that a distribution is made on account of hardship only if the...more

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