Correcting Problems With Your Retirement Plan
BB&K's Isabel Safie Discusses the Implications of IRS’ Definition of Governmental Plan Status
I don’t know what’s going on in the south shore of Long Island over the past few years and it wasn’t just Hurricane Sandy.
A few years back, the treasurer of my local school’s PTA stole more than $5,700 for her own...more
The IRS Employee Plans Compliance Unit (EPCU) recently announced two new projects and updated two others. In each case EPCU is using compliance checks as a tool to increase IRS enforcement presence and ensure compliance....more
Plan sponsors will say it all the time: they are too small to be sued in a class action lawsuit. That may be true, but a class action lawsuit isn’t the only thing to fear. Most plans aren’t big enough to have a class action...more
IRS Issues New Draft Form 1095-C and Instructions. On August 6, 2015, the IRS published its most recent updates to Form 1095-C and the instructions for Forms 1094-C and 1095-C. Beginning in early 2016, applicable large...more
In October 2012, a defined benefit plan sponsor amended its plan to provide that, effective Dec. 7, 2012, the plan would purchase an annuity to cover the plan’s obligations to make payments to the roughly 41,000 participants...more
What Plan Sponsors Don't Know, May Hurt Them.
And they don't know a lot.
When I worked at a semi-prestigious lawfirm, one of the named partners (whose son was a respectable politician) asked me what my practice...more
Earlier this month, the Pension Benefit Guaranty Corporation (PBGC) issued final regulations on reportable events under ERISA in connection with defined benefit pension plans and their sponsors (the Final Regulations). The...more
Last week, the Securities and Exchange Commission (SEC) settled charges against a registered investment adviser for failing to comply with Rule 30(a) of Regulation S-P (17 C.F.R. § 248.30(a)) (“Safeguards Rule”). The...more
As the hospitality industry continues to grow and expand, one common goal is to provide all-inclusive experiences for visitors and patrons. Unfortunately, given the breadth of the goods and services offered to the public and...more
Almost all U.S. states and territories have enacted breach notification laws requiring private and/or government entities to notify individuals when their personal information is compromised....more
The SEC’s modifications to the money market fund rules won’t become effective for approximately a year, but plan fiduciaries should already be considering what to do about them.2 Almost certainly, they’ll need to make changes...more
Action Item: The IRS has taken the first steps towards what is likely to be the end of the determination letter program for individually designed qualified plans. The determination letter has been the cornerstone of...more
Costly lawsuits filed by employees against their employers come in several varieties, including lawsuits alleging liability because of an employer’s handling of its employee benefit plans. Earlier this year, the U.S. Supreme...more
Too often brokers and financial advisors think about their client’s retirement plan needs and only think about the 401(k) plan. It’s understandable based on their lack of understanding retirement plan basics, but it’s not...more
Welcome to DLA Piper’s Pensions News publication in which we report on developments in pension legislation, guidance and case law, as well as keeping you up to speed on what to look out for in the coming months.
A federal court dismissed the plaintiffs’ claim to recover civil penalties for failure to provide plan documents requested by the plaintiffs. Boyd v. Sysco Corporation, No. 4:13-cv-00599 (D. S. C. September 3, 2015), provides...more
Thalidomide was supposed to be the wonder drug that helped women manage morning sickness until they discovered it caused birth defects. Asbestos was supposed to be the ultimate fire resistant material that was later found out...more
The Internal Revenue Service (IRS) issued two rounds of guidance modifying the Employee Plans Compliance Resolution System (EPCRS). The IRS guidance gives employers greater flexibility in correcting relatively common...more
Effective January 1, 2017, the staggered five-year determination letter remedial amendment cycles for individually designed plans will be eliminated, the IRS announced in Announcement 2015-19. Additionally, according to the...more
Retirement Plan Provider Marketing Do's and Don'ts. What to do and not do.
I never took a marketing course in college and I probably should have if I was going to go on my own and start a law practice. While I never...more
Employers and plan sponsors must comply with numerous filing and notice deadlines for their retirement and health and welfare plans. Failure to comply with these deadlines can result in costly penalties. To avoid such...more
The Internal Revenue Service (IRS) recently issued two significant notices for employers that sponsor defined benefit pension plans, particularly those considering lump-sum windows as a “de-risking” option for their plans....more
Last November, we reported that the Supreme Court had granted certiorari in Tibble v. Edison International, a Ninth Circuit decision holding that a claim that a plan fiduciary breached its duty of prudence in selecting plan...more
The availability of annuity options under defined contribution plans has increased in recent years due to the shift from defined benefit to defined contribution plans. Fiduciaries, however, are often concerned with potential...more
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