Benefit Plan Sponsors Employee Retirement Income Security Act

News & Analysis as of

DOL Updates Guidance on Proxy Voting by Plan Fiduciaries

On December 29, 2016, the U.S. Department of Labor (the “DOL”) released Interpretive Bulletin 2016-1 (“IB 2016-1”) relating to the voting of proxies on securities held in employee benefit plans. IB 2016-1 withdraws the...more

The Final Rule: DOL Releases Additional FAQs Related to New Fiduciary Rule

The Department of Labor (DOL) has released two additional sets of FAQs providing guidance related to its final rule expanding the definition of fiduciary “investment advice” (the Final Rule) for purposes of the Employee...more

A Poet's Guide to Employee Benefits Law - 2017 Edition

The employee benefits world, with all its legal rules and regulations, is viewed by human resources people, financial people, and for that matter most lawyers, as forbidding territory - the "darkest forest" from the Wizard of...more

The Rosenbaum Law Firm Review - December 2016

The Potential Liability of Participant Directed 401(k) Plans. There is a liability lurking there. As children, we were told the story of Jack and The Beanstalk. Jack sells a cow for some "magic beans" and his...more

Your Business Can Fall A Lot Quicker That It Rose

One of the business philosophies I learned while working for third party administrator is that it’s a lot easier to lose a client than to gain one. I know that first hand, seeing bad service that gets plan sponsors to fire...more

The New ERISA Claims and Appeals Regulations for Disability Benefits

The Employee Benefits Security Administration of the U.S. Department of Labor recently published final regulations governing the ERISA claims and appeals process that will apply to all claims for disability benefits filed on...more

ERISA 404(c) lineup are a much bigger headache

When I first started in the business in 1998, daily valued, participant 401(k) plans were starting to become a big deal because the technology caught up with the idea of plan participants directed investments and that their...more

401(k) Plan Sponsor ERISA Fiduciary Litigation Update: Sequoia Fund Litigation

While much of the 401(k) fiduciary litigation in recent years has focused on investment and recordkeeping expenses, a large number of claims filed against 401(k) fiduciaries have alleged that fiduciaries simply made a bad...more

Cover Letters: The Key to Simplifying ERISA Plan Document Requests

Sponsors of qualified retirement plans and group health plans may receive tens, if not hundreds, of plan document requests every year. Responding to these requests in accordance with the rules set forth under the Employee...more

21st Century Cures Act Would Give Small Employers Greater Use of HRAs

Passed swiftly by Congress, the 21st Century Cures Act (H.R. 34) seeks to hasten cures for killer diseases, among other things. President Obama is expected to sign the bill on Tuesday, December 13. One of those other things...more

Advisors Advantage - December 2016

A "Crystal Ball" On Life After The New ERISA Fiduciary Rule. We can see the future if we look closely enough. The Department of Labor's (DOL) new fiduciary rule that is going to go in effect in April 2017 is going...more

What Employers Need To Know About Mandatory Payroll Deduction Savings Programs

Administering and providing retirement benefits can present difficulties to employers. If you offer such benefits, you must choose and monitor service providers, offer prudent investment options, and administer benefits,...more

Trump and the Debate Over the Fiduciary Rules Affecting Retirement Savings

CAMPAIGN PROMISES AND THE FIDUCIARY FIGHT - President Elect Trump’s campaign website states that he intends to issue a moratorium on new regulations that are “not compelled by Congress or public safety.” His stated goal...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

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

What to Expect in the Employee Benefits and ERISA World

President-elect Trump’s new administration will be in place in just two months. Employers wonder about what the incoming administration will do with respect to workplace laws that impact them. In the Employee Benefits and...more

Are HR employees ‘investment advisors’ under the DOL’s fiduciary rule?

In April 2016, the Department of Labor promulgated final regulations that fundamentally changed the ERISA fiduciary rules governing advisors to retirement income investors. Though the rule is final, the new provisions...more

My opinion on Payroll Provider TPAs

If there is one opinion that I have that is argued about many times it is my two cents in the use of the largest payroll providers being in the Third Party Administration (TPA) business. Usually, the people who criticize my...more

Furnish those documents to Plan Participants or Pay Through The Nose

Plan sponsors should understand that under ERISA, plan participants are entitled to certain disclosures and documents. We should all know that a participant is entitled to the summary plan description, summary annual report,...more

All points lead to more index funds in 401(k) plans

Thanks to the new Fiduciary Rule, I believe that you’re going to see more index funds in 401(k) plans. However, that’s no surprise because that‘s the way we’ve been heading now for the past 15+ years....more

Pointing to a zero revenue sharing world

When I first started in the 401(k) plan business in 1998, it was a boom time for the stock market and mutual funds. That got plan sponsors wanting daily valued participant directed 401(k) plans and that helped put almost an...more

Do You Need to Send an Annual Notice to Plan Participants? If So, You May Need to Do So by December 1, 2016*

Plan sponsors of defined contribution qualified plans may need to issue one or more annual notices to participants before the end of each plan year. Failure to issue a required annual notice can have significant consequences....more

November and December 2016 Filing and Notice Deadlines for Qualified Retirement and Health and Welfare Plans

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

ERISA Fiduciary Issues for Plan Sponsors: What Do 401(k) Plan Fiduciaries Need to Know About Revenue Sharing?

Retirement plan revenue sharing has a bad reputation. Numerous lawsuits have been filed during the past year against employers that sponsor 401(k) plans alleging breach of fiduciary duty under the Employee Retirement Income...more

Sometimes it’s about control

As a retirement plan provider, you meet a potential client and you just do so well in the meeting that you think there should be no way that you’re going to lose this prospect. Yet you get the call that a competing provider...more

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