Correcting Problems With Your Retirement Plan
BB&K's Isabel Safie Discusses the Implications of IRS’ Definition of Governmental Plan Status
On July 21, 2015, the Internal Revenue Service (“IRS”) released Announcement 2015-19, which significantly limits the circumstances under which the IRS will accept determination letter applications for individually designed...more
Good Bets by a 401(k) Plan Sponsor to Avoid Liability.
As close to a sure thing you'll get. I don't gamble because I don't like to lose and that's a big problem about gambling because people do lose. I stopped playing...more
For years, employers have been getting a free pass from the courts for a number of different violations of the Employee Retirement Income Security Act of 1974 ("ERISA") relating to the operation of retirement, medical,...more
Question: I am an employer in Oregon, and I understand Oregon Governor Kate Brown signed a whole slew of bills into law on Monday which will directly impact Oregon employers. What do I need to know?...more
Everyone has an opinion, but I think the independent opinion that is guided by beliefs and not by pay is far more important than the opinion that is greased by greed.
I had lunch with my local neighborhood third party...more
Supreme Court: Plan Fiduciaries Have a Continuing Duty to Monitor Plan Investments. In 2007, participants and beneficiaries under a 401(k) plan sued the plan fiduciaries and the plan sponsor to recover damages for alleged...more
Oregon Governor Kate Brown signed a package of four bills into law on Monday, three of which will directly impact Oregon employers. Specifically, it requires even small employers to give up to 40 hours of paid sick time,...more
In its Tibble v. Edison International decision the United State Supreme Court confirmed that the scope of an ERISA fiduciary’s duty of prudence continues after initial investments are made and imposes an ongoing duty to...more
The Major League Baseball All Star Game was something I always looked forward, especially when my Mets were doing well in the mid-1980’s. Since 1933,it has been the Mid-Summer Classic.
The starters for the All Star Game...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
In This Issue:
- How Retirement Plan Advisors Can Benefit From Any New DOL Fiduciary Rule
- Avoid Other Providers Who Are The Sticks in the Wheels of Progress
- Sometimes It's Just Words
One of my favorite companies is Netflix. The first time I came into contact with them, it was through an offer that was in the box of the first DVD player I bought in 2000. Instead of rentals through Blockbuster or Hollywood...more
ERISA plan fiduciaries charged with responsibility for selecting, monitoring or removing plan investment options should pay close attention to the U.S. Supreme Court’s recent ruling in Tibble v. Edison Intl., 135 S. Ct. 1823...more
In This Issue:
- Things in a 401(k) Plan That Don't Look Right.
- Employer's Excuses About Their Retirement Plan And Why They're Wrong.
- Small 401(k) Plans Have More Problems Than Larger Ones.
- The One...more
The IRS has provided significant administrative and monetary relief for plans correcting errors involving employee contributions. The changes to the IRS’s Employee Plans Compliance Resolutions System (EPCRS) are set forth in...more
They always say that you should never judge a book by its cover, but people do. People say you shouldn’t judge people by their appearance and they do. Just because something doesn’t look right, doesn’t mean it isn’t right....more
When dealing with my children and many adults, I hear many excuses why things don’t get done correctly. No one wants to accept re- sponsibility for their ineptness; they just cling to these excuses. Plan sponsors don’t have...more
So much of any industry is dedicated to marketing, because marketing can help a company sell a product or service just based on how it’s marketed. Whoever sold the pet rock is still probably laughing all the way to the...more
The IRS has issued Revenue Procedures 2015-27 and 2015-28 (“Rev. Proc. 2015-27” and “Rev. Proc. 2015-28”), which modify the IRS’ retirement plan correction programs known as the Employee Plans Compliance Resolution System...more
Retirement plan providers can never be arrogant when it comes to the gripes raised by their clients. If clients have an issue with your service, you can’t discount because anger festers and boils over into an irreversible...more
Bigger does not mean better, that’s what mom and pop stores say all the time. Sometimes they are right, sometimes they are wrong. When it comes to 401(k) plans, most people would assume that larger 401(k) plans would have...more
I had a friend of mine in college who was involved in student politics like I was and he once proclaimed to the school newspaper that he was “the stick in the wheels of corruption.” 20 years later, I have used that line many...more
A few years back, I would hear “Let it Go” from the movie Frozen every 5-7 minutes. It was a great song from a great movie, but it was a little unnerving to hear it 7-10 times on a short car trip. Then it stopped, my children...more
In many transactions, particularly those where the buyer is a portfolio company of a private equity fund, the buyer agrees to cause its 401(k) plan to accept a transfer of assets from the seller’s 401(k) plan. The asset...more
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