The Employee Benefits Security Administration (EBSA) of the U.S. Department of Labor recently updated its guidance to retirement plan fiduciaries on due diligence and efforts to locate missing participants in the case of...more
We are a nation of over abundance and we should be grateful for that. The problem is that over abundance can lead to a life of excess. We are often told that more is more and the problem is that there are many times where...more
What makes a good retirement plan financial advisor? Well it takes an attention to detail, an understanding of what the role to entails, and a dedication to the client. In addition, what I find is the way a good financial...more
In Clark v. Rameker, a case decided by the U.S. Supreme Court on June 12, 2014, the Court ruled that an inherited IRA did not constitute “retirement funds” under the Federal Bankruptcy Code and, therefore, those funds were...more
Last week, in a complaint dated August 8, 2014, plaintiffs commenced a lawsuit in the US District Court for the Eastern District of Texas against Financial Engines, Inc. and Financial Engines Advisors L.L.C. asserting a...more
Any type of item that keeps you in health is a good thing as long as you use it. So the floss I bought after my last checkup and the exercise equipment that I bought my wife a few years ago that is collecting dust are...more
The administrative burden of determining the validity of rollover contributions to qualified retirement plans, and the associated risk of jeopardizing the plan’s tax-qualified status, traditionally has been a significant...more
The Securities and Exchange Commission ("SEC") recently announced that it had charged TL Ventures, a Philadelphia-area private equity firm (the "Firm") with the first ever case involving a violation of the "pay-to-play...more
With the goal of providing retirees with more options to manage their retirement income, the IRS issued final regulations on “qualified longevity annuity contracts” (QLACs). A QLAC is a type of deferred annuity that commences...more
In the latest ruling in a long-running battle arising from company stock fund divestments, the U. S. Court of Appeals for the Fourth Circuit has underscored the importance of procedural prudence in the management of plan...more
If the Internal Revenue Service (IRS) had a moratorium on enforcing §501(c)(3) electioneering restrictions against churches and religious organizations, the IRS states that it has been lifted incident to the settlement and...more
Now that some of the dust has settled on the U.S. Supreme Court’s decision in U.S. v. Windsor, employers who haven’t done so already should take immediate steps to review their retirement plan documents and administrative...more
The Fifth Circuit Court of Appeals held that a deferred compensation plan through which key employees received annual bonuses and were able to defer both bonuses and other income was an “employee pension benefit plan”...more
Employers that sponsor defined benefit qualified retirement plans benefiting only Puerto Rico employees should be aware that Pension Benefit Guaranty Corporation (PBGC) coverage may no longer apply. Last year, the PBGC...more
Dealing with adversity.
It's about how you deal with it.
I'm a huge Aerosmith fan since high school and it's because the music resonates with me because it reminds me of the experiences that I have gone through...more
401(k) participants face the risk of outliving retirement assets. However, earlier this month, the Internal Revenue Service and the Treasury Department issued final regulations that make it easier for 401(k) plans, individual...more
For the ESOP fiduciary of a publicly traded employer, the Supreme Court has made clear that non-public insider information is not required to be used in reaching a decision to buy, hold or sell employer securities....more
Now that the 2014-2015 Ontario budget has been passed by the Ontario legislature, Ontario employers should think about how the new Ontario Retirement Pension Plan (ORPP) could affect them.
The ORPP is part of the...more
Plan Sponsor Should Avoid These Retirement Plan Provider "Con Games".
Scams you should watch out for.
The George Clooney-Brad Pitt trilogy of heist films known as Ocean's Eleven, Ocean's Twelve, and Ocean's...more
Fiduciaries of qualified retirement plans, including Employee Stock Ownership Plans (ESOPs), have generally been entitled to a presumption that they have acted prudently in offering employer stock as an investment alternative...more
I grew up in the 1970’s and 1980’s, so many of the toys I had are a little quaint when you see the toys of today. I had Star Wars figures, but outside of Luke, Leia, Chewbacca, and C3P0, I always had those characters that...more
A recent U.S. Supreme Court decision affects fiduciaries of retirement plans that have investments in employer stock. In the decision, the Supreme Court held that a retirement plan fiduciary is not entitled to a presumption...more
The George Clooney-Brad Pitt trilogy of heist films known as Ocean’s Eleven, Ocean’s Twelve, and Ocean’s Thirteen were remembered for their twist endings, stylish pacing, and lightheartedness. Since the Ocean gang were...more
In Seldon v Clarkson Wright & Jakes, the EAT decided that a partnership's mandatory retirement age (MRA) of 65 for partners was a proportionate means of achieving the partnership's legitimate aims of workforce planning and...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 and excise taxes. To...more
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