Correcting Problems With Your Retirement Plan
On July 21, 2015, the Internal Revenue Service (IRS) issued Announcement 2015-19 (the Announcement), which ends the five year remedial amendment cycles for individually designed plans effective January 1, 2017. For remedial...more
Major Revisions to Qualified Plan Determination Letter Process Announced -
Effective January 1, 2017, the staggered five-year determination letter remedial amendment cycles for individually designed plans will be...more
How Retirement Plan Providers Can Avoid Communication Problems.
It's all about relationships and communication.
Life is all about relationships, whether it's family, friends, or business. Whether it's starting a...more
Second Circuit Holds That Posthumous QDROs Are Valid. Yale-New Haven Hospital brought an action in federal court to resolve competing claims by a former spouse of a deceased participant and the deceased participant’s...more
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
Retirement plan providers need to look at their fees and determining what work they are doing for their retirement plan clients because like me, they may try to break down their plan expenses into a day rate and try to figure...more
The purpose of a settlement agreement is to resolve some or all of the outstanding issues in a pending case. In the divorce context, it is common for attorneys to use broad language in their agreements related to the...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
One joy of UK Parliamentary democracy is watching the annual budget with its howling Government MPs, roaring Opposition MPs and ritual interventions of the Deputy Speaker to allow the Chancellor to finish off his speech....more
Public comments regarding the Department of Labor’s proposed new fiduciary rule were due and the process will continue.
I have said all along that the Department of Labor (DOL) will get a new fiduciary rule in place...more
I always tell this story because it’s funny: I went to a Jewish day school that didn’t provide lunch, so I had to brown bag it everyday. On one day, my mother forgot to put in my can of Coca Cola in the bag and instead put in...more
Life is a numbers game. Whether it’s business, family, or pleasure, numbers do matter. What the numbers say today, may not say tomorrow and you can often predict the future of the numbers because demographics are pointing the...more
In our last post, we spoke about the importance of businesses being aware of their fiduciary responsibilities and establishing solid compliance policies to ensure they are meeting their legal obligations. One area where this...more
The IRS has changed its position on lump-sum windows for retirees in pay status.
On July 9, the Internal Revenue Service (IRS) issued Notice 2015-49, which prohibits sponsors of qualified defined benefit plans from...more
The IRS issued Notice 2015-49 (the "Notice") on July 9, 2015, effectively ending the ability of sponsors of qualified defined benefit pension plans ("DB Plan") to "de-risk" their plans by offering participants in pay status...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 2015 Oregon legislature has adjourned, but not before handing Oregon businesses a number of significant new employment laws. Below is a brief summary of the new legislation, all of which Governor Kate Brown has signed,...more
Alleged Fictitious Sales to Facilitate Improper Money Pass Prompts CFTC Injunctive Action and Asset Freeze: The Commodity Futures Trading Commission filed a lawsuit in a federal court in Illinois against Yumin Li and Kering...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
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