Retirement Plan

News & Analysis as of

Embezzlement of 401(k) Deferrals by COO of Architecture Firm is (Doubly) Costly

On March 22, 2017, the U.S. Court of Appeals for the Second Circuit ruled against Christine Bodouva that her restoration of funds to her Company’s 401(k) Plan should be offset against the District Court’s order for forfeiture...more

Sixth Circuit: ERISA Exhaustion Not Required in Plan Amendment Suit

The Sixth Circuit held that retirement plan participants were not required to exhaust their administrative remedies prior to bringing a claim alleging that a plan amendment violated ERISA....more

Briefs Filed in CalPERS v. ANZ Securities

On February 27, 2017, the California Public Employees’ Retirement System (“CalPERS”) filed its brief with the Supreme Court, requesting that the Court reverse the decision of the Second Circuit and abrogate the Second...more

Deadline for Plan Sponsors to Submit Qualification Amendments with the Puerto Rico Treasury is Fast Approaching

Employers that sponsor an employee retirement plan in Puerto Rico must review plan amendments and/or restatements adopted during 2016 to determine whether they need to submit their plan documents to the Puerto Rico Department...more

IRS Sets Deadline for Retroactive Fixes to 403(b) Retirement Plan Documents

In January 2017, the IRS published Revenue Procedure 2017-18 which set March 31, 2020 as the last day to take advantage of the remedial amendment period under Revenue Procedure 2013-22 to retroactively fix defects in 403(b)...more

DOL Announces Temporary No Enforcement Policy of Fiduciary Rule

Earlier this month, the Department of Labor (DOL) proposed a 60-day delay of the April 10, 2017 effective date of its (much debated) fiduciary rule. The fiduciary rule – a vestige of the Obama Administration – was thought to...more

Temporary Guidance for Fiduciary Rule Compliance

On Friday, March 10, 2017, the Department of Labor (DOL) issued a field assistance bulletin (FAB) adopting a temporary enforcement policy regarding compliance with the ERISA Fiduciary Rule. ...more

Asset Managers: Are You Ready for Your Exam? Steps You Should Take Now

Last week we told you about the five biggest pet peeves of the SEC’s Office of Compliance Inspections and Examinations (OCIE) when examining investment advisers. This week, we want to get you ready for your exam. Here are the...more

Update – A Rule Deferred: Department of Labor Delays Implementation of Fiduciary Rule

As we previously reported in our February 16, 2017 blog post, “A Rule Deferred: Department of Labor Delays Implementation of Fiduciary Rule,” the DOL anticipated delaying the effective date of the fiduciary rule by 180 days. ...more

Warning Signs that Your Retirement Plan Might Be In Trouble

When it comes to your health, there are warning signs when you’re about to suffer a heart attack or a stroke. If you pay attention to these warnings signs, you might avoid a serious medical emergency. While a retirement plan...more

IRS Issues Substantiation Guidelines for Safe-Harbor Hardship Withdrawals

Earlier this year, the IRS issued a memorandum setting forth substantiation guidelines for IRS auditors examining whether a 401(k) plan hardship distribution is “deemed to be on account of an immediate and heavy financial...more

Don’t hire relatives as your plan providers

I have some simple rules to live by. I never bet on the Mets, eat at a place called Mom’s, play cards with a guy named Doc, or do business with family. Yet I have come across so many financial advisors who bemoan to me...more

DOL Temporarily Forbears Enforcement of Fiduciary Duty Rule

The Department of Labor’s “fiduciary duty” Rule continues to get more bollixed up. DOL announced a temporary enforcement policy that will give a “free pass” for any violations (a) in the gap between effective date and delay,...more

ERISA's Fiduciary Rule at the Crossroads - DOL Puts the Brakes on Enforcement

At the end of last week, on March 10, 2017, the U.S. Department of Labor (the "DOL") issued Field Assistance Bulletin 2017-01 (the "FAB"). The FAB relates to the DOL's proposal, which was published in the Federal Register on...more

Fiduciary Rule on Hold - DOL proposes to delay application of Fiduciary rule. ERISA plan fiduciaries and service providers...

On March 2, 2017, the Department of Labor (DOL) proposed to delay the applicability date of the “Fiduciary” rule by 60 days. The DOL issued the proposal in response to the February 3, 2017, Presidential Memorandum...more

"Key Takeaways: Recent Investment Management Litigation and Regulatory Developments"

On February 28, 2017, Skadden hosted a webinar titled “Recent Investment Management Litigation and Regulatory Developments.” The Skadden panelists were litigation partners Eben Colby and Seth Schwartz, securities enforcement...more

DOL Proposes to Delay Fiduciary Advice Rule, Requests Comments on Delay and on Costs, Benefits of the Rule

On March 2, the US Department of Labor (DOL) published a proposed extension (the "Proposal") of the effective date of what is commonly referred to as the "fiduciary rule" or the "fiduciary advice rule" (the "Rule"). The Rule...more

Proposed Delay of the DOL Fiduciary Rule - What Should Financial Institutions Do?

On March 2, 2017, the Department of Labor’s (“DOL”) proposal to delay its change to the definition of the term “fiduciary” (the “Fiduciary Rule”) was published in the Federal Register. Against expectations, the proposed delay...more

Does the Fiduciary Exception Apply to Legal Advice Received By Insurers During the Claims Process

Seyfarth Synopsis: Adding to the body of conflicting authority on the scope of the attorney-client privilege in ERISA lawsuits, a district court has found that the fiduciary exception to attorney-client privilege applies to...more

DOL Proposes 60-day Delay of Fiduciary Duty Rule

On March 1, 2017, the U.S. Department of Labor (DOL) announced a proposed 60-day extension of the final rule commonly known as the “Fiduciary Duty Rule,” which if approved would delay the effective date from April 10, 2017 to...more

Did Hardship Distributions Just Get Easier?

In a previous blog, we addressed an issue of Employee Plans News in which the IRS took the position that 401(k) plan administrators must maintain hardship distribution records and should not rely on electronic participant...more

Chris Lazarini Provides Insight on Compelling Non-Signatories to Arbitrate Disputes

Bass, Berry & Sims attorney Chris Lazarini provided insight on a case in which a widow and one-time named beneficiary of her husband's IRA account acquired the account assets after her husband's death, although she was not...more

Advisors Advantage - February 2017

How You Can Stand Out From The Crowd As A Retirement Plan Advisor. It would be a detriment to focus only on this stuff. There are lots of financial advisors who claim they handle retirement plans, but there are...more

Last Day of Remedial Amendment Period for 403(b) Plans is March 31, 2020

Eligible employers sponsoring Code Section 403(b) retirement plans have until March 31, 2020 to self-correct any defects as to the written form of those plans. In recently issued Revenue Procedure 2017-18, the IRS fixed March...more

California Supreme Court Upholds Public Retirement Boards' Fiduciary Role When Adjudicating Disability Retirement Applications

In a victory for the San Bernardino County Employees’ Retirement Association (“SBCERA”) and the nineteen other county retirement systems administered under the County Employees Retirement Law of 1937 (Gov. Code, § 31450 et...more

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