Retirement Plan

News & Analysis as of

How will the ORPP Impact Alberta-based Employers with Employees Working in Ontario?

Beginning in 2017, the Ontario Retirement Pension Plan (ORPP) will be phased in over a period of four years and will require eligible Ontario employees without a comparable workplace pension plan to be covered by the ORPP. ...more

Employers’ Guide to the Ontario Retirement Pension Plan

The Ontario Retirement Pension Plan (the ORPP), will be a provincially-managed plan that, like the Canada Pension Plan, will be funded by equal co-contributions from both employers and employees. It will come into effect as...more

IRS Announces Additional Changes in Determination Letter Program

The Internal Revenue Service (the IRS) recently issued Notice 2016-03 (the Notice) addressing three topics and expanding on its earlier announcement of major changes in the determination letter program for individually...more

February 2016 IRS Issues Notice on Midyear Changes to Safe Harbor Plans and Safe Harbor Notices

On January 29, 2016, the Internal Revenue Service (IRS) released Notice 2016 - 16 , which provides, effective immediately, significant relief with respect to the ability of a plan sponsor to make midyear changes to a safe...more

IRS Relaxes Rules for Mid-Year Changes

Since its availability, many 401(k) plan sponsors, particularly smaller employers have adopted a “Safe Harbor” plan design under Code Section 401(k)(12) or (13) and 401(m)(11) or (12). Safe Harbor plan designs include both a...more

The Big 401(k) Issue Many Don’t Focus On

The fixation and discussion about plan expenses usually flares up when the stock market isn’t doing well. Two major corrections within a 10-year period (2000-2010) made fee disclosure regulations inevitable.  With the way the...more

The Ontario Retirement Pension Plan: It’s coming soon

In less than a year, the new Ontario Retirement Pension Plan (ORPP) is set to be in place for certain employers. If you are an employer with Ontario workers, now is the time to consider the impact the ORPP will have on your...more

Be Careful What You Wish For – Dudenhoeffer May Do “More Harm Than Good” For ERISA “Stock Drop” Plaintiffs

In its June 2014 decision in Dudenhoeffer v. Fifth Third Bank, the U.S. Supreme Court unanimously declined to recognize a “presumption of prudence” that had favored retirement-plan fiduciaries faced with allegations of...more

ORPP: Additional Design Details Released

On January 26, 2016, additional design details of the Ontario Retirement Pension Plan (ORPP) were released by the Ontario government. The government reconfirmed its commitment to implement the ORPP beginning January 1, 2017,...more

IRS Issues Proposed Rules on Normal Retirement Age for Governmental Plans

The Internal Revenue Service (IRS) has issued proposed regulations relating to the definition of normal retirement age for governmental retirement plans. In 2007, the IRS issued regulations regarding normal retirement age for...more

DOL Announces Expansion of Defined Benefit Pension Plan Audit Program

The U.S. Department of Labor (DOL) recently announced that it is expanding an audit program directed at large defined benefit pension plans. The program, which originated in the DOL’s Philadelphia region and is expanding, is...more

Ontario Government Releases Additional ORPP Design Details

On January 26, 2016, the Ontario government released additional design details about the Ontario Retirement Pension Plan (ORPP) as well as a technical bulletin?, which provide additional information about the ORPP that will...more

ERISA Claim Knocked Off the Pedestal - Provider of 401(k) Investment Platform Held Not to Have Fiduciary Liability

Over the years, U.S. employers that sponsor “401(k)” and other retirement plans, and plan fiduciaries, have increasingly become the subject of significant and potentially expensive litigation under the Employee Retirement...more

IRS Announces Reduced VCP Compliance Fees

The Internal Revenue Service (IRS) has announced new general compliance fees for voluntary correction program (VCP) submissions under the Employee Plans Compliance Resolution System (EPCRS), effective February 1, 2016. EPCRS...more

New Great West case and Revenue Sharing

Add Great West under their Empower Retirement brand name as the latest bundled provider being sued. Great West is being sued for revenue sharing fees from mutual funds as part of their program....more

Don’t skimp out on the retirement plan

As I have stated before, I am loath to hire employees because I was an employee once too. That pretty much means that I never met an employee whoever thought they were overpaid. For that matter, I never met an employer who...more

UK Financial Regulatory Developments - January 2016 #3

FCA publishes pensions report - FCA has published its Retirement Income Market Data report for the period of July to September 2015. It covers: - choices made by consumers accessing their pensions; -...more

Alert: The Importance of Beneficiary Designations

Who really benefits? You may be surprised! If you participate in a 401(k) or other retirement plan, have one or more IRA accounts, or life insurance policies, you need to designate beneficiaries to receive the benefits...more

Social Security Changes & Your Retirement Plans

As Congress attempts to balance the national budget, they are making adjustments to the Social Security program that will have far reaching impacts on seniors in their golden years. These changes are part of a broader...more

CFPB issues guide on pension payouts

The CFPB has issued a guide that is intended to assist near-retirees with private sector payment plans in deciding whether to choose monthly payments or a lump-sum payout. The guide includes a series of questions for...more

Should an Annuity Be Part of Your Retirement Planning?

Annuities can be valuable retirement and longevity planning tools, but they are complex financial products that can be misused. There are two kinds of annuities: variable and immediate. Variable annuities have gotten a bad...more

State of the Union 2016 – What Will the President Focus on in his Final Year in Office?

While much of last night's State of the Union Address focused on big-picture issues, President Obama did make some specific employment-related comments during the annual speech to the country. One underlying purpose of this...more

Creating ESOPs: 6 Essential Questions For Successful Employee Stock Ownership Plans

The Baby Boomer business owner has worked hard for a lifetime. The company is thriving. But retirement is in sight, and a big question looms: How do I convert a lifetime of hard work into a comfortable retirement income?...more

Avoid a soap opera with updated Beneficiary forms

Yes, I will admit it: I love soap operas. My favorite show of all-time is Dallas and when I was a senior in high school and I was at home around 12:30 pm, I watched in succession: Young and The Restless, Bold and The...more

IRS Moving Forward with Changes to Determination Letter Program

As we reported last year, the IRS determination letter program for tax-qualified retirement plans is about to significantly change. Beginning in 2017, individually designed retirement plans will be eligible to obtain...more

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