Over the past two years, there has been a sea change in the treatment of same-sex spouses under both federal and state law. Now that federal law, and the laws in 35 states and Washington, D.C., recognize marriage equality for...more
In This Issue:
- Stuff That Prospective 401(k) Plan Providers Tell You That's True.
- An Employer's "Recipe" for having a Great Retirement Plan.
- Why An Employer Can And Should Set Up A Retirement Plan...more
Keep those Plan documents and amendments.
You will always need them.
Plan sponsors aren't the greatest keeper of plan records because as a plan fiduciary, they think they get too many reports, prospectuses,...more
Regardless of the business you’re in, one of the worst thing you can do in being the decision maker for your retirement plan is that you know better than most retirement plan professionals.
No plan sponsor likes to get...more
A request for information ("RFI") by the U.S. Department of Labor ("DOL") was published on August 21, 2014 regarding the use of so-called "brokerage windows" under retirement plans, such as many Section 401(k) plans, that...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
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
A recurring scenario in ERISA litigation involves claims against fiduciaries of 401(k) retirement plans who are alleged to have breached their fiduciary duty by failing to discontinue investment in employer stock following a...more
Amending Retirement Plans to Recognize Same-Sex Marriages Plan sponsors need to review retirement plan documents and operations to determine whether changes are needed in response to last year's Supreme Court decision in U.S....more
The Issue: When an employer fails to take into consideration all forms of compensation (e.g., commissions, bonuses, etc.) for purposes of employee deferrals to its 401(k) Plan, is that a problem?...more
For most professionals who sit on 401(k) or 403(b) plan administrative or investment committees, there is a fair amount of routine. The committee probably adopted an investment policy that dates back to the time the plan’s...more
They often say that the road to hell is paved with good intentions. I don’t know who said it first (I heard it was originated with St. Bernard, the saint, not the dog), but perhaps they were a 401(k) plan sponsor that had a...more
The Internal Revenue Service often publishes correction methods for common errors involving qualified retirement plan administration issues. One of the most common errors is failing to notify eligible employees of their safe...more
A family member once said: “there are a lot of yous (sic) and only one me.” That may not be the nicest and most selfless thing to say, but that’s something retirement plan sponsors should think when it comes to the needs of...more
The Issue: A terminated employee makes a claim against the employer for damages. The company says it fired him for stealing from the company. He says it was in retaliation for reporting law violations by the employer (that...more
Year-End Amendments -
The month of December is a bit different in 2013. Typically, we mark this time scrambling to amend 401(k), profit sharing, and money purchase plans in order to maintain their tax-qualified status....more
I love Las Vegas and I hate to gamble, which explains why I haven’t been to Atlantic City since 1995. I love the sights, sounds, the entertainment, the food, and everything but gambling. I hate gambling because I don’t like...more
The Internal Revenue Service has announced the 2014 cost of living adjustments to various limits on employee benefit plans. The adjusted amounts generally apply for plan years beginning in 2014. ...more
The Internal Revenue Service (IRS) recently announced cost-of-living adjustments to the applicable dollar limits on various employer-sponsored retirement and welfare plans for 2014. Although many dollar limits currently in...more
Many employers know that with few exceptions a participant’s benefit in a tax qualified retirement plan is protected from the participant’s creditors. One exception is for court orders, known as qualified domestic relations...more
With this summer’s Supreme Court rulings on DOMA, the Defense of Marriage Act, and Prop. 8 allowing same-sex marriages to be recognized in states that allow them, private sector and public agency employers in California...more
Over the past 30 years, a dramatic change has taken place in the use of retirement plans to help people save for their later years....more
On June 26, 2013, in U.S. v. Windsor, the United States Supreme Court struck down the portion of the Defense of Marriage Act (“DOMA”) that defined marriage as a legal union between one man and one woman. This decision will...more
On June 26, 2013, the Supreme Court issued its long-awaited decision in Windsor v. United States, No. 12-307. The Court ruled (in a 5-4 decision) that the section of the Defense of Marriage Act (DOMA) that required federal...more
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