Correcting Problems With Your Retirement Plan
Both the House and Senate Appropriations Committees advanced bills this week to fund various federal agencies for FY 2016. Each chamber approved versions of spending measures that include riders prohibiting funding for a...more
The Department of Labor’s recent Proposed Rule (the “Proposal”), which defines the term “fiduciary” as it applies to persons who provide “investment advice” to ERISA plans and IRAs, will impact the likelihood and severity of...more
Nearly five years after proposing a failed rule that would have dramatically expanded the definition of fiduciary under the Employee Retirement Income Security Act of 1974 (ERISA), the Department of Labor has decided to try...more
On June 17, 2015, the Internal Revenue Service (IRS) and the Pension Benefit Guaranty Corporation (PBGC) released several regulatory measures implementing the multiemployer pension plan amendments that were enacted in...more
The SEC staff issued a no-action letter on February 18 that is important for many participant-directed individual account retirement plans (including some established under Section 403(b) of the Internal Revenue Code) that...more
The DOL’s Employee Benefits Security Administration (EBSA) released a report assessing the quality of audit work performed by certified public accountants with respect to financial statement audits of retirement and welfare...more
The Sixth Circuit Court of Appeals, sitting en banc, recently decided a closely-watched case regarding the scope of "other appropriate equitable relief" under ERISA Section 502(a)(3). In Rochow v. LINA, the court held that...more
The day after the House Appropriations Committee released a draft bill that would significantly limit certain federal agency rules and initiatives, the Subcommittee on Labor, Health and Human Services, and Education held a...more
Recently, in Tibble v Edison International, 575 U.S.(2015), the United States Supreme Court addressed the application of the Employment Retirement Income Security Act (ERISA) statute of limitations for violations of fiduciary...more
A draft House appropriations bill to fund various federal agencies, including the Department of Labor, for Fiscal Year 2016 includes several provisions that would effectively halt a number of controversial regulatory efforts....more
I blogged in the past about decisions in which taxpayers have used assets in their IRA to finance a new business. This structure is sometimes known as a ROBS or rollover for business startups. In 2013, the tax court held that...more
Many employers offer 401(k) and other retirement plans for their employees as part of the cost of doing business. Too often, retirement plans are established and operated without much thought given to the numerous legal...more
The IRS has recently issued three new, less expensive safe harbor procedures for correcting missed elective deferrals. These new procedures require either no employer corrective contribution to make up the missed elective...more
When you start a new job you may be offered a wide range of employee benefits, from retirement accounts to life insurance. If you are the parent of a child with special needs, the decisions you make when signing up for these...more
In a unanimous decision, the U.S. Supreme Court in Tibble v. Edison International held that plan fiduciaries owe an ongoing duty to review plan investments periodically to ensure compliance with their obligations under the...more
You must know about the shoemakers’ children and how they go barefoot and have no shoes. In the retirement plan industry, we have retirement plan providers and their employees’ retirement plan.
I know, I have been there....more
In Tibble v. Edison International, 13-550 (U.S. May 18, 2015), the U.S. Supreme Court ruled that the Employee Retirement Income Security Act of 1974 (ERISA) requires ERISA plan fiduciaries to monitor plan investments for...more
Employers know that they must prepare and distribute a summary plan description (SPD) for their ERISA benefit plans, including retirement benefits, health insurance, life insurance and disability insurance. Because of the...more
In April 2013 I reported on the 9th Circuit Court of Appeals decision in Tibble v. Edison International which involved an alleged breach of fiduciary duty by the Edison 401(k) Savings Plan committee selecting six retail...more
In This Issue:
- Rev. Proc. 2015-27
- Rev. Proc. 2015-28
- For More Information
- Excerpt from Rev. Proc. 2015-27:
Rev. Proc. 2015-27 may be used beginning March 27, 2015 and is effective July 1,...more
On April 10, 2015, the DOL filed a complaint against Enterworks, Inc., the Enterworks, Incorporated Shared Savings Plan, and two individual fiduciaries of the Savings Plan (the Defendants). In the complaint, the DOL alleges...more
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
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