Correcting Problems With Your Retirement Plan
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
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
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
The Internal Revenue Service (IRS) recently issued two revenue procedures that modify the Employee Plans Compliance Resolution System (EPCRS). EPCRS sets forth the various correction programs and correction methodologies for...more
Illinois Becomes the First State to Require Automatic Retirement Savings Program for Workers Without Access to a Workplace Retirement Plan -
On January 5, 2015, outgoing Governor Quinn signed landmark legislation that...more
Is Illinois the precursor to mandatory retirement savings programs across the country the way that Massachusetts was for mandatory health care? Illinois has become the first state to require that private-sector employers...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
Employers must compete in the marketplace for talented employees at every level—both in recruitment and retention. It is thus in employers’ best interests to provide employee benefit plans that are attractive to employees and...more
Every good meal needs a good recipe and every good recipe needs good ingredients. While many products out there have secret ingredients (Coca- Cola), others have secret ingredients that aren’t (that Big Mac special sauce is...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 and excise taxes. To...more
When I was at Stony Brook, there was a Political Science course that I enjoyed called Government Regulation of Business. When it came time to exams, I realized that buying the textbook was a bad idea since the exams were just...more
I love professional wrestling and I’m not afraid to admit. Yes, I know it’s not real just like I know the Ewings don’t live on Southfork Ranch. Maybe it’s in my blood since both of my grandfathers watch it, but I find the...more
Being a long time plan provider for a client can be a good thing and it can be a bad thing. While having a long time base of clients is great for business and indicative of client satisfaction, it can be a bad thing too....more
The Supreme Court is poised to address whether fiduciaries' decisions—especially in using fee sharing arrangements—are subject to deference when challenged. The Eighth and Ninth Circuit courts recently decided these issues,...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
Plan Sponsor Should Avoid These Retirement Plan Provider "Con Games".
Scams you should watch out for.
The George Clooney-Brad Pitt trilogy of heist films known as Ocean's Eleven, Ocean's Twelve, and Ocean's...more
A major reason that employee benefits, such as employer- provided healthcare and retirement plans, exist is that they provide a tax-advantaged way for an employer to provide additional compensation to an employee, her spouse,...more
We live in politically charged times. Congress seems unable to reach a consensus on anything, including where to have the annual congressional Christmas ball! Years of political crossfire over the Affordable Care Act have...more
To me, there is no greater television show than Seinfeld because it’s timeless and there is something about each episode that reminds you of normal day life. In the reverse chronology episode set in India called “The...more
In 2006, the SEC adopted rules which created the Pension Benefits Table and Nonqualified Deferred Compensation Table to supplement the Summary Compensation Table. The tables mandate certain specific disclosures with respect...more
In the movie, No Country for Old Men, the hit man Anton Chigurh (played by Javier Bardem) confronts Carson Wells (who was also trying to recover the same money Chigurh was after) in his hotel room.
The Supreme Court of the United States has agreed to resolve a circuit split about how courts should interpret collective bargaining agreements that provide for health insurance benefits for retired employees in M&G Polymers...more
On June 26, 2013, when the Supreme Court determined that Section 3 of the federal Defense of Marriage Act (DOMA) was unconstitutional, the tax and benefit plan implications were unclear. Later, in Revenue Ruling 2013-17, the...more
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