News & Analysis as of

Retirement Plan Employee Benefits

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

by Seyfarth Shaw LLP on

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

Did Hardship Distributions Just Get Easier?

by Snell & Wilmer on

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

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

by Jackson Lewis P.C. on

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

Retirement is a Stage of Life, and Not the End-Stage

by Saul Ewing LLP on

There is so much being written about retirement these days, in large part because of the bulge of baby boomers now reaching and past retirement. My experience has been that many people fear retirement, because they think it's...more

Are You Keeping the Right Documentation for 401(k) Hardship Distributions?

401(k) plans may allow an employee to receive a distribution of elective contributions (employee deferrals) on account of a hardship. The regulations provide that a distribution is made on account of hardship only if the...more

U.S. DOL Proposes Delay of Conflict of Interest Rule and Related Exemptions

by Proskauer Rose LLP on

On March 1, 2017, the U.S. Department of Labor proposed a 60-day delay of the conflict of interest rule and related exemptions (currently set to be applicable on April 10, 2017). The Department opened two comment periods...more

DOL Proposes 60-Day Delay of Fiduciary Rule

by Burr & Forman on

The US Department of Labor today proposed a 60-day extension (through June 9) for the effective date of its Fiduciary Duty Rule and related exemptions. The extension would give DOL some time to complete the re-analyses...more

U.S. DOL Proposes Delay of Conflict of Interest Rule and Related Exemptions

On March 1, 2017, the U.S. Department of Labor proposed a 60-day delay of the conflict of interest rule and related exemptions (currently set to be applicable on April 10, 2017). The Department opened two comment periods...more

IRS Issues Substantiation Guidelines for 401(k) Hardship Distributions

On February 23, 2017, the Internal Revenue Service issued a “Memorandum for Employee Plans (EP) Examinations Employees,” outlining Substantiation Guidelines for safe harbor hardship distributions from 401(k) plans...more

DOL Proposes to Delay Fiduciary and Beryllium Rules

by Littler on

In response to recent presidential directives, the U.S. Department of Labor is taking steps to delay the applicability and effective dates of two rules. First, the DOL's Employee Benefits Security Administration (EBSA) has...more

IRS Allows 401k Plan Safe Harbor and ADP ACP Corrective Contributions to be Funded from Forfeitures

We are pleased to bring you some good news for 401(k) plans from the IRS. The IRS just issued a proposed regulation that allows safe harbor contributions to a 401(k) plan, or employer contributions used to correct a...more

The Rosenbaum Law Firm Review - February 2017

by Ary Rosenbaum on

Why an Employer Should Sponsor A 401(k) Plan. Lots of good reasons. As an employer, a big reason for setting up a retirement plan is because it's an employee benefit and it can be used to recruit and retain...more

USDOL Prevails in Kansas in Another Decision on Fiduciary Rule

On February 17, 2017, a federal district Court in Kansas upheld the U.S. Department of Labor’s conflict of interest rule and related exemptions in a suit brought by Market Synergy Group, Inc. This ruling on the merits follows...more

Why you have nothing to fear about government being in the retirement plan business

by Ary Rosenbaum on

As a retirement plan provider, competition is a big thing and the last thing you want is a competitor with unlimited pockets. So you’d be fearing state government being in the auto-IRA business and then eventually, the...more

DOL Fiduciary Rule – What’s Next?

by K&L Gates LLP on

On an almost daily basis, there are developments regarding the status of the Department of Labor’s (“DOL”) fiduciary rule creating a climate of uncertainty. Stakeholders, such as financial institutions that serve retirement...more

Recent Changes to the IRS Determination Letter Program

by Kelley Drye & Warren LLP on

Effective January 1, 2017, except for the last batch of Cycle A filers who were permitted to submit determination letters by January 31, 2017 (i.e., filers with an EIN ending in 1 or 6), the IRS will no longer accept...more

New Disability Claims Procedures Rules Applicable to ERISA Plans

by Kelley Drye & Warren LLP on

The U.S. Department of Labor has issued new regulations affecting how disability claims are handled under ERISA plans that provide disability benefits or base receipt of benefits on the existence of a disability. While most...more

Department of Labor Moves to Delay Fiduciary Rule

by Kiesewetter Law Firm on

On Thursday, February 9, 2017, the Department of Labor (DOL) filed a notice with the Office of Management and Budget (OMB) to delay the effective date of the final Conflict of Interest Rule that re-defines who is a fiduciary...more

DOL Fiduciary Rule Still On for April 10 Implementation

by Burr & Forman on

The Department of Labor’s Fiduciary Duty Rule remains on track for April 10 implementation, notwithstanding a maelstrom of hype about it. Nearly everyone expected the new administration would delay the Rule – and many...more

Implications of Trump's Memorandum on Status of Fiduciary Rule

by Holland & Knight LLP on

President Donald Trump issued a memorandum on Feb. 3, 2017, directing the U.S. Department of Labor (DOL) to reconsider the regulations that change the definitions of fiduciary and fiduciary advice. The regulations,...more

Dealing with New IRS Qualification Requirements for Pension, Profit Sharing and 401(k) Plans, Effective January 1, 2017

by GableGotwals on

The procedures for qualification of an employer sponsored individually designed pension, profit sharing or 401(k) plan for favorable tax deferred treatment under the Internal Revenue Code (“Code”) changed significantly...more

IRS Announces the Last Day of the Remedial Amendment Period for 403(b) Plans

The Internal Revenue Service recently issued Revenue Procedure 2017-18, which provides that the last day of the remedial amendment period for Code Section 403(b) retirement plans will be March 31, 2020. As discussed below,...more

President Trump Calls for a Review of DOL’s Fiduciary Rule

by Robinson & Cole LLP on

On February 3, 2017, President Trump signed a presidential memorandum (Memorandum) ordering the U.S. Department of Labor (DOL) to review its conflict of interest rule defining the term “fiduciary” for retirement investment...more

IRS Announces the Last Day of the Remedial Amendment Period for 403(b) Plans

The Internal Revenue Service recently issued Revenue Procedure 2017-18, which provides that the last day of the remedial amendment period for Code Section 403(b) retirement plans will be March 31, 2020. As discussed below,...more

Remedial Amendment Period for 403(b) Plans

In Revenue Procedure 2017-8, the IRS announced that the remedial amendment period (“RAP”) for 403(b) plans would end on March 31, 2020. A RAP is a period in which a plan can be amended retroactively to comply with the...more

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