News & Analysis as of

Things They Never Tell You as a 401(k) Plan Sponsor

When my wife and I bought our house, there were quite a few things that the previous owner forgot to tell us such as the fact they never bothered to pull the pipes from the dental office run by a previous owner 20 years...more

End of Year Tips For Retirement Plan Sponsors

With the Holiday season about to start, we know that the end of the year will soon follow. While plan participants maybe more concerned about holiday shopping or the firm’s annual holiday party, it’s a great and necessary...more

Court Holds That Plan Sponsor’s SEC Filings Were Incorporated By Reference Into Retirement Plan’s Summary Plan Description and...

The U.S. Court of Appeals for the Ninth Circuit has held that an ERISA-regulated employee stock-ownership retirement plan’s incorporation by reference of the plan sponsor’s statements to the Securities and Exchange Commission...more

10 Concepts That Every Retirement Plan Sponsor Should Know

Unless they are involved in the retirement plan industry a plan sponsor must delegate much of their duties to retirement plan providers that may include third party administrators (TPAs), financial advisors, and ERISA...more

DOL Proposed Regulation Sent to OMB

The Office of Management and Budget (OMB) has posted that it received a proposed regulation from the Department of Labor. Unfortunately, it is not the much-anticipated proposed regulation on fiduciary advice. Instead, it is a...more

The Sixth Circuit Reminds Claim Administrators Of The Dangers Of A Breach of Fiduciary Duty When Handling Plan Assets

The Employee Retirement Income Security Act of 1974 (“ERISA”), 29 U.S.C. § 1001, et seq., was passed with the goal of protecting plan assets so that those assets would be available for plan participants and beneficiaries. See...more

Retirement Plan Sponsors: This is Your Wake Up Call

Anytime I travel, I ask for a wake up call even though my IPhone will blare “The Godfather Waltz” around the same time because you can never be too careful in getting up in the morning. When I travel around the country to...more

Austin 3(16) Fiduciary: Outsourcing Your Retirement Plan and its Liability at a Reasonable Fee

Running a business is a complicated activity. You have to be an expert in your field, service, or specialty. In order to get your work, there is a point where you will need to outsource some key employer functions such as...more

Best Practices in Periodic Reviews of Participant Directed Retirement Plans

Among the duties of a retirement plan fiduciary is the duty to monitor the administration of the plan and to assure that policies and procedures are in place to minimize the risk of errors and deficiencies. While monitoring...more

Employer’s Excuses Why They Don’t Look At Their Retirement Plan And Why They’re Wrong

As an ERISA attorney with a national practice of plan sponsor and retirement plan provider clients around the country (cheap plug here), I hear many excuses as to why plan sponsors don’t want to take a look at their...more

Why Retirement Plan Sponsors are Always on the Hook for Liability

Whoever said the road to hell is paved with good intentions might have been a retirement plan sponsor. While setting up a retirement plan is a good intention, a plan sponsor’s lack of diligence in reviewing what is going on...more

Ninth Circuit Rules on Breach of Fiduciary Duty Claim in Investment Options Case

In Tibble v. Edison Int’l, 10-cv-56406, 2013 WL 1174167 (9th Cir. Mar. 21, 2013), the Ninth Circuit Court of Appeals ruled that 401(k) plan fiduciaries breached their duty of prudence in selecting investment options for the...more

Another 10 Major Misconceptions Plan Sponsors Have About Their Retirement Plans

Throughout history, there have been misconceptions that people believe in (even until this day) despite the evidence to the contrary. Mrs. O’Leary’s cow didn’t start the Great Chicago Fire of 1871 and Benito Mussolini didn’t...more

Retirement Plan Sponsors Have More to Fear Than Fear Itself

In his inaugural address in 1933 amidst the Depression, Franklin Delano Roosevelt said that the only thing we had to fear was “fear itself”. 1933 predates ERISA by 40+ years, so FDR clearly didn’t understand the dilemmas of...more

New Rules Coming into Effect Affect Retirement Plans Entering into Swaps

New rules affecting ERISA-covered retirement plans entering into swap transactions will come into effect in May 2013. These rules, known as the “Business Conduct Standards,” implement certain provisions of the Dodd-Frank...more

End of Year Tips for Retirement Plan Sponsors

With Thanksgiving done, we look to the holidays and the New Year. While many of us are busy shopping for loved ones, many businesses and individuals have their eye geared towards next year. As a retirement plan sponsor, you...more

Where’s My Fee Disclosure Information?

As we discussed in our previous Benefits eAuthority regarding the final rules on service provider fee disclosures, the U.S. Department of Labor (DOL) issued final regulations setting forth the fee disclosure obligations for...more

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