Retirement Plan

News & Analysis as of

IRS Issues Clarification on Phased Retirement Payments

Typically, when a participant receives annuity payments from a defined benefit pension plan where he or she has a basis in the benefit (what Code Section 72 calls an “investment in the contract”), a portion of the payment is...more

Harvey Berman, R.I.P.

People often ask me how I got into ERISA/retirement plan law and I tell them the truth: it’s because it’s the first job I got. The person that gave me that first job was an ERISA attorney named Harvey Berman. I’m sad to...more

Advisors Advantage - July 2016

How Retirement Plan Providers Can Deal With The Fiduciary Rule Change. Adapt to this change. At its prime, Blockbuster Video had 9,000 stores and was actually bought by Viacom in 1994 for $8.4 billion. Then some...more

Industry and trade groups challenge the Department of Labor’s Fiduciary Rule

Earlier this month, eight industry and trade groups launched a broad challenge to the US Department of Labor’s (DOL) Fiduciary Rule (Rule) and related prohibited transaction exemptions that were released on April 6, 2016. ...more

The Rosenbaum Law Firm Review - July 2016

The Future Is Now For 401(k) Plan Sponsors. The future is here. When I was the head ERISA attorney at a New York based third party administrator (TPA), I left because I saw the future of the retirement plan...more

Maryland Enacts Mandatory Private-Sector Retirement Program That Impacts Most Maryland Employers

Maryland joins California, Connecticut, Illinois, and Oregon in leading state initiatives to set up state-sponsored retirement plans for employees. The Maryland Small Business Retirement Savings Program and Trust (“the...more

"New Rules Impact Compensation Arrangements of Governmental and Tax-Exempt Entities"

On June 22, 2016, the IRS published much-anticipated proposed regulations under Internal Revenue Code Section 457 impacting certain plans maintained by state or local governments or other tax-exempt organizations that provide...more

Small Plan Faces Excessive Fee Challenge

On May 18, 2016, a lawsuit was filed in the Federal District Court in Minnesota alleging various claims arising out of investment and record keeping fees in an employer’s 401(K) plan. The plaintiffs are seeking for the case...more

Plan Providers Should Embrace Automatic Enrollment

T. Rowe Price just released a study that show that 401(k) plans with an automatic enrollment feature have a 40% increase of participation by participants in salary deferrals than those plans that don’t offer automatic...more

CPP Agreement in Principle Reached, ORPP Will Not Proceed if Deal is Finalized

The federal government and the provinces, except for Quebec and Manitoba, have reached an agreement in principle to a Canada Pension Plan (CPP) enhancement that will be phased in over seven years beginning January 1, 2019....more

CPP Expansion

Retirement savings in this country has been a hot topic of late, and yesterday evening in Vancouver the federal government and (most of) the provinces announced that they have reached a deal to expand the Canada Pension Plan....more

The Problem With Choice in 401(k) Plans

In life, giving people a wide variety of choices is a good thing. However, when it comes to daily valued 401(k) plans, too many choices isn’t a good thing. It sounds counter-intuitive, but too many choices offered to plan...more

401(k) Providers and their Plans

I love Clint Eastwood movies and one favorite is “In The Line of Fire’. John Malkovich is playing a wannabe Presidential assassin named Leary and Clint is playing Frank Horrigan, the Secret Service agent who is trying to...more

Changes to the Fair Labor Standards Act May Affect Employee Benefits

The United States Department of Labor recently issued a Final Rule updating the Fair Labor Standards Act (the “FLSA”) that includes an increase in the standard salary level and that will take effect December 1, 2016. Under...more

End of Determination Letter Program: Nearly a Year Later, the Future is Still Uncertain

It has been nearly a year since the IRS generated shockwaves in the retirement plan community by announcing its intention to end its regular, periodic determination letter program for qualified retirement plans due to budget...more

New Connecticut Public Act Mandates Retirement Savings Programs

Beginning in 2018, private-sector employers in Connecticut that do not offer their employees a retirement savings plan (i.e.,401(k) or other payroll deduction retirement options) will be required to automatically enroll their...more

Don’t get stuck in 1986

I was a volunteer and officer for an organization where I stated that the leadership (not including me) was stuck in 1986. What it meant was that this leadership couldn’t adjust to the current age when it came to...more

The Final DOL Fiduciary Rule—Considerations for Plan Sponsors

The final rule has implications for plan sponsors and may impact certain relationships with service providers. On April 6, after a long (and some might say tortured) process, the US Department of Labor (DOL) issued a...more

Five Lawsuits Filed Against DOL’s Fiduciary Rule (so far)

As we previously discussed in our May 19, 2016 SW Benefits Update, the Department of Labor (“DOL”) recently issued final regulations on fiduciary conflicts of interest in retirement programs. Since 2010 when the DOL first...more

The Department of Labor’s 2016 Final Fiduciary and Conflict of Interest Regulations: The Principal Transactions Exemption

This post continues our examination of the Department of Labor’s suite of final fiduciary and conflict of interest regulations. Our prior posts discussed the newly expanded definition of “investment advice fiduciary” and the...more

The Aftermath: Developments From The 2016 Session of The Connecticut General Assembly Affecting The Workplace

The 2016 session of the Connecticut General Assembly has just concluded, along with subsequent “special sessions.” Most prominently from an employment law standpoint, the General Assembly passed (and the Governor signed)...more

You’re Always Going Against The Tide

I always get the call from my third party administrator (TPA) and financial advisory clients concerning the same topic. The topic is how it’s still difficult to get across with potential plan sponsor clients on the urgency to...more

Connecticut Tax Developments

2016 Legislative Session: The New Economic Reality - In his February 2016 State of the State address, Governor Malloy announced that his administration would be adopting a new approach to state budgeting in light of...more

Your daily dose of financial news - The Brief – 6.10.16

More thoughts on the Department of Labor’s new retirement adviser fiduciary duty standard, including questions about the “grassroots” movement the US Chamber of Commerce is claiming to support its opposition to the standard....more

Déjà Vu All Over Again – FINRA Takes Another Look at Mutual Fund Sales Charge Waivers

The Financial Industry Regulatory Authority is once again taking a close look at member firm mutual fund sales practices and sales charge waivers (Mutual Fund Waiver Sweep) in the U.S. FINRA’s target exam letter seeks...more

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