Retirement Plan

News & Analysis as of

Case Note: Court Rules In Favor Of Fidelity And Holds That Float Income Is Not A Plan Asset

The First Circuit Court of Appeals has ruled that float income is not a plan asset and therefore is not subject to fiduciary and prohibited transaction provisions of ERISA. The decision was written by former Justice Souter...more

The Rosenbaum Law Firm Review - August 2016

Neglecting The Plan That Will Get 401(k) - Sponsors Living on The Edge. They can help themselves from falling. When you don't take care of your teeth, they end up rotting. When you don't take care of your car, it...more

ERISA Litigation Newsletter - July 2016

Editor's Overview - This month we take a look at the plaintiffs' past successes in fee litigations, and the influx of such lawsuits seeking to impose heightened fiduciary standards for 401(k) plans. Regardless of the...more

IRS Lays Out Plan for Maintaining Tax Qualification for Individually-Designed Plans after Elimination of the Determination Letter...

On June 29, 2016, the Internal Revenue Service (IRS) released Revenue Procedure 2016-37, which modifies the Determination Letter Program for tax-qualified plans and the requirements for when plan amendments must be adopted by...more

Proposed Changes to Form 5500 Reporting Requirements May Have Significant Impact on Retirement Plan Sponsors

On July 11, 2016, the Department of Labor (DOL), Internal Revenue Service (IRS) and Pension Benefit Guaranty Corporation (PBGC) announced a proposal to implement sweeping changes to the forms and regulations that govern...more

Fidelity Prevails In ERISA Float Litigation

The First Circuit joined the Eighth Circuit in finding that Fidelity’s practice of earning overnight “float” interest on the cash paid out to 401(k) participants redeeming shares in mutual funds did not violate ERISA’s duty...more

New Court Decisions Reinforce Need for Benefit Communications Policy

In my last post to this blog I extolled the virtues of a benefit communications policy for HR professionals who communicate pensions and benefits to fellow employees. I pointed out that years of benefit miscommunication has...more

The Problem With Providers Using Their Own Funds In Their 401(k) Plan

I always say that I come up with many ideas, but most of them are bad. Seriously, there are so many bad ideas out there in the 401(k) space and one of the really bad ideas out there are bundled plan providers using their own,...more

States Move Forward with Auto-IRA Programs: What’s Next for the Feds?

As the nation continues to struggle with the retirement preparedness gap, policymakers are exploring proposals to require employers that do not offer retirement plans to automatically enroll employees in Individual Retirement...more

Taking on the Retirement Gap: Bipartisan Interest Grows in Open MEPs

As the U.S. continues to grapple with the retirement preparedness gap, policymakers on both sides of the aisle are increasingly focused on facilitating access to retirement plans. In the last few years, policy proposals...more

DOL Fiduciary Rule-Making Overreach? Stay Tuned for the Judgment of the Courts

In April, the Department of Labor issued new regulations under ERISA related to individuals who offer investment advice to ERISA plans, their fiduciaries, or participants for a fee. The DOL now says that a fiduciary is...more

Private Investment Fund Managers and Other Investment Advisers May Be Affected by the U.S. Department of Labor’s New Fiduciary...

On April 6, 2016, the U.S. Department of Labor (DOL) issued its highly anticipated final rule addressing when a person is considered to be a fiduciary under the Employee Retirement Income Security Act of 1974 (ERISA) and the...more

ERISA Fiduciary Rules: Court Challenges and Considerations for Employers

Employers and their financial advisors should consider enacting a multi-step plan amid anticipation that the proposed ERISA Fiduciary Rules turn effective. Last month, several business groups filed a complaint in the...more

401(k) Litigation Overkill?

The landscape for the retirement plan business has radically changed since when I first started in 1998. Normal courses of business such as revenue sharing and non-transparency of fees were the order of the day. No one cared...more

Employee Benefits Advisory: New Proposed 457 Regulations May Impact Deferred Compensation Arrangements Maintained by Tax-Exempt...

On June 21, 2016, concurrent with its issuance of proposed regulations under Code section 409A, the IRS also issued proposed regulations under Code section 457, which address deferred compensation arrangements covering...more

State Court Retroactive Change to IRA Beneficiary Not Given Tax Effect by IRS

A decedent had 2 IRAs. The death beneficiaries of the IRAs were trusts that qualified as "look through" trusts, such that the payout period for the IRAs after the decedent died could be computed using the life expectancy of...more

When it’s time to go

Like George Costanza who always tried to leave on  a high note in an episode of  Seinfeld, I always try to leave at the right time. Most of the time, it’s the right time. Sometimes it’s like the last episode of Breaking Bad. ...more

Update on Lawsuits Challenging the U.S. Department of Labor’s Fiduciary Rule

As we previously reported, there have been five lawsuits challenging the U.S. Department of Labor’s new fiduciary rule. On July 8, 2016, the U.S. Department of Labor (DOL) filed its first formal response to these...more

Department of Labor Increases Penalties for Certain ERISA Violations

The U.S. Department of Labor (DOL) published on July 1, 2016, an interim final rule adjusting the civil monetary penalties that it can enforce. These adjustments are the result of the Federal Civil Penalties Inflation...more

A Blueprint for Maintaining an Individually Designed Qualified Plan after the IRS’s Determination Letter Program Cutback

In Depth - On June 29, 2016, the Internal Revenue Service (IRS) officially sounded the death knell for the five-year remedial amendment cycle with its release of Revenue Procedure 2016-37. Effective January 1, 2017,...more

Proposed Section 409A Regulations Facilitate Common Pay Practices

The Internal Revenue Service (IRS) has proposed a number of updates to current regulations governing nonqualified deferred compensation under Section 409A of the Internal Revenue Code of 1986, as amended. The proposed updates...more

Big Fish and Service Provider Lawsuits

It seems like every week, there is another major lawsuit against a plan sponsor and one of their service providers. Allegations of impropriety are just allegations until decided by a trier of fact of whether they are...more

Penalty Amounts Get Adjustment (Upward, of Course)

The Department of Labor (DOL), along with several other federal agencies, recently released adjusted penalty amounts for various violations. The amounts had not been adjusted since 2003, so there was some catching up to do,...more

Revenue Sharing Demolition Night

When I was a kid in the 1970’s, disco was the biggest thing. By 1980, disco was dead thanks to a backlash. People didn’t know it at the time, but disco died the night of July 12, 1979, thanks to the riot during a White Sox...more

Financial Services Quarterly Report - Second Quarter 2016: Does the Supreme Court’s Dudenhoeffer Decision under ERISA do “More...

Earlier this year, the U.S. Supreme Court decided the case of Amgen v. Harris, in which the Court revisited and clarified its 2014 holding in Dudenhoeffer v. Fifth Third Bancorp.2 Both cases concern the application of a...more

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