Retirement Plan

News & Analysis as of

Advisors Advantage - January 2015

In This Issue: - 2015 New Year Tips for Retirement Plan Providers. - Give your clients their own "football". - They aren't laughing anymore. - Happy Clients Don't Leave. - 401kwire's Top 100...more

The Roundup: Last Week’s Recommended Reading (Jan 9, 2014)

From Around the Web - Retirement Options for Solo and Small Law Firms: Being a sole practitioner or small-firm shareholder gives you the ability to choose the kind of retirement plan that is right for you and your...more

Illinois Employers Must Offer Retirement Savings Program

Illinois has become the first state in the nation to enact a law requiring businesses to offer their employees a retirement savings plan. Signed into law recently by Gov. Pat Quinn, the new law, entitled “Illinois Secure...more

Seventh Circuit Again Considers Partial Terminations of Retirement Plans

When a tax-qualified retirement plan is terminated, the Internal Revenue Code (Code) generally requires that all participants in the plan be fully vested in their plan benefits. The Code also requires full vesting for those...more

Monthly Benefits Update - December 2014

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

Make a New Year’s Resolution to Review Your Estate Plan in 2015

Each year, at this time, we remind our clients of the importance of keeping their estate plan up to date. Estate planning goals change over the years for many reasons, including the birth, marriage, death or disability of a...more

How Often Can You Make an IRA Rollover?

The short answer is that it depends on the type and timing of prior IRA rollovers, as well as which IRA and type of IRA makes the distribution and which type receives the rollover. A "rollover" occurs when you withdraw cash...more

DOL and Treasury Update 2014-2015 Regulatory Agendas for Employee Benefits

The principal regulators of U.S. employee benefits have recently published updates to their guidance plans for the coming months. The updated plans are reflected in the attached chart. ...more

2015 New Year Tips for Retirement Plan Providers

With a new year, comes a renewed focus on business now that the holidays are behind us. For the retirement plan provider, there is never enough time to rest on their laurels because of the competitive nature of the business....more

Rosenbaum Law Firm Review - January 2015

In This Issue: - Stuff That Prospective 401(k) Plan Providers Tell You That's True - The Conduct Code for Retirement Plan Sponsors - Stuff That Won't Help A Retirement Plan Sponsor Limit Their...more

Treasury Softly Launches myRA Program

In December 2014, the Treasury Department opened the myRA (my Retirement Account) program to employers and employees. President Obama announced the myRA program in his 2014 State of the Union Address. The program is intended...more

Illinois Enacts Nation's First Auto-IRA Program

Illinois Governor Pat Quinn signed legislation over the weekend enacting the Illinois Secure Choice Savings Program and making Illinois the first state in the nation to require covered employers to provide employees with...more

Mandatory Retirement Plans in Illinois

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

The Conduct Code for Retirement Plan Sponsors

When we were in school, there was a conduct code. For some of us that have occupations that require a license, we have a code of conduct to follow as well. Unfortunately for plan sponsor, no one ever tells them that their...more

Happy Clients Don’t Leave

Maybe it’s a simplistic approach when it comes to things, but I kind of see things the way they are in very simplistic approaches. When it comes to employees working for a client, I always say that happy employees...more

In Post-Dudenhoeffer Decision, Class Action Plaintiffs Are Allowed to Pursue Their Claims For Fiduciary Breach Against Eastman...

A federal district court has permitted plaintiffs to pursue class actions against the fiduciaries of two Eastman Kodak defined contribution plans on the ground that those fiduciaries failed to prudently manage the plan funds....more

Compensation Issues – Revisited

We have completed another retirement plan audit season and have noticed a number of common errors occurring with compensation. I previously discussed these issues in my blog series “Compensation: The Missing Link – Part 1”...more

Insurer Agrees to $140 Million Settlement in ERISA Case Challenging Revenue Sharing Practices

Nationwide Life Insurance Co. has agreed to settle ERISA fiduciary breach claims brought on behalf of a class of retirement plan trustees that purchased annuity contracts and/or services from Nationwide for their plans....more

IRS Simplifies Tax Reporting for Individuals With Canadian Retirement Plans

Under Article XVIII(7) of the United States-Canada Tax Treaty, a U.S. citizen or resident may elect to defer U.S. income taxation on income accruing under a Canadian registered retirement savings plan (RRSP) or registered...more

Stuff That Won’t Help A Retirement Plan Sponsor Limit Their Liability

A seat belt in a car is useless if the driver or passenger isn’t wearing it. A smoke detector is useless if the batteries are dead. Vitamin C won’t prevent a cold and putting paper on your forehead won’t cure hiccups. For a...more

Often Overlooked, but Effective, Provisions to Consider for your Benefit Plans

The Issue: When benefits under welfare plans – such as health plans and disability plans – are denied, litigation frequently results. In the context of “self-funded” plans (in contrast to “fully insured” plans, which are...more

Plan Sponsor may be wise to get a second opinion

If you don’t feel right and you go to the doctor and you get some grim or fantastic news about your health, isn’t it a good call to get a second opinion? Especially with certain types of cancer, speaking to a different doctor...more

IRS Guidance on Windsor Decision May Require End-of-Year Amendments for Qualified Retirement Plans

Earlier this year, the IRS published updated guidance on the application of the Supreme Court’s decision in United States v. Windsor to qualified retirement plans. In Windsor, the Court held that the Defense of Marriage Act’s...more

End of Year Tips for The 401(k) Plan Sponsor

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 to- wards next year. As a retirement plan sponsor, you...more

December 2014 Filing and Notice Deadlines for Qualified Retirement and Health and Welfare Plans

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

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