Retirement Plan

News & Analysis as of

California Supreme Court Upholds Public Retirement Boards' Fiduciary Role When Adjudicating Disability Retirement Applications

In a victory for the San Bernardino County Employees’ Retirement Association (“SBCERA”) and the nineteen other county retirement systems administered under the County Employees Retirement Law of 1937 (Gov. Code, § 31450 et...more

Guidance to IRS Examiners on 401(k)/403(b) Hardship Withdrawals

Substantiation Requirement Clarified for Examination Purposes - Over the past few years, employers and plan administrators have frequently asked how hardship withdrawal requests can/should be substantiated from 401(k)...more

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

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

Fiduciary Rule—Not Delayed Yet

60-day delay proposed, comments requested on president’s study. The US Department of Labor (DOL) has proposed to delay the applicability date of the fiduciary rule (and related prohibited transaction exemptions) by 60...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

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 in Response to White House Directive

The future of the fiduciary rule—originally set to be implemented this upcoming April—remains uncertain after the White House directed the United States Department of Labor (DOL) to reevaluate, defer implementation and...more

Department of Labor Set to Eliminate the Fiduciary Rule

On March 2, 2017, the DOL proposed to extend the applicability date of the Department of Labor (“DOL”) Conflict of Interest Rule (the “Fiduciary Rule”) from April 10, 2017 for 60 days. The proposal states that the extension...more

DOL Fiduciary Rule: Proposed Delay to the Applicability Date

The DOL’s proposal comes in response to the Presidential Memorandum issued on February 3, 2017, regarding the Fiduciary Rule. The Presidential Memorandum directed the DOL to conduct an updated impact assessment on whether the...more

DOL Fiduciary Rule – A Proposed Delay and Uncertain Future

We’ve previously written about the Department of Labor’s new fiduciary rule, which expands the definition of who is considered a fiduciary under the Employee Retirement Income Security Act, as amended (“ERISA”) and the...more

DOL Proposes 60-Day Delay of Fiduciary Rule

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

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

401(k) Plan Design and its Effect on Employees’ Retirement Readiness

Most American adults are concerned that they will not be able to retire or will outlive their retirement income. In fact, research shows that Americans are not saving enough for retirement. This retirement crisis is, in part,...more

Referrals are about helping, not making you $$$$

The retirement plan industry is very close knit. Everyone knows who does great work and the few that don’t. Word travels fast about the good, the bad, and the ugly in this business....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

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

Sometimes Plan Sponsors just want to throw you off their “scent”

When you meet retirement plan sponsors just at different networking events and they find out that you’re a retirement plan provider, they may volunteer that their retirement plan is in perfect shape. As we know as retirement...more

Cybersecurity Risks and Liabilities for Employers, Retirement Plan Sponsors and Fiduciaries

Many employers historically were only concerned with privacy and security for health plans under the privacy regulations issued under the Health Insurance Portability and Accountability Act of 1996 (‘‘HIPAA’’) and State laws;...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

EO Update: e-News for Charities & Nonprofits

IRS makes approved Form 1023-EZ data available online - The IRS announced today that publicly available information from approved applications for tax-exemption using Form 1023-EZ, Streamlined Application for...more

President Trump Issues Presidential Memorandum Mandating Reconsideration of the Fiduciary Rule

President Trump issued a Presidential Memorandum requiring the US Department of Labor to reconsider its proposed “fiduciary rule,” which subjects many of the investment recommendations from financial advisors to retail...more

Read the plan document

Being an ERISA attorney for a couple of third party administration (TPA) firms when I first started helps you develop a sense of humor because there are too many people I was associated with who had absolutely zero training...more

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

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

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