News & Analysis as of

The baby boomer gamblers: Running out of money

As the first of the baby boomers have reached retirement age, the greatest financial threat to the American middle class is silently waiting for them. Most are unprepared for what actuaries call “longevity risk.” The real...more

CFPB Releases Retirement Tool

On November 12th, 2015 the CFPB released “Planning for Retirement,” an interactive, online tool designed to help consumers decide when to claim social security....more

CFPB Releases Tool to Help Consumers Decide When to Claim Social Security

On November 12, the CFPB released “Planning for Retirement,” an online tool intended to help older consumers make informed decisions regarding Social Security retirement benefits. On the same day, the CFPB published a report...more

Retiring Abroad: The Lure of the Exotic, the Chore of U.S. Tax Compliance

For anyone who has watched the movie “The Best Exotic Marigold Hotel,” the idea of retiring overseas may be tempting. Glamorous locales exist around the world with warm sands, fragrant breezes and stunning sunsets where...more

CFPB releases report on retirement security and planning tool

In conjunction with the retirement planning event that the CFPB is holding in Washington, D.C. today with the Social Security Administration, the CFPB has issued a report, “Issue Brief: Social Security claiming age and...more

Advisors Advantage - November 2015

Empathy and Communication by a Retirement Plan Provider Goes A Long Way. It goes way far. They say that game theory is the study of strategic decision making. It is "the study of mathematical models of conflict and...more

CFPB to hold retirement planning event

The CFPB has announced that it will be holding an event about retirement planning with the Social Security Administration in Washington, D.C. on November 12, 2015. After remarks from Director Cordray and Acting Commissioner...more

So You Want To Sell Your Business… PART 1 of 4 – Purpose of the Sale

This is the first of a four-part series to assist owners of closely-held businesses who are considering a future sale of their business. Today's installment will consider why you may wish to sell your business. Subsequent...more

What Does the Trust Requirement of ERISA Mean?

ERISA requires that plan assets be held in trust so that they are protected from claims of the employer. With pension plans, it is generally easy to determine when assets become plan assets and when they should be held in...more

Recent Seventh Circuit Decision Finds That Multiemployer Pension Withdrawal Liability Can Automatically Transfer to Asset...

In a recent decision that has important implications for purchasers of assets that come with a multiemployer union pension plan, the U.S. Court of Appeals for the Seventh Circuit held in Tsareff v. ManWeb Services, Inc., 794...more

Commons committee reports on pensions

In its first report of the session, the Work and Pensions Committee has reported that the “freedom to choose” reforms to pensions introduced in April 2015 are insufficient....more

A Troubling Future Part One:  Teamsters’ Pension Rescue Plan

Two significant developments in the multi-employer pension world emerged in September, developments which could give manufacturers concern.  While this is not the time to panic (we have plenty of time to panic), readers...more

So How are Those "Pension Freedoms" Working Out?

In April 2015 the UK woke up to a world of freedom. Pension freedom. From that date if you had a defined contribution pension pot and were 55 or over, it was up to you what you did with the money. You could buy an annuity,...more

Investment Management Update - October 2015

Below is a summary of recent investment management developments that affect registered investment companies, private equity funds, hedge funds, investment advisers, and others in the investment management industry. Schwab...more

D.C. Circuit Upholds Bank’s Standing to Challenge Constitutionality of CFPB

The D.C. Circuit Court of Appeals reversed a district court decision dismissing a bank’s challenge to the constitutionality of the CFPB based on lack of standing. The district court had previously concluded that compliance...more

Not all Plans can Establish a Shortened Limitations Period for Filing Lawsuit

I recently blogged about a case in which a plan had established a shorter period of time (one year deadline) for filing a lawsuit, rather than relying on the state statute of limitation (six years) which would otherwise have...more

Is Your Severance Policy an ERISA Plan?

Severance plans are generally covered under ERISA, but it is not always easy to distinguish an ERISA-covered severance plan from a non-ERISA severance policy. There are advantages and disadvantages to being an ERISA-covered...more

Employer liability relating to fees in employer-sponsored retirement and savings plans

Employers who sponsor retirement and savings plans for their employees should ensure that the fees paid by their employees within the plans are reasonable and adequately disclosed.  Lawsuits in the U.S., and a recent...more

PBGC Report Shows Modest Improvements in Agency’s Long-Term Solvency

The Pension Benefit Guaranty Corporation (PBGC) recently released its annual projections report showing that its insurance programs, which back both multiemployer pension plans and single-employer pension plans, have...more

FCA reports on pension freedoms

FCA has published its report on the pensions and retirement income market. In July FCA asked for information on: - consumer access to the pension freedoms; - financial advice requirements and the treatment of...more

Don’t Play Hide the Ball with Your Claims Procedure

ERISA does not have a statute of limitations for lawsuits brought by participants to check claim benefits under the plan. Instead, courts borrow from similar state statutes of limitations. In a decision two years ago, the US...more

Investing Wisely: Employers Need to Monitor 401(k) Plan Fees

Costly lawsuits filed by employees against their employers come in several varieties, including lawsuits alleging liability because of an employer’s handling of its employee benefit plans. Earlier this year, the U.S. Supreme...more

Department of Treasury Issues 2015-2016 Priority Planning Guide

The Department of the Treasury issued its 2015-2016 Priority Guidance Plan detailing projects that it intends on dedicating resources to in the coming year. There are numerous employee benefits-related items in the plan....more

IRS to Prohibit Lump-Sum Cashout Windows for Pension Plan Retirees

As described in a prior alert, the IRS issued Notice 2015-49, which abruptly announces the IRS’s intention to prohibit lump-sum cashout windows for pension plan retirees already in pay status. The IRS intends to prohibit...more

North Carolina Legislative Report

The General Assembly convened for the 2015 legislative session on January 14. Lawmakers returned to Raleigh on January 28 to begin the session in earnest. The MVA Public Affairs Legislative Report on North Carolina will be...more

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