Economists and industry leaders have identified a continuing shortage of skilled labor in all areas in manufacturing for decades, a situation made worse by the aging and retirement of skilled workers of the Baby Boomer...more
I call myself the “most dangerous ERISA attorney in America” because I’m not afraid to express my opinion. So I’m going to say something that will irk a few people....more
In the retirement plan industry, we have rules and we have guidelines on what to follow. However, there is one gray area that the Department of Labor (DOL) has absolutely no guidance: uncashed checks....more
I’m not afraid of many things, except making the deep water and the heights. I’m not afraid of the Department of Labor (DOL) because I listen to what they’re trying to say. So if they say that missing participants are a...more
Imagine it’s March 31 and you are a retirement plan administrator. You have a participant who terminated employment 15 years ago. He turned 70½ last year and now you owe him his first required minimum distribution from the...more
Locating and distributing the account balances of missing or unresponsive participants invokes ERISA’s fiduciary duty rules. The U.S. Department of Labor (DOL) had previously issued guidance outlining the expectations and...more
The Employee Benefits Security Administration (EBSA) of the U.S. Department of Labor recently updated its guidance to retirement plan fiduciaries on due diligence and efforts to locate missing participants in the case of...more