If the proposed rules are finalized, there would be no more suspension of deferrals after a hardship withdrawal or requirement to take a loan before one.
In the conclusions chapter of the report, the Securities and Exchange Commission says respondents expressed generally positive assessments of the format and content of the Customer Relationship Summary.
The agency is inviting public comment on the proposed exemption and encourages additional proposals.
At an event marking the milestone for the 401(k), attendees were very optimistic about the future opportunities for the plan and surrounding industry.
In a mixed ruling, the court again leaves room for re-pleading of the plaintiffs’ failed arguments, making the filing of a third amended complaint likely before any allegations can advance to trail.
ICI draws the conclusion that this system means fund shareholders are paying higher costs than is strictly necessary.
The lawsuit alleged that the company selected high-cost proprietary investment products offered and managed by Jackson National and its affiliates on the plan’s menu of investment options, allowing it to maximize profits.
The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan is increased from $18,500 to $19,000.
The question for the Supreme Court is whether the plaintiff or the defendant bears the burden of proof on loss causation under Employee Retirement Income Security Act (ERISA) Section 409(a).
The DOL relief relates to plan loans and distributions, remittance of contributions and blackout period notices.
The New York State Common Retirement Fund and the New York State Teachers Retirement System hold Exxon shares with a combined value of approximately $1.5 billion, and a lawsuit asks for damages, a disgorgement of all monies obtained in connection with the alleged fraud, and restitution.
Industry stakeholders disappointed the proposal does not address open MEPs can take heart in the fact that DOL staff are calling for commentary on ways the proposal could be expanded, including into the area of open MEPs.
The co-owners of Vantage Benefits Administrators misappropriated funds from at least 1,000 plan participants in at least 20 employers’ retirement plans, prosecutors say.
John Barkett, senior director of policy affairs at Willis Towers Watson, explains that HRAs have to be connected to a group health plan, with some exceptions for retirees. This proposed rule would take away that requirement.
The plan’s sole fiduciary and trustee has agreed to restore pension assets that, according to an EBSA investigation, were improperly directed to operating expenses and illegal personal loans.