Guidelines for Keeping HSAs Not Subject to ERISA
The DOL said employers can either follow the safe harbor practices for group insurance plans or follow six guidelines.
Compliance
Business Owner Pleads Guilty to Theft From 401(k) Plan
The business owner tried to blame other employees until she met with a DOL investigator.
Sears Holdings Faces Stock Drop Lawsuit
The lawsuit alleges that even if the plan required that Sears Stock be offered, the plan’s fiduciaries were obligated by law to disregard that directive once it became...
Lawmakers Request Guidance for Auto-Portability of Retirement Savings
Lawmakers sent a letter to the DOL Secretary asking for guidance on auto-portability as soon as possible.
Another House Committee Considers Fiduciary Reforms
The Affordable Retirement Advice for Savers Act seeks to repeal the fiduciary rule and clarify what should and should not be considered fiduciary advice in the retirement planning...
ERISA Suit Challenging Voya Stable Value Funds Rejected
The lawsuit unsuccessfully alleged Voya does not disclose to its retirement plan clients and their respective participants the amount of stable value fund spread it collects.
IRS Updates Procedures for Applying for Suspension of Benefits
The MPRA permits the sponsor of a multiemployer defined benefit plan in critical and declining status to suspend benefits in certain situations.
Stiff Prison Sentence After EBSA Fraud Investigation
EBSA says investors’ dollars, including ERISA-covered assets, were diverted to pay for home renovations, personal credit card payments and mortgage payments.
DOL Says Ponzi Scheme Included Employee Benefit Plan
The founder of an investment company has pleaded guilty and been sentenced.
MFS Accused of Engaging in Prohibited Transactions in 401(k)s
A lawsuit claims MFS used its 401(k) plans “as an opportunity to promote MFS’s mutual fund business and maximize profits at the expense of the plans and their...
PBGC Requests More Time to Collect Multiemployer Merger Information
The agency says it uses information submitted by plan sponsors under the regulation to determine whether mergers and transfers conform to the requirements of ERISA Section 4231.
American Airlines Agrees to Settle Proprietary Funds Lawsuit
The gross settlement amount is $22 million.
Brown University Faces Familiar Allegations in 403(b) Lawsuit
Individual annuity contracts and a large plan investment lineup are targets in the Brown University lawsuit, just as they are with most other lawsuits against higher education institutions’...
IRS Changes Pre-Approved Plan Opinion Letter Program
The IRS says it is modifying its historic approach to pre-approved plans in order to encourage employers that currently maintain individually designed plans to convert to the pre-approved...
Short Window Opens for Fiduciary Rule RFI Responses
EBSA hopes the responses submitted to this RFI can “form the basis of new exemptions or changes/revisions to the rule and prohibited transaction exemptions.”
DOL Brief Defends Fiduciary Rule Despite Ongoing Review
Long-term, DOL staff is concerned about maintaining the department’s broad litigation and enforcement capabilities in the retirement plan services marketplace.
IRS Issues 2017 Cumulative List of Pre-Approved Plan Requirements
The 2017 cumulative list includes provisions for Roth conversions, using lifetime income products in target-date funds (TDFs) and the use of qualified longevity annuity contracts (QLACs), among other...
ERISA Suit Questions Money Market Performance, Recordkeeping Fees
Because revenue-sharing payments are asset based in the plan, plaintiffs argue, “they bear no relation to a reasonable recordkeeping fee and can provide excessive compensation.”
Connecticut Passes Conflict-of-Interest Rule for Non-ERISA 403(b)s
The law applies to any company that administers a 403(b) retirement plan offered by a political subdivision of the state.
DOL Issues RFI About Fiduciary Rule
The request for information asks whether provisions of the rule already in place should be delayed further.