Municipally Sponsored IRAs Granted Safe Harbor
States were already granted the authority to establish their own IRA programs for private-sector workers; now the largest individual cities are being given the opportunity.
Compliance
Plaintiffs Still Pushing Tibble vs Edison Through Federal Courts
After multiple trips through the district and appellate court systems and consideration by the Supreme Court on multiple occasions, Tibble vs Edison took another step forward today.
Both the DOL and IRS Are Stepping Up Their Audits
Industry experts share red flags and focuses of DOL and IRS scrutiny of retirement plans.
Representative Johnson Proposes Social Security Reform
The legislation would increase the full retirement age for claiming benefits, among other things.
IRS Releases Required Amendments List for Qualified Plans
An earlier revenue procedure eliminating the five-year remedial amendment cycle stated that the IRS intended to annually provide a list of required amendments.
Sponsor Settles with DOL After Bankruptcy
A plan sponsor in Chicago was accused of improperly diverting hundreds of thousands of dollars in retirement plan assets.
Senator Cardin Reintroduces Progressive Tax Proposal
As tax reform talks loom in 2017, one Democratic Senator is pushing for “a comprehensive, progressive, pro-growth” approach that would protect the interests of employee benefit plans.
Providers Respond to Trump DOL Secretary Pick
The president-elect has nominated CKE Restaurants CEO Andrew Puzder as DOL Secretary.
Groups Ask Agencies to Pull Back on Form 5500 Modernization
Industry groups cite higher costs and burdens on employers, as well as the inevitability of “more frivolous litigation.”
DOL Asked to Cease Implementation of Fiduciary Rule
Senator Ron Johnson asked Labor Secretary Tom Perez to cease implementation of a rule “that will very likely be rescinded.”
Exxon Mobil Facing Retirement Plan Stock Drop Suit
The ERISA lawsuit claims Exxon Mobil plan fiduciaries should have known misrepresentations artificially inflated the price of Exxon stock.
Supreme Court to Hear Health Care Entities’ ‘Church Plan’ Suits
The question is whether, under ERISA, a church must establish a plan in order for it to be considered a ‘church plan.’
403(b) Plan Participant Files Suit Over Voya Stable Value Funds
The suit claims Voya collects hundreds of millions of dollars annually in undisclosed compensation.
Court Allows Restatement of Claims Against Stable Value Fund Provider
A federal judge found that that New York Life provided documentation showing there was no spread between the internal rate of return and the interest crediting rate New...
Wells Fargo 401(k) Suit Challenges Use of Proprietary TDFs
The lawsuit accuses the bank of using an "easy enroll" feature to funnel funds into its TDFs, which it says charge too much.
IRS Proposes Updates for DB Plan Distributions
The proposed regulations would provide guidance about changes made by the Pension Protection Act of 2006 to the minimum present value requirements applicable to certain defined benefit pension...
Another Plan Challenged for Offering Sequoia Fund
The lawsuit alleges the Sequoia Fund was an imprudent investment for the retirement plan because of its high concentration in Valeant Pharmaceuticals stock.
The Do’s and Don’ts for Simplifying SPDs
Loaded with information about when employees may begin participating in plans, benefits involved, vesting and so on, the language utilized in summary plan descriptions (SPDs) is critical.
Northern Trust to Settle Securities Lending Suit With Public Pensions
The Louisiana Firefighters’ Retirement System and other public pension funds alleged that Northern Trust breached its fiduciary duties and its contract related to the funds’ investment in the...
PBGC Issues New Table for Use by Involuntarily Terminating DBs
The table is used to determine expected retirement ages for participants.