IRS Publishes Information for Cycle E Plan Restatements
The information includes worksheets and explanations for the second Cycle E plan language, and explanations of the determination letter review process.
Compliance
SEC Intends to Charge State Street for Solicitation Practices
Last year, State Street revealed it was under investigation for its solicitation of asset-servicing business for public retirement plans.
Fiduciary Rule Grilled on Capitol Hill
Labor Secretary Perez was just about the only witness called to a recent Congressional hearing to actually defend the DOL’s fiduciary redefinition effort.
ERIC Says ACA "Clarification" Broadsided Employers
The ERISA Industry Committee (ERIC) says a new cost-sharing rule has no basis in law.
Bill Would Block Multiemployer Plan Benefits Cuts
The bill would repeal the provision in recent pension reform that would allow multiemployer plans to cut benefits.
ERIC Makes Recommendations for Wellness Rule
The ERISA Industry Committee has commented on the EEOC’s proposed rules for employer wellness programs.
World’s Largest Coal Company Faces ERISA Suit
A former employee of Peabody Energy is suing the coal producer over company stock investments in its DC plans.
Treasury Releases Proposed Multiemployer Plan Regulations
Kenneth Feinberg has been appointed as a Special Master to help provide a dedicated, impartial and informed review of applications proposing to reduce pension benefits.
Financial Planning Coalition Applauds Fiduciary Rule
Calls update to a 40-year-old rule “long overdue.”
PBGC Issues Rule About Multiemployer Plan Partitions
Bankruptcies need not be imminent to ask PBGC to approve a partition.
House Committee Moves to Defund Fiduciary Rule Effort
In a section called “Reducing Harmful Red Tape,” the committee proposes a “provision prohibiting regulatory changes to the definition of the term ‘Fiduciary.’”
DOL Announces Hearing About Fiduciary Rule
The announcement also includes the official notice of an extended comment period.
Employer Sued for Reducing Employee Hours After ACA
The lawsuit claims Dave & Buster’s effort to “right size” its workforce was done to avoid paying for health care benefits.
Court Orders Trial for Determining Plan’s Top Hat Status
There are still unresolved issues about the selectivity requirement for a plan to be considered a top hat plan.
Business Leaders Warn of Fiduciary Rule Fallout
The U.S. Chamber of Commerce issued a report warning the fiduciary rulemaking effort could harm small business employees.
Supreme Court Seeks Input About ERISA Lawsuit Venue
The U.S. Supreme Court has been asked to weigh in on whether a retirement plan may dictate the venue in which participant lawsuits are filed.
Court Says It Cannot Force N.J. Pension Payment
The Supreme Court in New Jersey has found that the pension contributions promised in 2011 reform are not part of an enforceable contract.
DOL Sues Firm Over Company Stock Purchases
The Labor Department filed suit against a California-based manufacturer to recover millions of dollars for ESOP plan participants.
4th Circuit Revives Case Over Transfers to Cash Balance Plan
The appellate court found that Bank of America’s closing agreement with the IRS did not make the case moot.
IRS Expands Pre-Approved Plans Program
Cash balance plans and ESOPs can now be submitted for an approval letter from the IRS.