PBGC Issues Rule About Multiemployer Plan Partitions
Bankruptcies need not be imminent to ask PBGC to approve a partition.
Compliance
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.
Settlement Reached in Fannie Mae Stock Drop Suit
Affected participants will receive $9 million, less attorneys’ fees and settlement expenses.
Bill Seeks More Digital Retirement Plan Communication
A group of Republican and Democratic members of the U.S. House introduced the Receiving Electronic Statements to Improve Retiree Earnings (RETIRE) Act.
U.S. Recommends Denial of RJR Stock Case Review
U.S. Solicitor General Donald B. Verrilli Jr. said the questions before the Supreme Court in RJR Pension Investment Committee v. Richard G. Tatum do not warrant the court’s...
GASB Approves New Accounting Standards for OPEB
The new other post-employment benefits (OPEB) standards parallel the pension standards issued in 2012.
PSNC: Avoiding Lawsuits
It’s often simply a lack of oversight and processes not followed.
PSNC 2015: The Regulatory Environment
Lifetime income, service provider process changes and privacy of retirement plan information are just a few things for which plan sponsors need to prepare.
Plan Sponsors Should Be Aware of Common Errors
Knowing what to avoid and working with advisers and providers can help retirement plan sponsors maintain good plan operations.
Documentation and Deliberation Remain Critical Post-Tibble
Two experienced ERISA attorneys suggest the Tibble fee case ruling is a positive for retirement plan sponsors—highlighting important best practices that many have already adopted.
Fiduciaries Removed for Misusing Retirement Plan Funds
The Department of Labor filed suit against fiduciaries of a medical corporation’s pension plan for using plan assets for personal expenses.