Don’t Leave the IRS Hanging on Voluntary Corrections
If retirement plan sponsors fail to complete all steps in the voluntary compliance process, they must reapply for the IRS program and pay a fee.
Compliance
PBGC Proposes Electronic Filing for Multiemployer Plan Notices
The PBGC says electronic filing of certain notices required by multiemployer plans would result in greater efficiencies for the government.
Records to Keep for Loans and Hardship Withdrawals
The IRS reminds retirement plan sponsors it is up to them to track loans and hardship withdrawals.
DOL Requests Continued Authority for Fee Disclosure Collection
OMB approval for collection of information about service provider fees and conflicts of interest expires today.
IRS Modifies Compliance Resolution System
The IRS is reducing voluntary compliance program fees for some plan failures.
SEC Opens Door for Non-ERISA Plan Fee Disclosures
The SEC received a letter saying fee disclosures would also benefit participants of non-ERISA retirement plans.
New Interpretation of Plan Provisions Violates ERISA
A federal appellate court found a plan administrator cannot change the calculation of early retirement benefits for participants who terminated under an old version of the plan document.
PBGC Revising Reportable Events Forms
The PBGC is requesting that OMB extend approval of collections of information about certain reportable events until final rules can be published.
IRS Extends Closed DB Nondiscrimination Relief
The IRS says proposed permanent amendments to nondiscrimination regulations can be anticipated.
Ameriprise Financial Settles ERISA Fee Litigation
Ameriprise will pay $27.5 million to settle a 401(k) excessive fee lawsuit.
Court Dismisses Fidelity Float Income Suit
A federal district court has ruled float income is not a retirement plan asset belonging to participants.
Changes Soon Due for Multiemployer Plans
Expanded annual actuarial certifications for multiemployer plans are due March 31 for calendar year plans.
NQDC Plans a Target of Tax Reform Recommendations
A U.S. Senate committee report calls NQDC plans a “tax avoidance” strategy.
Oral Misrepresentation Enough to State a Claim Under ERISA
A pension plan participant who claims he didn’t receive promised credit for service can proceed with his lawsuit.
EEOC Sends OMB Notice About Wellness Program Rules
The submission represents the start of the regulatory process.
Hearing Witness Says ACA Hasn’t Helped Small Employers
The ACA’s potential benefits for small employers have not materialized five years into enactment, a spokesperson for the National Federation of Independent Business told a Senate committee.
BNY Mellon Settles Foreign Exchange Trading Suit
The agreement with retirement plan customers is part of a larger settlement.
SEC Signals Intent for Uniform Fiduciary Standard
The Securities and Exchange Commission has signaled it could move sooner rather than later on its own changes to investment advice and conflict of interest rules.
DOL Adds Flexibility to Investment Disclosure Requirements
The DOL says a new direct final rule provides a grace period for plan sponsors to furnish plan-related information to participants.
DOL Alleges Company’s ESOP Creation Was Flawed
Accurate company valuations are critical when it comes to establishing an ESOP, the DOL says in an enforcement action announcement.