So far, reporting seems to suggest that the numerous fraudulent comments submitted to DOL regarding the fiduciary rule were done so mainly with stolen or outright fake identities of individuals, rather than, say, those of employers or financial services providers.
Although the case involves an employer-provided life insurance plan, it has lessons for what constitutes a QDRO for all ERISA plans.
Newly leveraged ESOPs that borrow a large amount relative to their earnings could find their deductible expenses decrease.
Following news of Preston Rutledge’s approval by the full Senate to head the Employee Benefits Security Administration, several retirement industry advocacy groups voiced their support in short statements.
Proprietary fund lawsuits are viewed by plaintiffs’ firms as one of the types of excessive fee cases that are likely to get past motions to dismiss; and so it stands to reason that more—potentially many more—of these lawsuits are on the way.
The bill does not impact tax breaks for retirement savings.
The debate started when the American Council for Capital Formation published a sharply written report alleging that, as the group puts it, “CalPERS has prioritized relatively poor performing environmental, social and governance [ESG] investments at the expense of other investments more likely to optimize returns.”
The guide provides answers to questions intended to clarify, explain, or elaborate on the requirements of GASB Statement No. 75, but also addresses a limited number of issues related to Statement No. 74.
Beginning in January, terminating DC plans will have the option of transferring missing participants’ benefits to PBGC instead of establishing an individual retirement account (IRA) at a financial institution.
A final rule provides a new table for determining expected retirement ages for participants in pension plans undergoing distress or involuntary termination with valuation dates falling in 2018.
The House GOP majority adopted a unified version of the Tax Cuts and Jobs Act Tuesday afternoon; they may have to repeat the process one more time.
Drawing on a number of recent decisions, the district court ruled the plaintiffs did not adequately describe how the offering of a fund in which they did not invest caused a non-speculative injury.
The updated mortality improvement rates and static tables apply for purposes of calculating the funding target and other items for valuation dates occurring during calendar year 2019.
However, employers will likely have some difficulty in knowing how to handle the January 1, 2018, effective date that has been assigned for many provisions in the House and Senate tax reform proposals, especially for the purposes of income tax withholding.
The bill would facilitate lifetime income disclosure, clarify the current annuity selection safe harbor and expand access to multiple employer plans.
In addition to being barred as serving as a fiduciary for five years, the fund manager is ordered to make more than $45,000 in restitution to the plan, according to a Department of Labor news release.
All employees would have 6% of their income contributed to a workplace retirement plan and have these contributions automatically escalated each year.
Preston Rutledge seems to be enjoying relatively little opposition as he moves closer to becoming the Assistant Secretary of Labor for the Employee Benefits Security Administration—a key position in the federal government tasked with enforcing ERISA.
Investors are generally capable of looking out for their own interests and should have freedom of access to shop the financial services marketplace for retirement income guarantees, the Insured Retirement Institute argues in a new comment letter to the SEC.
House and Senate Democrats warned that, if nothing is done, many of the more than 200 multiemployer plans in the U.S. are projected to fail within just the next 10 years.