Tax Court Catches Phony ESOP
June 10, 2011(PLANSPONSOR.com) - According to the U.S. Tax Court, since 1988 Mark Warmoth created two corporations that manufactured nothing except tax-saving retirement plans for their founder.
Compliance
IRS Outlines Common Mistakes in VCP
June 10, 2011 (PLANSPONSOR.com) - The Internal Revenue Service has a Voluntary Correction Program (VCP) for retirement plan sponsors to correct mistakes in their plan; however, mistakes can...
Texas Union Official Sentenced for Embezzling Union Benefit Plan
June 10, 2011(PLANSPONSOR.com) - The U.S. Department of Labor (DoL) announced that Michael Doggett, business representative for the...
SPARK Responds to DoL Notice
June 10, 2011(PLANSPONSOR.com) - In a recent letter to the Department of Labor (DoL), the SPARK Institute responded to the proposed extension of the applicability dates for the...
Nonprofit Weighs in on Electronic Disclosure Debate
June 10, 2011(PLANSPONSOR.com) The Pension Rights Center, a nonprofit consumer rights organization, believes that current safe harbor rules balance the interests of participants and beneficiaries with the interests...
Solis Files Brief with US Court of Appeals in McCravy Case
June 10, 2011(PLANSPONSOR.com) - Secretary of Labor Hilda Solis has filed a brief asking for a rehearing and reversal of an appellate panel's ruling that a “surcharge” is...
Court Rules on Injured Worker’s Wrongful Termination
June 10, 2011(PLANSPONSOR.com) - Ohio’s Supreme Court ruled that a machine shop employee fired within an hour of reporting an injury, but before he could file a worker’s...
PBGC Seeks Restitution of Plan Losses from Morgan Stanley
June 9, 2011 (PLANSPONSOR.com) - The Pension Benefit Guaranty Corporation is seeking $25 million in damages from Morgan Stanley Investment Management Inc. over risky pension investments it made...
“Impending Collapse” not Necessary to Rebut Presumption of Prudence
June 9, 2011 (PLANSPONSOR.com) – In an amicus brief filed on behalf of plaintiffs in Taylor v. KeyCorp, Secretary of Labor Hilda L. Solis argues that the “impending...
DoL Gets $10.5M for DirecTECH ESOP Plan Participants
June 8, 2011 (PLANSPONSOR.com) - The U.S. Department of Labor has obtained six consent judgments requiring payment of $10,454,545 in restitution to the DirecTECH Holding Co. Inc. Employee...
PBGC Takes Over Plan of Concrete Products Maker
June 8, 2011 (PLANSPONSOR.com) - The Pension Benefit Guaranty Corporation will pay the retirement benefits of more than 800 workers and retirees of bankrupt Schwab Industries, Inc. of...
Solis Argues Prudence Claims Should not be Time-Barred
June 8, 2011 (PLANSPONSOR.com) – In an amicus brief responding to a decision in an excessive 401(k) plan fee case, Secretary of Labor Hilda L. Solis said a...
Solis Argues Prudence Claims Should not be Time-Barred
June 8, 2011 (PLANSPONSOR.com) – In an amicus brief responding to a decision in an excessive 401(k) plan fee case, Secretary of Labor Hilda L. Solis said a...
PBGC Fighting Gift Basket Retailer’s Move to Dump Pensions
June 7, 2011 (PLANSPONSOR.com) - The Pension Benefit Guaranty Corporation (PBGC) is fighting a move by Harry & David Holdings Inc. to end the pensions of its 2,700...
Court Grants Class Certification in First Horizon 401(k) Suit
June 7, 2011 (PLANSPONSOR.com) – The U.S. District Court for the Western District of Tennessee has granted conditional class certification in a lawsuit concerning the 401(k) plan of...
IRS Seeking Comments on Revised Form 990
June 7, 2011 (PLANSPONSOR.com) – The Internal Revenue Service is seeking public comment on transitional issues and frequently asked questions involving the redesigned Form 990.
EEOC Seeking Comment on Review of Regulations
June 6, 2011 (PLANSPONSOR.com) – The U.S. Equal Employment Opportunity Commission (EEOC) is seeking public comment on its preliminary plan for review of significant regulations.
ASPPA Points to “Overwhelming” Response for Electronic Disclosure
June 6, 2011 (PLANSPONSOR.com) - As the last day of submitting comments to the Department of Labor (DoL) drew to a close, the American Society of Pension Professionals...
ERIC Supports Electronic Disclosures
June 6, 2011(PLANSPONSOR.com) - In a letter to the Department of Labor (DoL), the ERISA Industry Committee (ERIC) explained its belief that electronic disclosures will improve efficiencies at...
Solis Again Files Brief in Support of Remedy against MetLife
June 3, 2011 (PLANSPONSOR.com) – With a new U.S. Supreme Court decision in her arsenal, Secretary of Labor Hilda L. Solis again filed an amicus curiae brief with...