Compliance

Deadlines have been moved for single-employer and multiemployer DB plans and 403(b) plans, among others.

The ruling effectively establishes that individual pension plan participants cannot sue their employer for a fiduciary breach if their own benefit has not been cut or otherwise altered.

The 92-page complaint includes a number of other allegations, including that the plan sponsor was motivated by its relationship with the provider for its defined benefit plans.

The plan sponsor had sued plan providers, but the providers in a counterclaim said the plan sponsor was equally liable.

The lawsuit also questions a fee arrangement between the plan’s recordkeeper and an advice provider.

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The suit claimed conflicts of interest damaged net-of-fee performance.

Parts of the lower court’s ruling against the plaintiffs’ claims have been rejected and remanded by the appeals court.

A judge found that plaintiffs failed to offer evidence that removing certain funds caused economic loss, but the ruling sided with plaintiffs concerning excessive recordkeeping fees.

Though claims in the case were pared down last fall, the plaintiffs have requested a jury trial, so a federal judge has given them options for proceeding.

With court closures caused by the COVID-19 pandemic, plan sponsors may consider modifications to qualified domestic relations order processes.

DB plan sponsors may want to offer coronavirus-related distributions under the CARES Act, but should understand certain rules before doing so.

The revenue procedure also sets the deductible limits that define a high-deductible health plan for the year.

The leadership at the regulator says this measure will reduce printing, mailing and related plan costs by an estimated $3.2 billion over the next decade.

The Heroes Act, passed by a narrow majority in the House, includes union pension partition relief and a waiver for the reinvestment of 2019 and 2020 RMDs.

The new complaint closely resembles others that have been filed by the Capozzi Adler P.C. law firm.

The legislation provides for a state-run auto-IRA program as well as a marketplace from which employers can choose low-cost retirement savings plans.

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