Michael Barry, president of October Three (O3) Plan Advisory Services LLC, offers his opinions about retirement plan issues addressed—and not addressed—by the Department of Labor under President Donald Trump.
These employee-paid benefits provide essential protection in the event of a critical illness, disability, accident or other event, such as identity theft, that could quickly undermine an individual’s financial stability.
Recently, the U.S. District Court for the Southern District of Indiana has ordered the fiduciaries of health benefit plan to pay restitution of $145,635 to 596 employees who paid a tobacco use surcharge as part of their medical insurance premium.
Michael Barry, president of October Three (O3) Plan Advisory Services LLC, discusses the multiemployer pension plan crisis, who may be to blame, and his views on writing off the multiemployer pension system.
“Don't know if the Experts remember me, but I was the one who posed the question back in March about whether the new hardship distribution rules would allow for distribution of earnings on elective deferrals in 403(b) plans.