Information about how retirement plan sponsors can comply with regulations and legislation can come in many forms, as evidenced in the roundup of articles in this edition of PLANSPONSOR Weekend. The Department of Labor (DOL) is cracking down on cases of timely remittance of employee contributions and a law firm reminds plan sponsors about what “timely remittance” means. A letter from church groups upon noticing something missing from IRS guidance sheds light on a lack of clarification from the agency for certain church-controlled entities. In addition, the text of a court decision recounts the specific plan oversight process practiced and documented by a plan sponsor.
An update from law firm Masuda, Funai, Eifert & Mitchell, Ltd. says that based on reviews of Form 5500s, the DOL’s Employee Benefit Security Administration (EBSA) is sending “no action” letters to plan sponsors.Read more >
The Pension Benefit Guaranty Corporation (PBGC) has announced its decision to make its Pilot Mediation Program a permanent project, given its early success in helping to resolve pension termination liability collection and Early Warning Program cases. In addition to making the mediation program permanent, PBGC has added fiduciary breach cases to the categories of disputes covered.Read more >
The text of the decision recounts the specific plan oversight process practiced and documented by American Century, underscoring the importance of proving a prudent process when it comes to defending against Employee Retirement Income Security Act (ERISA) lawsuits.Read more >
Between retirement reforms first created by the SECURE Act and then updated by the CARES Act, there is a lot of confusion about required minimum distribution deadlines and the tax treatment of coronavirus-related hardship withdrawals.