PLANSPONSOR Weekend Newsdash
Week ending February 1st, 2019
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.
Editor's choice
Compliance
Nondiscrimination Testing Part II: Test Methods and Corrections
Retirement plan sponsors need to understand what nondiscrimination tests compare and how to correct failed tests.Read more >
Compliance
DOL Invites Correction for Failure to Timely Remit Contributions
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 >
Compliance
PBGC Makes Pilot Mediation Program Permanent, Adds Fiduciary Disputes
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 >
Compliance
Churches Seek Clarification for Which Entities Can Adopt Pre-Approved Plans
An informal position taken by the IRS is indicated by it excluding mention of non-qualified church-controlled organizations (non-QCCOs) from the ability to rely on pre-approved plans.Read more >
Compliance
American Century Defeats Self-Dealing ERISA Lawsuit
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 >
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Editorial: Alison Cooke Mintzer alison.mintzer@strategic-i.com

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