PLANSPONSOR Weekend Newsdash
Week ending July 12th, 2019
The retirement plan industry will be closely watching cases taken on by the Supreme Court regarding when “actual knowledge” occurs for plaintiffs and whether participants can show harm for fiduciary breaches when a defined benefit (DB) plan is well-funded. Meanwhile, a case already decided by the high court could have implications for future retirement plan litigation. Form 5500 filings are due soon, and while some plan sponsors may dread the annual financial audit, one auditor suggests it can help plan sponsors identify mistakes and improve compliance. If mistakes are found, many can be self-corrected. Enjoy this edition of PLANSPONSOR Weekend!
Editor's choice
Compliance
Supreme Court Takes on Intel Case About ‘Actual Knowledge’
The investment committee for two Intel Corporation retirement plans asked the court to determine whether the provision of plan documents, in itself, creates for participants “actual knowledge” of an alleged fiduciary breach under the Employee Retirement Income Security Act (ERISA).Read more >
Compliance
Supreme Court Asked If Well-Funded Pensions Can Harm Participants
ERISA allows plan participants to sue to remedy demonstrable harms they have suffered as a result of fiduciary breaches. Less clear is how to apply ERISA’s remedies when a breach is alleged to have occurred within a well-funded pension plan.Read more >
Compliance
Supreme Court Rules in Case With Major Implications for Retirement Plans
The case concerns the issue of how much courts should defer to agency (such as IRS or Department of Labor) interpretations of regulations.Read more >
Compliance
Engaging With Plan Auditors Can Improve Plan Operations and Governance
In testimony to the ERISA Advisory Council, James Haubrock, with the American Institute of Certified Public Accountants (AICPA), explained how using findings from retirement plan financial audits can help plan sponsors improve their processes and compliance.Read more >
Compliance
Regulators Finalize New HRA Rule
Starting next January, employers can give their workers tax-deferred funds to go shopping for a health plan, thanks to individual coverage health reimbursement arrangements.Read more >
MOST POPULAR STORIES
Vanguard Transfers Recordkeeping Operations to Infosys

Through a strategic partnership, Infosys and Vanguard will provide a cloud-based recordkeeping platform, with planned enhancements for plan sponsors and participants.

Get Beneficiary Designation and Missing Participant Practices in Order
The pandemic has highlighted the need for plan sponsors to actively encourage revised beneficiary designations and have missing participant procedures in place.
Risk for Cyberattacks Heightened as Remote Work Continues
Remote work is expected to lead to more attacks on retirement plan accounts, but there are an increasing number of measures to handle the threat.
Alight to Offer Auto-Portability Solution to DC Plan Clients

Retirement Clearinghouse says it hopes other recordkeepers will adopt its product to help reduce the depletion of retirement savings from premature cash-outs.

COVID-19 Compliance Corner: IRS Eases 401(k) Safe Harbor Suspension Rules

Each week, Carol Buckmann, with Cohen & Buckmann P.C., will explain legislative provisions or official guidance related to the COVID-19 pandemic that affect retirement and health plan sponsors.

Editorial: Alison Cooke Mintzer alison.mintzer@strategic-i.com

Advertising: advertise@strategic-i.com

Subscribe to NewsDash, click here.
To unsubscribe, click here.
BrightScope / CIO / FWW / Investor Economics / LiquidMetrix / Market Metrics / Matrix Solutions / PLANADVISER / Plan For Life / PLANSPONSOR / Simfund