Happy Friday, PLANSPONSOR readers! Big news for 403(b) plans this week was the Internal Revenue Service’s (IRS’) release of its 403(b) pre-approved plan list. While the recent Supreme Court ruling clarified the definition of ‘church plan’ under the Employee Retirement Income Security Act (ERISA), it did not resolve the lawsuits filed against hospitals. In health savings account (HSA) news, there may be some improvements hidden in the new health care reform, and plan sponsors are reminded that the Department of Labor’s fiduciary rule included HSAs. A new ERISA self-dealing suit has been filed, and witnesses at an EEOC hearing made suggestions about how regulators and employers can reduce age discrimination and help people work longer.
Plan sponsors that adopt a 403(b) pre-approved plan by the end of the remedial amendment period will be deemed to satisfy the 2007 final regulations.Read more >
The next stage will be to determine if the hospital boards or plan committees fit within the principal-purpose definition and whether the hospitals are affiliated with a religious organization, says Tess Gee, with Miller & Chevalier.Read more >
While HSAs aren’t traditionally thought of as a retirement vehicle, the DOL broadened the scope of conflict of interest rules to include these plans due to their long-term savings and investment aspects.Read more >
Capital Group is accused of selecting and retaining its own affiliated investments in its 401(k) plan to the benefit of the firm and its subsidiaries.Read more >
As people are living longer and wanting to work longer, witnesses at an EEOC meeting about the Age Discrimination in Employment Act (ADEA) made suggestions about how regulators and employers can reduce age discrimination and help people work longer.Read more >
Share the news with a friend! Pass PLANSPONSOR Weekend along—and tell your friends/associates they can sign up for their own copy.Read more >
