PLANSPONSOR Weekend Newsdash
Week ending June 16th, 2017
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.
Editor's choice
IRS Issues List of Pre-Approved 403(b) Plan Documents
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 >
Supreme Court Ruling Did Not Resolve Church Plan Challenges
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 >
Employers Must Assess HSA Fiduciary Exposure
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 Faces Excessive Fee, Self-Dealing Suit
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 >
EEOC Hearing Witnesses Call for Help With Older Worker Employment
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 >
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J.P. Morgan Agrees to Settle Stable Value Funds Suit

The firm has agreed to pay $75 million to settle litigation brought by multiple retirement plan participants alleging J.P. Morgan invested its stable value funds in risky assets.

SECURE Act Passes House, Bringing Calls for Senate Collaboration

Reflecting on the much-anticipated House vote, Kevin Walsh, principal with Groom Law Group, said today is an important day for the retirement industry, but it’s not the end of the story.

Individuals, Employers and Government All Play a Part in Retirement Readiness

A new research report and Catherine Collinson, with Transamerica Center for Retirement Studies, lay out steps all three can take to improve retirement confidence and readiness in America.

Participant Loans: A Fiduciary Storm Brewing?
Bruce Ashton, with Drinker Biddle & Reath, discusses the fiduciary risk defined contribution (DC) plan sponsors could face when participants default on plan loans.
What to Know About Financial Audits Filed with Form 5500s
Plan sponsors required to file a financial audit along with their Form 5500 should know how regulators use the information and how to pick the best auditor.

Editorial: Alison Cooke Mintzer

Advertising: Paul Zampitella

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