Products October 20, 2016

Burrmont Compliance Labs Adds DOL Rule Information to ERISApedia.com

The Fiduciary Responsibility eSource includes discussion of the DOL’s new conflicted advice rule, best interest contract exemption and other new and amended prohibited transaction exemptions.
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Burrmont Compliance Labs LLC announced enhancements to The Fiduciary Responsibility eSource.

The publication’s searchable database now includes an extensive discussion of the Department of Labor’s (DOL)’s new conflicted advice rule, best interest contract (BIC) exemption and other new and amended prohibited transaction exemptions.

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The Fiduciary Responsibility eSource is written by nationally recognized Employee Retirement Income Security Act (ERISA) and former Internal Revenue Service (IRS) and DOL attorney Charles G. Humphrey. Humphrey stated, “The new rule and related exemptions consist of over 1000 pages radically redefining what it means to be an ERISA investment advice fiduciary. It is therefore critically important for the many advisers and sponsors who are affected by the new rule to have a comprehensive, practical, and accessible resource for dealing with the opportunities and challenges it creates.”

In addition to The Fiduciary Responsibility eSource, ERISApedia.com offers extensive government data, other source material, and The Qualified Plan eSource―a complete treatise for ERISA professionals working with defined contribution plans, written by Ilene H. Ferenczy, JD, CPC, and APA, an experienced ERISA attorney.

ERISApedia.com provides retirement plan sponsors, administrators, attorneys and advisers a complete product suite of compliance and business development tools for ERISA professionals.

Data & Research October 20, 2016

Employers Identify Retirement Plan Concerns for Election Outcome

Topping the list is the tax-favored status of employer-provided retirement savings for workers.
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With the 2016 election right around the corner, employers are gearing up for proposed changes and taking a stance on different policy platforms.

The International Foundation of Employee Benefit Plans’ 2016 Election: Employee Benefit Issues survey report examines campaign issues greatly impacting U.S. workplaces. 

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“Several important employee benefit issues have emerged as key issues during this year’s election,” says Julie Stich, associate vice president of content at the International Foundation. “Our survey results show employers support a varied mix of benefit issues being debated.”

For retirement plan benefits, the top issues employers support are:
  • Tax-favored status of employer-provided retirement savings for workers (91%);
  • Tax-favored status of employer-provided retirement savings for employers (88%); and
  • Consolidation of different types of retirement savings vehicles (60%).

Past budget and tax reform initiatives have proposed to limit the benefits of tax deferral on retirement plan contributions or cap the amount Americans can save in their 401(k)s, individual retirement accounts, and pensions—a big concern for the retirement plan industry.

“The world of benefits is constantly changing. Regardless of the election’s outcome, employee benefits will evolve,” says Stich. “To protect the financial future and health of their employees, employers will need to understand and accommodate changes to benefits. Fortunately, over the past many years, benefit professionals have shown they’re up to the task.”

Survey responses for the 2016 Election: Employee Benefit Issues report were received from 486 human resources and benefits professionals representing all sectors: public employers, corporate/single employers and multiemployer plans. The surveyed organizations represent a wide base of U.S. employers from nearly 20 different industries and range in size from fewer than 50 to more than 10,000 employees. Respondents answered survey questions from the perspective of their role as a plan sponsor/fiduciary.

View the full 2016 Election: Employee Benefit Issues survey report at www.ifebp.org/2016election.

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