Rumbles of SEC Uniform Broker Standard Growing Louder
The Securities and Exchange Commission has given several signs that it could soon introduce a uniform standard of client care for registered brokers and advisers.
Compliance
Helping 403(b) Clients Understand Universal Availability Rules
A common category of errors found by the IRS, 403(b) plans need to understand all provisions of the universal availability rules.
Government Contractor Accused of Missing 401(k) Payments
The DOL is seeking nearly $250,000 in unremitted employer 401(k) contributions required by government contracts.
Former Plan Administrator Found in Contempt
John J. Koresko V has been arrested after failing to transfer $1.68 million in misused assets to death benefit plans.
IRS Finalizes Rules for Allocating Roth Distributions
No comments were received regarding the proposed regulations, so the IRS finalized the proposed regulations, with a one-year delay of the applicability date.
Participants File Self-Dealing ERISA Suit Targeting M&T Bank
Add a proposed class action lawsuit against M&T Bank Corporation to the sizable and quickly growing list of new ERISA actions filed so far in 2016.
ESOP Fiduciaries Don't Escape Liability for Mispriced Stock Purchases
An appellate court agreed with a lower court that the fiduciaries failed to act in participants’ best interest and to monitor providers.
ABC Requests Meeting With IRS About New Mortality Assumptions
The American Benefits Council explains in a letter to the IRS that more time is needed before they go into effect.
Penalties for Failure to Provide Notices for DB Plans Increasing
The PBGC has issued an interim final rule adjusting notice failure penalties.
Make Sure 403(b) Clients Do Not Lose Tax-Exempt Status
The IRS has sent a reminder that many tax-exempt organizations' Form 990 filing is due soon.
Expectations from Washington for Retirement Plans
Rich McHugh discusses proposals in Congress and regulator initiatives that will affect the retirement plan industry.
Fiduciary Who Filed Bankruptcy Still Owes Retirement Plan Contributions
A retirement plan fiduciary had previously been ordered by a court to restore unremitted contributions to the plan.
HSA Limits for 2017 Set by IRS
A wide swath of industry research has shown that advisory clients are concerned about the rising cost of health care in retirement; most are interested in learning more...
PR Treasury Department Updates Form 5500 Treatment
The Puerto Rico Treasury Department recently changed the annual reporting requirements for employer-sponsored retirement plans.
Kodak Settles ERISA Stock Drop Suit
According to the settlement agreement, more than 21,000 class members will share in the nearly $10 million payment.
Invesco Agrees to Settle DOL ERISA Allegations
Invesco Trust Company agreed to pay a total of $10.27 million to settle the department's claims.
IRS Kit Explains Corrections for Missed Plan Restatements
A new correction method was introduced earlier this month.
ICI Supports Bills Against Fiduciary Rule
In a letter to lawmakers, ICI's president urged Congress to support bills that offer a different way to implement a best interest standard.
Fifth Third Standard Applies to Closely Held Company Stock Suits
A district court judge said her reading of the U.S. Supreme Court's decision in Fifth Thirdv. Dudenhoeffer does not preclude application of the "alternative action" standard to closely...
PBGC Hopes to Introduce Late Premium Penalty Reductions
The Pension Benefit Guaranty Corporation is proposing to cut penalties for late payment of premiums in an effort to reduce costs and make it easier for plan sponsors...