Compliance

SEC Enforcement Unit Has Room for Improvement, GAO Says

Although the enforcement division of the U.S. Securities and Exchange Commission (SEC) has instituted management improvements in recent years, it has some distance to go to reach its greatest level of effectiveness, according to a new government study.

SEC Charges Auditors with SOX Violations

The Securities and Exchange Commission (SEC) charged 69 auditors with issuing audit reports on the financial statements of public companies although the firms were not registered with the Public Company Accounting Oversight Board (PCAOB).

IRS Extends Deadline for 409A Compliance

The Treasury Department and the Internal Revenue Service (IRS) on Monday gave plan sponsors until December 31, 2008 to bring documents into compliance with the final nonqualified deferred compensation regulations under section 409A of the Internal Revenue Code.

Cashed-Out Participants Pursuing Fiduciary Breach Claims

Employees who have cashed out of their employer-sponsored retirement plans but still want to bring fiduciary breach suits seem to be getting some judiciary backing, with another federal court giving the go ahead for another such suit to proceed.

Principal Hit with IRA Rollover Suits

Participants in two Principal Financial Group 401(k) plans have sued the Des Moines, Iowa-based plan provider, alleging it fraudulently convinced them to roll over their balances into a high-cost IRA.

IRS Issues Guidance on Benefit Limits for Underfunded DB Plans

The Treasury Department and Internal Revenue Service (IRS) have issued proposed regulations providing guidance on changes made by the Pension Protection Act of 2006 (PPA) regarding the use of certain funding balances maintained for defined benefit pension plans and regarding benefit restrictions for certain underfunded DB plans.

Law Firms Want More Time to Comply With 409A

A group of 92 large law firms has asked the Internal Revenue Service (IRS) for a one-year extension to comply with new §409A regulations, saying the current timeline is 'not sufficient' to ensure thorough compliance.