The Howard Jarvis Taxpayers Association wants a federal district court to halt the program, based on ERISA preemption and the possibility that home-owning Californians could be called on to pay additional taxes to support Secure Choice, which aims at opening up retirement investing opportunities.
Two new IRS publications lay out important rules and clarifications for when and how to prorate compensation and benefit limits for short plan years.
While non-electing church plans are not subject to most ERISA requirements, they are subject to pre-ERISA regulations.
A press release about the bill mentions a Government Accountability Office report in which the GAO said: “Congress should consider establishing an independent commission to comprehensively examine the U.S. retirement system and make recommendations to clarify key policy goals for the system and improve how the nation promotes retirement security.”
A judge agreed that the plaintiffs failed to plead facts to state a claim for breach of the duty of prudence and the duty to diversify against the investment committee for the Phillips 66 Savings Plan.
Defendants strongly prevailed with their motion to dismiss, and the Illinois District Court barred further motions as moot: The complaint was far too general in its scope and allegations to move ahead.
According to EBSA Regional Director Michael Schloss, Cambridge Technology Group and its CEO made it nearly impossible for retirement plan participants to access their funds; both have been removed as plan fiduciaries.
Reeder, who is in the middle of his five-year term, has been advocating for changes to help the PBGC’s programs, but the president has nominated Gordon Hartogensis—who, the senators say, seems to have little to no prior experience relevant to the pension system and the work of the PBGC—to replace Reeder.
Its “Getting It Right – Know Your Fiduciary Responsibilities” seminar will be held in Chicago, on July 10.
According to the settlement agreement, the university has already made changes to the investment lineup for its 403(b) plans.
Although an SEC bulletin is directed at employees invested in HSAs, its description of useful HSA features depending on how investors use HSAs can be informative to plan sponsor clients.
A new client alert published by the Wagner Law Group urges advisory firms to review and consider an update to anti-churning policies, now that FINRA and the SEC are both engaging in the matter.
An IRS compliance project found some profit sharing, including 401(k), plan sponsors did not understand when a complete discontinuance of contributions occurs.
A federal appeals court found a district court did not apply the correct standard of review in a case challenging the calculation of lump-sum payments from a defined benefit (DB) plan.
Legal experts generally consider reconsideration of a judgment an extraordinary remedy, one which will be granted only sparingly; even so, a federal district court has admitted key mistakes and says it will reconsider its ruling in a retirement plan lawsuit in which it had previously denied summary judgement in favor of the defendants.
The lawsuit claims the university failed to adequately benchmark fees, negotiate for better fees, or reveal true fees participants were paying.
The plaintiffs say that since these experimental funds were added to the plan in 2013, they have consistently underperformed their benchmarks, and have underperformed the funds they replaced by tens of millions of dollars.
A hearing focused on four bipartisan proposals, but a couple of witnesses also urged passage of the Retirement Enhancement and Savings Act of 2018.
One day after a complaint was filed, Philips North America agreed to pay $17,000,000 to settle the lawsuit questioning its failure to offer a stable value fund and less expensive share classes and investment vehicles for other funds.
For calendar year 2019, the annual limitation on deductions for an individual with self-only coverage under a high-deductible health plan is $3,500.