DOL Appoints New Fiduciary for New York 401(k) Plan
The Department of Labor (DOL) has obtained authorization to appoint a new fiduciary for the retirement plan of a Syracuse, New York, construction firm.
Compliance
IRS Summarizes Voluntary Corrections for 457s
Some plan sponsors, under limited circumstances, may submit requests for voluntary correction to the Internal Revenue Service (IRS) for their Code Section 457(b) retirement plans.
Groups Call For More Closed-DB Testing Relief
A number of industry groups have recommended expansions to nondiscrimination testing relief for closed defined benefit (DB) plans.
Contributions Could Be Capped in 2015 Budget
The White House proposed budget for 2015, slated for release March 4, again wants to cap the amount of tax-deferred retirement contributions.
Industry Groups Alarmed About Tax Reform
A U.S. House leader has introduced a sweeping tax reform bill that has many in the retirement industry alarmed about its proposals concerning retirement plans.
How to Plan a Low-Income Retirement
Witnesses during a U.S. Senate subcommittee hearing shared issues and proposals policymakers should consider to ensure the retirement security of low-income workers.
myRA Program Details and Intent
During a U.S. Senate subcommittee hearing, a Treasury official discussed details and the intent of the myRA proposal.
Morgan Stanley, ING Revenue-Sharing Suit Dismissed
Revenue-sharing payments are not necessarily a violation of the Employee Retirement Income Security Act (ERISA), but they are if not disclosed, a court ruled.
Questions Arise on Annual 401(k) Matches
The Massachusetts Securities Division is looking into how many 401(k) plan sponsors have moved to paying deferral matching contributions annually.
Failed to Provide Safe Harbor Notice?
Failed to provide the safe harbor 401(k) plan notice to employees eligible to participate in the plan? There’s a fix for that.
No Harm Required to Seek Plan Reformation
A federal appeals court has found a retirement plan participant need not show “harm” to pursue a remedy of plan reformation for failing to disclose information.
SEC Starts Reviews of Yet-To-Be-Examined RIAs
The Securities and Exchange Commission (SEC) says it has launched a previously announced initiative to audit registered investment advisers (RIAs) that have never been examined.
Non-ERISA 403(b)s an Endangered Species
Aside from government and non-electing church plans, is there really such thing as a non-ERISA 403(b), given the rules plan sponsors must follow now?
DOL to Distribute Terminated Plan Assets
The Department of Labor (DOL) has received a consent judgment and order allowing it to name a new fiduciary to distribute the assets of a Captiva, Florida, retirement...
Trustees to Restore $4 Million to Illinois Plan
Two Department of Labor (DOL) lawsuits have resulted in plan trustees of an Aurora, Illinois, business being ordered to restore over $4 million in employee contributions and other...
IRS Forum to Cover 2013 Cumulative List
The Internal Revenue Service (IRS) will host a phone forum next month about the 2013 Cumulative List.
Time to End Complacency About Plan Errors
More defined contribution retirement plans are out of compliance with Department of Labor (DOL) and Internal Revenue Service (IRS) regulations than some might think.
PBGC to Cover Corporate Pension Shortfall
The Pension Benefit Guaranty Corporation (PBGC) will pay retirement benefits for a plastic container manufacturer based in Trevose, Pennsylvania.
DOL Recovers Assets for Kentucky Pension Plan
The Department of Labor has recovered assets and attained judgments against plan fiduciaries at a Kentucky-based pension plan.
DOL Sues Contractors over Prohibited Loans, Investments
The Department of Labor (DOL) has filed a lawsuit against a Lilburn, Georgia contracting firm, on behalf of the firm’s retirement plan participants, to recover losses resulting from...