Compliance

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.

IMHO: PPA’s Sway

These days, the Pension Protection Act of 2006 (PPA) is sometimes referred to as the “Pension Destruction Act.″

Fee Suit against Lockheed Martin to Move Forward

The U.S. District Court for the Southern District of Illinois refused to toss out allegations that Lockheed Martin Corporation breached its fiduciary duty by charging its 401(k) plan participants excessive and unreasonable fees.

DoL Receives Letters Urging Caution in Fee Disclosure

Correspondents offering input to the U.S. Department of Labor (DoL) about revisions to 401(k) fee disclosures said that educating plan sponsors and participants about fees was important but suggested that any revisions needed to be carefully pondered.

Fidelity Sued Over 401(k) Revenue Sharing Payments

Seeking class action status on behalf of all plan sponsors, plan administrators and trustees of defined contribution plans in which Fidelity now serves or has served as a trustee, a plan sponsor has sued Fidelity Management Trust Company, alleging the provider got

403(b) Programs Don’t Have to be ERISA Plans

A day after the Internal Revenue Service (IRS) released the final version of its 403(b) rules, the Department of Labor (DoL) said Tuesday that the plans can be set up so they are exempt from the Employee Retirement Income Security Act (ERISA).

Smith Barney Fined $50M for Market-Timing Violations

NYSE Regulation, Inc. has censured and fined the Smith Barney Division of Citigroup Global Markets Inc. (“CGMI″) for failing to supervise trading of mutual fund shares and variable annuity mutual fund sub-accounts, failing to prevent market-timing violations by its brokers, and failing to maintain adequate books and records.