The final version of a proposed rule that will extend by 18 months the transition period for the implementation of the DOL fiduciary rule is now being reviewed by the Office of Management and Budget.
Industry observers are pleased to see the overall deferral limits for 401(k) plans left unaffected, but there are still some important changes included in the bill concerning the treatment of DC account loans, hardship withdrawals, nondiscrimination testing, and more.
To qualify for this relief, hardship withdrawals must be made by March 15, 2018.
For example, the agencies hope to issue final regulations regarding qualified nonelective contributions (QNECs) and qualified matching contributions (QMACs).
It appears 401(k) contributions won’t be affected by tax reform, but one industry veteran warns the process is still only just beginning—and that tax uncertainty is “unfortunately not likely to ever go away.”
Leadership at both the DOL and SEC have signaled a willingness to work together to find complementary approaches to managing advisers’ conflicts of interest—but it will be a heavy lift to accomplish a uniform standard.
ICMA-RC says the IRS favorable letter ruling is the first to adapt the auto-enrollment rules to a governmental 457(b) plan.
Find here a link to our sister publication’s chart denoting the 2018 maximum benefit and contribution limits set by the IRS, including current and historical limits on all types of tax-advantaged retirement accounts.
The department believes an oversight bureau, created to assess the financial strength of annuity providers, would help employers and advisers become more comfortable including annuities in retirement plans.
A judge disagreed with Ford Motor Company retirement plan participants that Xerox is a fiduciary because it had discretion over the amount of compensation it received from Financial Engines.
To help plan committees fulfill their fiduciary role, advisers have some practical strategies to draw from.
Participants can also refinance a loan and replace it with a new loan.
With life expectancies declining slightly, pension plan obligations are reduced between 0.7% and 1.0%, the Society of Actuaries says.
The contribution limit to defined contribution (DC) plans has been increased by $500.
Panelists at the 2017 PLANADVISER National Conference discuss the state of litigation in the retirement plan industry and lessons learned by decisions.
Interpreting and applying a series of detailed recommendations from a magistrate judge, the district court will allow some parts of the litigation against MIT’s retirement plan fiduciaries to proceed.
Wagner Law Group attorney underscores: The fiduciary rule is in effect.
The agency announced a pilot program that will offer mediation in certain Termination Liability Collection and Early Warning Program cases.
The Phillips 66 retirement plan committee has been sued for allowing ConocoPhillips stock funds to be included in the plan's investment lineup.
The Eight Circuit Court of Appeals has backed the decision of a lower court to summarily dismiss a lawsuit filed by participants in an over-funded defined benefit plan run by U.S. Bank.