Revenue Procedure 2019-39 sets forth a system of recurring remedial amendment periods for correcting form defects in 403(b) individually designed plans and 403(b) pre-approved plans occurring after the initial remedial amendment period ends on March 31, 2020.
The rule blurs the line between advice and sales, potentially hurting both advisers and investors, he says.
While falling short of the open multiple employer plan expansion industry advocates are calling for, the DOL’s expansion of “association retirement plans” could be a significant step toward improving retirement readiness in the U.S. work force.
The agency has issued proposed rules on Benefits Payable in Terminated Single-Employer Plans and Allocation of Assets in Single-Employer Plans, as well as the assumptions PBGC uses to determine de minimis lump sum benefits in PBGC-trusteed terminated single-employer defined benefit (DB) pension plans.
While it rejects one of the defense’s arguments for why its pension plan operated within the bounds of ERISA, in the end, the court ruled plaintiffs’ fiduciary breach claims fail as a matter of law.
However, the judge voiced concerns about the amount of plan assets invested in proprietary products and has granted the plaintiffs leave to again amend their compliant.
Eugene Scalia is known for having worked in the trenches of a number of labor issues for many years, and experts suggest he could have a big influence on the DOL’s agenda.
It requires a delicate dance between the adviser and the sponsor when tailoring the respective defense strategies.
The plaintiff in the case, in which lower courts sided with Great-West, argues that the lower courts erroneously distinguished plan contracts from any other type of plan asset.
A judge ultimately decided the plaintiff can only assert an action against Nationwide and her plan sponsor, and each of the 250,000 putative class members can only assert causes of action against Nationwide and their own plan sponsors.
Expert attorneys and fiduciary insurance carriers demonstrate how advisers can put their best foot forward.
The final regulations reflect statutory changes, including changes made by the Bipartisan Budget Act of 2018.
Both the U.S. Solicitor and the Pension Rights Center argue that current funded status of a defined benefit (DB) plan is not a proper measure for whether the participants have a right to sue for breaches of fiduciary duties and prohibited transactions under ERISA.
Safeway and Aon Hewitt Investment Consulting will pay a combined $8.5 million to settle two lawsuits accusing them of causing excessive fees in Safeway's 401(k) plan.
The attorneys argue that the CalSavers program goes against ERISA's intent for a voluntary benefits offering and a nationally uniform plan administration structure.
Experts discuss changes that will affect advisers, such as Reg BI, the new Customer Relationship Summary form and the DOL, post-Secretary Acosta.
Even outside of saving for retirement or a college education, an investor’s ability to save for any future goal is drastically diminished by the proposed financial transaction tax in Senate bill S. 1587, Vanguard says.
The address for pre-approved plan submissions has not changed.