Allianz Asset Management 401(k) Participants Allege Self-Dealing
Two participants in the Allianz 401(k) plan allege the asset manager maintained an all-proprietary fund lineup that included expensive, underperforming...
Compliance
Regulatory and Statutory Changes Coming to Self-Corrections Programs
Plans will find more room to correct their own mistakes under SECURE 2.0 and a DOL proposed rule change.
Small Businesses and SECURE 2.0: Exemptions and Tax Credits
SECURE 2.0 offers tax credits to create plans, as well as to join existing PEPs and MEPs.
DOL Contractor Rule Threatened by 20% Adviser Quit Rate
An FSI survey shows independent advisers would retire before being classified as employee as the DOL mulls tens of thousands...
Sports Agency Owner Charged for Allegedly Stealing Retirement Assets
The Houston-based sports agent was served a civil suit by the Department of Labor for allegedly dipping into employee retirement...
ERISA Suit Against Deloitte Dismissed
The lawsuit alleged that Deloitte’s 401(k) plan fees were excessive compared to similar plans.
529s and ABLE Accounts Both Get a Boost from SECURE 2.0
The changes make it possible to roll over 529s into Roth IRAs and easier to qualify for an ABLE account.
Age-Specific Changes Found in SECURE 2.0
SECURE increases the RMD age and expands the amount of catch-up contributions certain participants can make.
DOL to Consult Industry on How To “Facilitate” PEP Uptake
Among items on DOL/EBSA's agenda: speaking with retirement plan service providers, employers and employees on what regulators can do to...
IRS: Remote Notarization, a Pandemic Development, May Stay
The rule would codify relief from ‘physical presence’ rules for retirement plan elections that was first granted during the height...
How SECURE 2.0 Will Affect New Plan Creation
The two main provisions affecting new plan creation are required automatic features and more generous tax credits.
FTC’s Noncompete Ban Would Hit Retirement, RIA Consolidation
A proposed ban on noncompete contracts by the FTC would likely have implications for the RIA firms some retirement advisories...
After Committee Change, SECURE 2.0 Does Not Allow CITs in 403(b)s
The language required to allow CITs in 403(b) plans was dropped in the final bill after inter-committee negotiations.
Court Dismisses 403(b) ERISA Claim Against Employer, But Not the Plan’s Adviser
The sponsor, a Texas counseling service, was protected by a safe harbor provision, but the adviser might not be so...
ERISA Lawsuit Filed Against Ventura Foods
The suit alleges Ventura did not monitor high fees and underperformance of the funds in its investment menu.
Implementing SECURE’s Emergency Savings Provisions
Emergency savings options within retirement plans will finally be possible in 2024. But implementing them will require work that might...
SECURE 2.0 Changes Backloading Test for Cash Balance Plans
The retirement reform legislation requires interest credits to be “reasonable” and no higher than 6%.
Biden Signs SECURE 2.0 Into Law
The retirement reform legislation is now officially passed, with widespread industry support.
Advisers, Lobbyists, and Service Providers Respond to SEC Outsourcing Proposal
Some call for the SEC to drop the proposal; others want clarity on which outsourcing duties should be vetted; and...
What Does SECURE 2.0 Mean For 403(b) Plans?
Experts weigh in on how SECURE 2.0 may make 403(b) plans operate more like 401(k)s, including being able to participate...