For the casual observer, the shifting tangle of laws and regulations governing the behaviors of retirement plan fiduciaries can seem almost comically complex. For industry practitioners, wrestling with regulatory compliance is a daily battle, and one with potentially dire personal and professional consequences. Below you will find a roundup of significant regulatory events from 2019. We hope you’ll share some of what you read with a client or colleague.
The DOL is aiming to “modernize fiduciary practices related to the voting rights associated with ERISA plan investments and harmonize those regulations with the requirements of other regulators.”
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While not divided across political lines, the parties in Sulyma v. Intel Corporation Investment Policy Committee view the question of what establishes “actual knowledge” of an alleged fiduciary breach under ERISA very differently.
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HELPER Act would allow Americans to annually take up to $5,250 from a 401(k), 403(b), 457 plan or IRA—tax and penalty free—to pay for college or pay back student loans.
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Supporters of the Massachusetts proposal say the state-based regulations will be far more effective in tamping down on brokerage industry conflicts of interest compared with the national Regulation Best Interest.
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As the appellate decision explains, ownership percentages are less important than organizations’ operating structures when determining withdrawal liability from a multiemployer union pension.
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While the GDPR does not directly address U.S. benefit plans, it should be of particular interest to defined contribution plan sponsors and their service providers because they hold personal information for each plan participant.
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Though retirement plans can allow individuals to self-certify that they qualify for a penalty-free coronavirus-related distribution, should the IRS discover otherwise during a future audit, a participant can be subject to substantial penalties.
Pentegra Retirement Services and other plan fiduciaries are accused of failing to make sure fees are reasonable and acting in Pentegra’s, not plan participants', interest.
There are a variety of TDF solutions to meet participants needs, so when should a custom solution be considered, and how do advisers evaluate TDFs in an unprecedented year for the markets?
The district court declined to rule on the reasonableness of comparing actively managed funds to passively managed index funds on a motion to dismiss, clearing the way for discovery and potentially a full trial.
