Greetings loyal PLANADVISER readers! With so many important and rapidly evolving national news stories playing out right now, it can be hard to keep track of more mundane matters like retirement plan litigation and regulations. Yet the fiduciary duties of prudence and loyalty remain paramount in the operation of tax-qualified retirement plans. With that in mind, collected below is a recap of some of the most important legal and regulatory developments of recent weeks. We hope you find the reporting helpful and consider sharing some of what you read with a client or colleague.
An Information Letter addresses private equity investments as a component of a professionally managed asset allocation fund and outlines what plan fiduciaries should consider.
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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.
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Notice 2020-42 provides temporary relief from the physical presence requirement for any participant election witnessed by a notary public in a state that permits remote notarization or witnessed by a plan representative using certain safeguards.
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The IRS says it expects to issue the letters on June 30, or in some cases, as soon as possible thereafter, and an employer adopting a newly approved plan document will be required to do so by July 31, 2022.
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A federal judge previously moved forward ERISA claims against retirement plan providers and has recently allowed for a counterclaim by the providers against the plan sponsor.
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Part of the Supreme Court’s reasoning in affirming two lower court rulings in Thole v. U.S. Bank is the fact that the Department of Labor polices pension plan fiduciary violations, but plaintiffs’ attorneys say the resourced-strapped federal agency can’t do the job alone.
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Normally the Supreme Court strives to structure its rulings with the narrowest possible scope and implications, but that is not always the case.
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The SECURE 2.0 Act makes 529s a more appealing investment and potentially an easy financial wellness option for sponsors intimidated by the student loan matching provision.
An individual in Ohio was recently indicted by a grand jury on charges that he fraudulently claimed the assets he withdrew from his retirement account would be used to purchase a primary residence and to pay medical expenses.
