DOL Issues
As expected—and as has routinely been done in recent memory along with a change in administrations—the incoming Biden administration moved to immediately pause all pending and recently issued regulatory projects, including new retirement guidance by the Labor Department.
In a Jan. 20 memo, White...
READ MORE
Recent DOL guidance on missing participants seems to fall short of what plan fiduciaries want/need—but may offer fiduciaries some key insights to avoid future problems.
On Jan. 12, 2021, the Department of Labor (DOL) released a triple dose of guidance related to helping retirement plan fiduciaries...
READ MORE
The IRS has issued the Instructions for Form 8955-SSA, Annual Registration Statement Identifying Separated Participants With Deferred Vested Benefits, to be used for filing concerning the 2020 plan year.
Form 8955-SSA is used to satisfy the reporting requirements of Internal Revenue Code Section...
READ MORE
The U.S. Department of Labor’s Employee Benefits Security Administration has provided some guidance related to locating and distributing benefits to “missing or nonresponsive participants.”
According to Principal Deputy Assistant Secretary of Labor for the Employee Benefits Security Administration...
READ MORE
The election of the two Georgia Senate Democratic candidates—and the resulting shift in control of the U.S. Senate—could have profound implications for President-elect Joe Biden’s policy agenda—including retirement plans.
The election of Democrats Raphael Warnock and Jon Ossoff brings the party...
READ MORE
Boston Mayor Martin J. “Marty” Walsh reportedly has been selected by President-elect Joe Biden to be the next Secretary of Labor.
Given Biden’s career-long ties to organized labor and campaign calling for higher wages, stronger benefits, and fair and safe workplaces, it’s no surprise that he...
READ MORE
In MarketBeat, John Iekel writes about the insights of Maggie Younis, National Director, Consultant Relations at Lincoln Financial Group, and S. Derrin Watson, APM, an attorney who is of counsel with the Ferenczy Benefits Law Center, on the challenge missing participants pose, and what can—and must...
READ MORE
The Department of Labor’s newly finalized prohibited transaction exemption for offering investment advice was published in the Federal Register Dec. 18, yet questions remain about whether it will actually come to be.
Released on Dec. 16, the new, principles-based prohibited transaction class...
READ MORE
A common remitter is a type of third party administrator service that:
Captures data from the employer’s payroll;
Compares the amounts remitted with expected employee contributions;
Compiles and reconciles exceptions with the payroll department;
Identifies employees eligible for “catch-up...
READ MORE
The Department of Labor has rolled out a new prohibited transaction exemption for offering investment advice, and some good news on rollover advice—but it may be short-lived.
Less than 24 hours after the release from review by the Office of Management and Budget, the DOL has unwrapped a new...
READ MORE
Annuity payments and certain other deferred compensation related to retirement plan distributions (including 403(b)s, 457(b)s and qualified plans) require an election for federal tax withholding. Taxpayers determine the amount of federal income tax to be withheld by making the election on Form W-4P...
READ MORE
There’s been increasing awareness—and litigation—regarding cyber security and participant accounts—and the Labor Department has taken notice.
Sources tell us that plan audits are now asking to see employers’ written cybersecurity policies and procedures—and asking about cybersecurity attacks, and...
READ MORE
The Department of Labor’s proposed new fiduciary rule has moved one step closer to being finalized and could be released any day now.
The DOL sent the final version on its proposed advice package, “Improving Investment Advice for Workers & Retirees,” to the White House’s Office of Management...
READ MORE
Once again, the Department of Labor has taken comments on a controversial proposal to heart, and pulled back on the letter, if not the impetus, in its final rule of plan proxy voting.
As had been the case with its recent rulemaking on Environmental Societal & Governance (ESG) investing (more...
READ MORE
In a year chock-full of proposed rules and final regulations, the Labor Department has apparently wrapped up its work on a new fiduciary rule.
According to a posting on the Office of Management and Budget website, the DOL on Nov. 24 dropped off its final rule on its proposed advice package, “...
READ MORE
A primary sponsor of the SECURE Act—and Chairman of the House Ways & Means Committee—has a bone to pick with the Labor Department and a key assumption in its interim final rules regarding lifetime disclosures.
In a letter to Secretary of Labor Eugene Scalia, Rep. Richie Neal (D-MA), a sponsor...
READ MORE
In a Nov. 17 comment letter on the Department of Labor’s interim final rule on lifetime income illustrations (LIIs), the American Retirement Association offers support for the rule, but recommends changes in certain key areas.
“The ARA believes that the IFR strikes the right balance with...
READ MORE
The Department of Labor’s final rule preventing plan fiduciaries from selecting investments based on non-pecuniary considerations and requiring them to base investment decisions on financial factors was published in the Nov. 13 Federal Register.
The final rule—which moved away from the proposed...
READ MORE
The American Retirement Association (ARA) has submitted a comment letter to the IRS about long-term, part-time (LTPT) employees.
The Nov. 2 letter was in response to the IRS invitation in Notice 2020-68 regarding how to reduce potential administrative burdens related to counting years of service...
READ MORE
The Department of Labor is working on a guidance package addressing cybersecurity issues as they relate to plan sponsors and third-party providers, a key official said Oct. 28.
Addressing SPARK’s Cybersecurity Virtual Event, Tim Hauser, Deputy Assistant Secretary for National Office Operations...
READ MORE
Pages
Most Popular
