DOL Issues
Those who had hoped for some clarity – or perhaps a shift – in the standards involving where, and how, to draw the line between the obligations of corporate officials and ERISA plan fiduciaries – will have to wait a little longer, writes Nevin Adams in MarketBeat.
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ERISA imposes a number of responsibilities on the plan administrator relating to the handling of domestic relations orders.
As a plan fiduciary, the administrator is required to discharge these responsibilities prudently and solely in the interest of the plan’s participants and beneficiaries....
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Under ERISA, a participant’s right to his account balance must be nonforfeitable (“fully vested”) upon attaining normal retirement age. In most retirement plans, “normal retirement age” is defined in the plan. However, that term has little meaning in 403(b) plans since benefits are not distributed...
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The Department of Labor’s Employee Benefits Security Administration (EBSA) protects the assets of employee benefit plans, including retirement plans, under Title I of ERISA. EBSA has two voluntary self-correction programs for plan administrators who need help in meeting ERISA requirements:
1. The...
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Under the Pension Protection Act of 2006, employers were permitted to automatically enroll employees in a 403(b) salary reduction program under which each employee is deemed to have elected to make an elective deferral contribution into the plan. Because this type of program would cause the...
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Tech Talk addresses whether a “safe harbor arrangement” under Department of Labor (DOL) regulation 29 CFR 2510.3-2(f) must offer participants a reasonable choice of both 403(b) providers and investment products.
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Section 457 plans are generally subject to ERISA unless exempted by statute. Since ERISA exempts all plans sponsored by state or local governments, their political subdivisions or instrumentalities thereof, any 457 plan installed by a public education institution, police department, fire department...
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The extended Early Bird Registration rates for the 2020 NTSA Summit expire tomorrow, Friday, Dec. 20.
The NTSA Summit is where leaders and innovators come together to make a difference for their clients, the industry and themselves. It is the only national gathering of professionals in the 403(b...
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Fiduciaries have important responsibilities and are subject to standards of conduct because they act on behalf of participants in a retirement plan and their beneficiaries. These responsibilities include:
acting solely in the interest of plan participants and their beneficiaries and with the...
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Another exemption from ERISA for certain 403(b) plans is found under DOL Reg. 2510.3-2, which defines the term “employee benefit pension plan.” Under that regulation, 403(b) arrangements in which contributions are made solely by salary reduction agreement with an employer whose involvement is...
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In the coming year, The National Tax-Deferred Savings Association will be increasing its support of its membership and the work they’re doing in the ERISA 403(b) marketplace. With additional technical programs, conference support and continuing education, our retirement plan professionals will...
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ERISA contains specific exemptions for benefit plans of certain types of employers. For example, plans sponsored by governmental entities as defined in ERISA Section 3(32) such as public schools, community colleges and state universities or churches as defined in ERISA Section 3(33) are not subject...
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Many of the actions involved in operating a plan make the person or entity performing them a fiduciary. Using discretion in administering and managing a plan or controlling the plan’s assets makes that person a fiduciary to the extent of that discretion or control. Providing investment advice for a...
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New research overwhelmingly supports the Labor Department’s proposal to allow default electronic delivery of retirement plan documents.
According to the study by the SPARK Institute, allowing retirement plan sponsors to make electronic delivery the default method for plan communications would...
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For 403(b) plans covered by ERISA, the Department of Labor (DOL) has outlined the following timelines for fee disclosures:
any changes to the initial disclosure no later than 60 days of when the covered service provider was informed of the change, and
investment changes at least annually.
In...
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Cyber crime, and cyber security, obviously are a concern for plans. But that means more than making sure plan records and accounts are not targets and victims — it also includes other functions, structures and systems.
Experts at the recent SPARK Forum held in Palm Beach, FL offered insights...
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On Nov. 22, the American Retirement Association weighed in on the Labor Department’s e-delivery proposal.
The proposal – which fulfills a key component of President Trump’s August 2018 retirement security Executive Order – would allow plan administrators who satisfy specified conditions to provide...
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On Nov. 22, the American Retirement Association provided information to the Labor Department on the general disclosure framework under the Employee Retirement Income Security Act of 1974 (ERISA), focusing on “design, delivery, and content.”
The Request for Information (RFI) accompanied a...
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The upcoming NTSA Summit will be held Jan. 26-28, 2020 at the Gaylord Rockies in Denver, CO.
My primary responsibilities at AXA are to provide retirement products and services to the tax-exempt markets throughout the Northeast. I have 20+ years’ experience and over the years have witnessed the...
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The final rule the Department of Labor issued in 2012 says that the investment of plan assets is a fiduciary act governed by the fiduciary standards in ERISA Section 404(a)(1)(A) and (B), which require plan fiduciaries to act prudently and solely in the interest of the plan’s participants and...
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