DOL Issues
Retirement plans—including 457(b) plans—have garnered heightened scrutiny. In MarketBeat, John Iekel writes about a recent blog entry that notes that IRS and DOL have increased the number of plans they audit, and highlights the importance of fulfilling fiduciary duties and not committing a...
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Citing the current lack of a “compelling policy objective that comports with the Department’s mandate,” the American Retirement Association has commented that the Labor Department shouldn’t call out climate-related risks for special attention.
The comments came in response to the Labor Department...
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Well, this looks familiar: Capitol Hill considering a SECURE Act. But this time around, it’s SECURE 2.0. In a recent webcast, American Retirement Association Retirement Education Counsel Robert M. Richter provided an update regarding the provisions of SECURE 2.0—which include some that would affect...
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Exercising fiduciary duty entails a variety of functions—including maintaining and periodically reviewing documents and documentation. In MarketBeat, John Iekel writes about a recent blog entry that reminds that documentation means more than just keeping documents.
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After filing a cloture petition on April 25 to limit debate on the nomination of Lisa Gomez to serve as Assistant Secretary of the Department of Labor, Senate Majority Leader Chuck Schumer (D-NY) was forced to withdraw the petition late April 26 after two Senate Democrats—Sens. Ron Wyden (OR) and...
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A settlement term—and plaintiffs’ attorney fees—in a proprietary fund suit may be undermined by the Labor Department’s recent comments on cryptocurrency—more specifically, concerns about what those comments mean for the role of self-directed brokerage accounts.
In January, T. Rowe Price settled a...
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The Department of Labor isn’t backing down on its cryptocurrency concerns—but a written response to U.S. Sen. Tommy Tuberville (R-AL) includes some comments with regard to its application to self-directed brokerage windows.
The DOL’s April 20 response to Tuberville’s letter to Labor Secretary...
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Tech Talk addresses what U.S. government agencies have a role in regulating and overseeing 403(b) plans or investment options provided to participants.
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Why should the rules that determine how and how much a person can save for retirement be different depending on whether the person works for a government entity, a nonprofit or a for-profit employer? People are people, and their retirement needs are not different based on what type of entity...
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Tech Talk provides some examples of the kinds of 403(b) plans that are or are not covered by ERISA.
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The U.S. Department of Labor (DOL) on April 15 announced the appointment of the leadership of the 2022 Advisory Council on Employee Welfare and Pension Benefit Plans—also known as the ERISA Advisory Council—as well as seven new members to it.
Leadership
Peter Wiedenbeck, who is a current member...
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Tech Talk discusses the circumstances under which a 403(b) plan is not covered by ERISA.
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The best defense, it is said, is a good offense. In MarketBeat, John Iekel writes about a March 31 ASPPA webinar that offers tips and suggestions regarding how to prepare for examinations of retirement plans by the IRS and Department of Labor (DOL).
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Many people think that governmental section 457(b) plans and private sector 401(k) plans are the same because they both allow pre-tax deferrals of similar amounts of income—but they’re not.
Due to their differing origins, their rules and requirements are different, and it’s important not to...
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Tech Talk discusses the kinds of administrative and investment fees that might be charged to a 403(b) plan.
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Timeliness matters regarding a plan audit. But if you think that just means having everything ready on time, you may already be too late. In MarketBeat, John Iekel writes about a recent blog entry that argues that the time to be concerned about timeliness is well before the date of a plan audit.
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The law firm of Schlichter Bogard & Denton has a new target—with some familiar accusations.
This time (Mills v. Molina Healthcare, Inc., C.D. Cal., No. 2:22-cv-01813, complaint 3/18/22) they are representing plaintiffs Michelle Mills, Coy Sarell, Chad Westover, Brent Aleshire, Barbara Kershner...
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Does a 403(b) plan have the authority to voluntarily transfer the account of a missing plan participant or beneficiary under the state’s unclaimed property or escheat laws?
State Law Terminology
In a January 2019 Government Accounting Office (GAO) report, “Retirement Accounts: Federal Action...
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The $1.5 trillion budget bill passed by Congress this week includes budget boosts for the Employee Benefits Security Administration (EBSA) and the IRS—but bipartisan retirement legislation apparently will have to wait for another day.
On March 9, the House of Representatives passed, by a vote...
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The recent 2022 NTSA Summit provided a unique opportunity to connect and also to gain from the insights of industry experts. Following is a quick rundown of our coverage of the event.
NTSA Leadership
Flagg Thanked for Her Service as 2021 NTSA President https://www.ntsa-net.org/news-resources/...
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