DOL Issues
Lawmakers have continued to strip elements from the Build Back Better Act—and a series of sweeping retirement-related provisions have now all been axed.
While most of the news coverage on what was originally cast as a $3.5 trillion reconciliation bill has concentrated on a host of progressive...
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Halloween is the time of year when one’s thoughts turn to trick-or-treat, ghosts and goblins, and things that go bump in the night—and, for plan sponsors, and those who support them, a good time to think about the things that give us pause—that cause a chill to run down our spine…
Things like…...
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The Department of Labor’s Employee Benefit Security Administration (EBSA) has released a report that shows that retirement plans are growing by all measures: number of plans, participants, assets, contributions and disbursements.
The data is drawn from Form 5500 Series reports for plan years...
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When compliance errors happen in plan administration, there are ways to fix them. Speakers at an Oct. 19 ASPPA Annual conference workshop session explained some of those ways.
“It’s telling how much time is spent in this area fixing errors,” remarked Robert M. Richter, Retirement Education...
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While the plan fiduciaries in the case chose to settle, the investment consultant for the plan took the case to trial—and won.
The former participant/plaintiff here (one Benjamin Reetz) claimed that the defendants here (Lowe’s, the Administrative Committee of Lowe’s Companies, Inc. and investment...
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The retirement industry currently faces challenges—but there is opportunity and good news as well, Brian Graff pointed out in the Oct. 17 Washington Update session at the 2021 ASPPA Annual conference.
Work to Do
There is plenty of work to do, Graff suggested. The ASPPA Executive Director/ARA CEO...
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Ali Khawar, Acting Assistant Secretary for the DOL’s Employee Benefits Security Administration (EBSA), strongly intimated today that there will be an extension of some kind on the enforcement effective date for Prohibited Transaction Exemption 2020-02.
In remarks made at the ASPPA Annual...
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The Department of Labor has just released a new proposal that would set aside the previous administration’s final rules on the use of ESG factors in selecting plan investments and fiduciary duties regarding proxy voting for one that explicitly allows a consideration of those factors.
The Oct. 13...
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Open your calendar and reserve Feb. 6-8, 2022—for the 2022 NTSA Summit!
Our Summit is the only industry conference designed for 403(b) and 457(b) professionals. And it will include:
Six general sessions, an array of workshops, and continuing education (CE) credit.
The Certified Retirement...
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A plan administrator can be required to produce a recording or a transcript of a conversation between a claimant and plan representative, the Department of Labor has indicated in a recent Information Letter.
In the letter, Eric Berger, Acting Chief of the Division of Coverage, Reporting and...
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It is possible that sometimes an employee’s elective contribution may not timely deposited for a variety of reasons. In MarketBeat, John Iekel writes about a blog entry that points out that there are consequences to that, as well as ways to address such a situation.
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Mega-Roth, backdoor IRAs and large retirement account balances would be limited under legislation approved Sept. 15 by the House Ways and Means Committee.
In a near party-line vote of 24-19, the changes were approved as part of the $3.5 trillion Build Back Better Act reconciliation recommendations...
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Every plan has participants—and, sooner or later, will therefore have “ex” participants—and sometimes those participants go…missing. And that can be a real problem for retirement plan fiduciaries, writes Nevin E. Adams, JD, in MarketBeat. He adds that while most are likely aware of the fiduciary...
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When hiring a new employee, one of the initial tasks given to that employee is completing various beneficiary forms for the company’s benefit plans. Most people will fill it out and not think about that initial election ever again. Some employees may not fill one out at all. So, why is it a big...
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Noting that “converting subpar allegations into settlements has proven a lucrative endeavor—mostly for the lawyers bringing these lawsuits,” the U.S. Chamber of Commerce has weighed in on the surge in retirement plan fee litigation.
That was just one of the ways the Chamber (and its legal counsel...
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The NTSA traditionally offers access to a recording of a webcast (including both audio and visual portions of the presentation) approximately one week following the original live webcast presentation. These recordings are available for 1 year after the date of the original live webcast. Below is a...
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There are many reasons that errors in plan operation may take place. In MarketBeat, John Iekel writes about the insights of an industry expert who lays some of the blame on disconnection between the way a plan defines compensation and the way it functions.
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Another multibillion-dollar plan—this one a faith-based, not-for-profit health care organization and clinical care network—finds itself in the crosshairs of a Capozzi Adler lawsuit.
Plaintiffs Lawanda Holmes, Ani M. Miller and Brittany E. Roxbury (“by and through their attorneys”) filed suit...
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The Securities and Exchange Commission (SEC), Department of Labor (DOL) and Congress are gearing up to “protect investors” from the emerging cryptocurrency market.
Contending that large parts of the crypto market are not operating within regulatory frameworks that protect investors, SEC Chairman...
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The Department of Labor reportedly is engaging in a letter-writing campaign urging retirement plan fiduciaries to recoup amounts held by former recordkeepers or paying agents that may have been overlooked during the transition of a service provider relationship.
According to an Aug. 13 blog post...
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