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In class action suits, plaintiffs’ attorneys generally receive a fee whose amount is contingent on the amount of the verdict or settlement — frequently about a third.What about the excessive fee suits?Most of the excessive fee suits brought to date haven’t made it to trial, but a number have...
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Can employees opt out of ERISA-related plans rather than have the money placed into a corresponding 401K? In Tech Talk, Ellie Lowder tells us.
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Designated Roth Contributions (DRCs) have been a permissible retirement plan feature since 2006; however, there is still confusion in the retirement plan community regarding DRCs. In MarketBeat, Lynn Knight tests your knowledge and dispels the mist.
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In an email to participating RIAs in North Carolina’s Total Retirement Plan 403(b) Program on Sept. 16, the State Treasurer’s office announced that it is terminating its contract with TIAA for record-keeping services. It will instead negotiate with Prudential, which means that Prudential will soon...
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The recent flurry of lawsuits against major universities on their (very large) 403(b) plans has raised significant concerns in the market related to what has been very common plan designs. In MarketBeat, Robert Toth discusses what the differences between 403(b) plans and 401(k) plans mean regarding...
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It can be really hard to make a prediction that comes true. Just ask pollsters and meteorologists. And that principle holds true regarding returns on retirement accounts and investments.Christopher Carosa in FiduciaryNews examines which is better when making retirement return projections: looking...
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The advent of the Department of Labor’s (DOL) fiduciary rule has already been having results, and more than half a year before implementation. The latest sign of its potency: advisor interest in training about regulations.That interest is up sharply, says the LIMRA Secure Retirement Institute in a...
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Broker-dealers and registered representatives must link to FINRA’s BrokerCheck website on their home pages and any pages on their websites featuring profiles of representatives who work with retail investors. This requirement came into effect after the Securities and Exchange Commission approved a...
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Ten years ago, the Pension Protection Act of 2006 (PPA) cleared a barrier for some defined contribution retirement plans to offer an automatic enrollment feature. But the PPA left intact state law barriers if a DC plan was not subject to ERISA. In MarketBeat, Linda Segal Blinn discusses how state...
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Would a distribution of 401(k) assets that had been rolled into a 457(b) be exempt from the 10% premature distribution penalty as long as the participant was at least age 55 in the year he separated from service with his 457 plan employer? In Tech Talk, Ellie Lowder tells us.
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Much attention has been given to the new fiduciary rules (applicable April 10, 2017) for recommending distributions from retirement plans and rollovers to IRAs — but what about a recommendation to transfer an IRA from another adviser? Fred Reish takes on the issue in a recent blog post.Reish starts...
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Fiduciary duties, always a critical concern, have stood in sharper relief as the Department of Labor prepared and issued the new fiduciary rule. So it could be especially helpful to take a fresh look at best practices through which a plan fiduciary can not only meet the letter of the law, but also...
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A second, separate proprietary fund suit has been filed against a financial services firm — and a separate law firm is looking for plaintiffs to pursue litigation regarding Morgan Stanley’s 401(k).M&T Bank has been slapped with a second class action lawsuit (Allen v. M&T Bank Corp., W.D.N.Y...
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Chevron has won dismissal of an excessive fee class action in a decision that rebukes several of the claims that have surfaced in recent litigation by the law firm of Schlichter, Bogard & Denton.Judge Phyllis J. Hamilton of the U.S. District Court for the Northern District of California...
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Ben Franklin once said, “In this world nothing can be said to be certain, except death and taxes.” But what if there was a way to avoid paying taxes on amounts in a retirement plan? In MarketBeat, Lynn Knight writes that there is a way to receive a tax-free distribution of amounts from a retirement...
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The IRS on Aug. 30 announced a significant relaxation in the restrictions that normally apply to plan loans and hardship distributions to Louisiana flood victims and members of their families.In Announcement 2016-30, the IRS says that the following individuals may be eligible to take advantage of...
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Is it possible to increase financial literacy, employee participation in retirement plans and employer action to boost options available to employees all at once? A network in Arizona has found a way to do just that. The Arizona 403(b) Professionals, a group of which NTSA President-Elect Adam...
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The IRS has provided a self-certification procedure designed to help recipients of retirement plan distributions who inadvertently miss the 60-day rollover window.In Revenue Procedure 2016-47, the IRS explains how eligible taxpayers, “encountering a variety of mitigating circumstances,” can qualify...
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The IRS in a recently released chief counsel memorandum (CCM) says that employees of a “disregarded entity” are eligible to participate in a 501(c)(3)’s 403(b) plan — and as such they also are subject to the universal availability rule.In CCM 201634021, which is dated July 11, 2016 (but was...
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An annual survey of 403(b) plans finds a growing, though still modest, focus on participant outcomes.While only 6 out of 10 (61.5%) employer respondents to the 2016 403(b) Plan Survey from the Plan Sponsor Council of America (PSCA) evaluate whether their retirement plan is meeting its goals, 37.5%...
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