Torrillo & Associates

  • Contact Us
  • 484-574-8782
  • Home
  • About
    • specialists
    • our team
    • Careers
  • Audit Process
  • Services
    • CPA firm partnership
  • Clients
  • Videos
  • Blog
 June 4, 2023

Current Benefit Plan and Audit Related News and Updates

Friday, March, 16, 2018 / Published in Forms and Procedures, News and Press Releases, Retirement - 401(k), 403(b), Uncategorized

Fifth Circuit Court Vacates Fiduciary Rule

Fifth Circuit Court Vacates Fiduciary Rule

On March 15, 2018, in a 2-to-1 decision, the U.S. Court of Appeals for the Fifth Circuit reversed a lower court decision in Texas and issued a ruling vacating the Labor Department’s fiduciary rule. The decision creates a circuit split as the 10th Circuit Court of Appeals had previously issued a unanimous decision upholding the fiduciary rule.

What Happens Now?

What happens now is uncertain. If the Department of Labor (“DOL”) continues to defend the rule or if consumer advocates step in to defend the rule, the Supreme Court could review it. However, the DOL could also scrap the current rule and start over, while the Securities and Exchange Commission has also indicated it may step in and create its own fiduciary rule. There are also some states in the process of establishing fiduciary standards.

As a result of this uncertainty, it is anticipated that those in the industry such as recordkeepers and investment professionals will take a wait and see approach before making any changes in their current course. Plan sponsors and fiduciaries will need to stay tuned to see what develops and any impact it may have to their plans.

Tagged under: 401(k), 403(b), DOL, EBSA, Fiduciary Rule, Plan Fiduciary Update

What you can read next

IRS Terminating Proposed Penalty Notices for Untimely Filed or Incomplete Forms 5500
403(b) Pre-Approved Plan Program Established
New Revenue Procedures for the Employee Plan Compliance Resolution System, including 403(b) Plan Failures

Recent Posts

  • Guidance on Section 305 of the SECURE 2.0 Act of 2022 with Respect to Expansion of EPCRS (Notice 2023-43)

    Recently the Internal Revenue Service released ...
  • DOL ISSUES CHANGES TO 2023 FORM 5500

    The U.S. Department of Labor (DOL), the Interna...
  • SECURE 2.0 Act of 2022

    SECURE 2.0 Act of 2022 was passed by Congress a...

Categories

  • Employee Benefit Plans
  • Forms and Procedures
  • News and Press Releases
  • Policy Updates
  • Retirement – 401(k), 403(b)
  • Uncategorized

Torrillo & Associates, LLC specializes in employee benefit plan audits, 401k audits, 403b audits, pension plan audits, and retirement plan audits. We are licensed in 7 states including New York, New Jersey, and Pennsylvania.  With firm mobility, we are also able to practice in an additional 27 states.

36 Regency Plaza
Glen Mills, PA 19342

view on map »

Careers
Phone: 484-574-8782
Fax: 484-574-8785

  • GET SOCIAL
Torrillo & Associates

Copyright © 2010 to 2023 Torrillo & Associates, LLC. All rights reserved. v07.03.22.WPE| Privacy Policy | Terms of Use

TOP
X
Worried about your yearly Benefit Plan Audit? Call us now for a free consultation!
Call Us
This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Cookie settingsACCEPT
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Non-necessary
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
SAVE & ACCEPT