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Supreme Court to Hear 401(k) Fees Case
As detailed in an article by Greg Stohr, 401(k) Fees at Issue as Court Takes Edison Worker Appeal, the U.S. Supreme Court will consider giving 401(k) participants more power to sue their...
DOL Field Assistance Bulletin 2014-01: Fiduciary Duties and Missing Participants in Terminated Defined Contribution Plans
The DOL recently issued Field Assistance Bulletin 2014-01 which details procedures fiduciaries should take to find missing participants and properly distribute account balances. The Bulletin...
GAO REPORT ON 401(K) PLANS: Improvements Can Be Made to Better Protect Participants in Managed Accounts
The U.S. Government Accountability Office (“GAO”) publicly released on July 29, 2014 a report on managed accounts in defined contribution plans. Below is the summary of the report (GAO-14-310). Why...
Highway and Transportation Funding Act of 2014 To Expand Pension Funding Relief
Congress has passed, and the President is expected to sign, the Highway and Transportation Funding Act of 2014 (the Act). Included in the Act is a revenue-raising provision which expands the use of...
Treasury Issues Final Rules Regarding Longevity Annuities
Rules provide for greater security by giving American families more flexibility to plan for retirement and protect themselves from outliving their savings On July 1, 2014, the U.S....
Supreme Court Gives Ruling on Fifth Third Bancorp Case
In a June 25, 2014 article "Court delivers win to 401(k) plaintiffs," Chuck Epstein reports that employers could be held liable for holding company stock inside ESOP and 401(k) plans, especially if...
DFVC Program Provides Relief Only if Applicable Form 8955-SSA is Filed For Year at Issue
The IRS has issued Notice 2014-35 which provides relief from late-filing penalties from the annual reporting requirements under Form 5500 series with respect to employee benefit plans. Under the...
Treatment of Marriages of Same-Sex Couples for Retirement Plan Purposes
On April 4, 2014, the IRS issued Notice 2014-19, which provides guidance on how qualified retirement plans should treat the marriages of same-sex couples following the Supreme Court’s decision...
Legal Developments in Fiduciary Cases
This week has been a busy week for plan fiduciary cases. First, the Eighth Circuit issued its widely anticipated excessive fee decision in Tussey vs. ABB. Next, the Supreme Court signaled it may be...
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