The DOL’s Advisory Council on Employee Welfare and Pension Benefit Plans (known as the DOL ERISA Advisory Council) issued a report, Cybersecurity Considerations for Benefit, which summarizes its examination of and recommendations regarding cybersecurity considerations as they relate to pension and welfare benefit plans. The Council focused specifically on outlining elements of cyber risk management
On February 3, 2017, President Trump issued an executive order which directs the Department of Labor (“DOL”) to review the Fiduciary Duty Rule, specifically, Term “Fiduciary”; Conflict of Interest Rule Retirement Investment Advice, 81 Fed. Reg. 20946 (April 8, 2016) (Fiduciary Duty Rule or Rule). The President’s order states that the Fiduciary Duty Rule may
In January 2017, the U.S. Department of Labor, Employee Benefits Security Administration released it CONSUMER PROTECTIONS FOR RETIREMENT INVESTORS – FAQS ON YOUR RIGHTS AND FINANCIAL ADVISERS. Per the Department of Labor, beginning on April 10, 2017, retirement investors will benefit from important new protections requiring that financial advisers act in their best interest. While
As reported by Thomson Reuters, December 1, 2016, with no debate, a unanimous FASB on November 30, 2016, approved a recommendation from its Emerging Issues Task Force (EITF) to amend U.S. GAAP to improve the information employee benefit plans convey about investments in master trusts. The forthcoming update, expected to be published in 2017, is
The Internal Revenue Service announced on October 27, 2016 cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2017. The IRS issued technical guidance detailing these items in Notice 2016-62. Highlights of limitations that remain unchanged from 2016 The contribution limit for employees who participate in 401(k), 403(b), most 457
The Internal Revenue Service announced October 21, 2016 that 401(k)s and similar employer-sponsored retirement plans can make loans and hardship distributions to victims of Hurricane Matthew and members of their families. This is similar to relief provided this summer to Louisiana flood victims. Participants in 401(k) plans, employees of public schools and tax-exempt organizations with 403(b) tax-sheltered
IRS Updates the Employee Plans Compliance Resolution System (“EPCRS”) Revenue Procedure 2016-51 modifies and superseded Rev. Proc. 2013-12, 2013-4 I.R.B. 313, which sets forth the Employee Plans Compliance Resolution System (“EPCRS”), a comprehensive system of correction programs for sponsors of retirement plans that have failed to satisfy certain requirements under section 401(a), 403(a), 403(b), 408(k), or