The Department of Labor (“DOL”) on April 6, 2016 issued its final rules to address fiduciary standards. The U.S. Department of Labor, Employee Benefits Security Administration’s fact sheet of the new rule follows: Summary Since 1974, when Congress enacted the Employee Retirement Income Security Act (ERISA), the Department of Labor (‘DOL’ or ‘Department’) has worked
On January 4, 2016, the Internal Revenue Service (“IRS”) announced guidance in anticipation of the elimination of the 5-year remedial amendment cycle system for individually designed plans under the Employee Plans determination letter program, effective January 1, 2017. Specifically, in Notice 2016-3, IRS described the following changes that will be reflected in an update to
The U.S. Labor Department has issued new guidance regarding economically targeted investments (ETIs) made by retirement plans covered by the Employee Retirement Income Security Act. ETIs are investments that are selected for the benefits they create in addition to the investment return to the employee benefit plan investor. “Investing in the best interests of a retirement plan
The Internal Revenue Service on October 21, 2015 announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2016. In general, the pension plan limitations will not change for 2016 because the increase in the cost-of-living index did not meet the statutory thresholds that trigger their adjustment.
The FASB issued on May 1, 2014 Accounting Standards Update 2015-07, Fair Value Measurement (Topic 820), Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent). The amendments in Accounting Standards Update 2015-07 (the Update) remove the requirement to categorize within the fair value hierarchy all investments for which
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 suggests that fiduciaries use certified mail, check related plan and employment records, ask the designated plan beneficiary, and search the Internet to find missing participants. Fiduciaries should consider more expensive approaches
The AICPA Employee Benefit Plan Audit Quality Center recently issued a summary of the DOL Office of Inspector General’s report: EBSA Needs to Provide Additional Guidance and Oversight to ERISA Plans Holding Hard-to-Value Alternative Investments. Highlights from the Report Our recommendation is that Plan fiduciaries overseeing plans with alternative investments should read the DOL OIG