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 in United States v. Windsor. The Windsor decision invalidated Section 3 of the 1996 Defense of Marriage Act (DOMA) that barred married same-sex couples from being treated as married under
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 interested in deciding whether 401(k) plan fiduciaries can be in breach of their duties over investment choices. Lastly, the Supreme Court
The U.S. Department of Labor on March 11, 2014 requested public comments on a proposed rule that would require pension plan service providers to furnish employers and other plan fiduciaries with a guide to assist them in navigating fee disclosure documents. “The department’s recent fee disclosure rules were a good first step in bringing transparency
The Internal Revenue Service has issued guidance for employers whose 401(k) Plans offer Roth accounts for the rules governing rollovers by participants younger than retirement age. The rules for the conversions, which were first allowed last year, were annotated by Towers Watson, which noted that more than half of the 822 employers (in a company data base
As per May 7, 2013 article by Melanie Waddell of AdvisorOne. “We are looking for the best ideas on how to show people what their lump-sum retirement savings look like,” says Borzi. The Department of Labor’s Employee Benefits Security Administration announced Tuesday that it is seeking public input on a proposed rulemaking regarding lifetime income
The IRS announced Friday that it will start accepting applications for opinion and advisory letters for prototype and volume submitter 403(b) Plans on June 28, 2013. For plan sponsors with such prototype and volume submitter 403(b) Plans, we recommend that you stay in contact with your service providers to ensure your plan will be able
The long awaited new Revenue Procedures for the Employee Plan Compliance Resolution System have been issued and will be effective, generally April 1, 2013. The information below from the IRS website highlights some of the changes. New Revenue Procedure Updates EPCRS Revenue Procedure 2013-12 was released on December 31, 2012. Revenue Procedure 2008-50 is modified