COVID-19 Financial Reporting Considerations

Tuesday, March, 24, 2020 / Published in Employee Benefit Plans, News and Press Releases, Retirement - 401(k), 403(b)
As noted in the AICPA’s Center for Plan English Accounting, Consequences of COVID-19 Financial Reporting Considerations, the coronavirus pandemic (COVID-19) is a human tragedy. We all hope that the effects will be behind us soon, but the disruption and impact is already significant. Read More

“Actual Knowledge” Required by Participants

Friday, February, 28, 2020 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Retirement - 401(k), 403(b)
As detailed in an article by Nick Thornton of BenefitsPro, in February 2020, the Supreme Court ruled unanimously against the fiduciaries of two Intel Corp. defined contribution plans. At issue before the court in Intel Corp. Read More

DOL Proposes Safe Harbor for Use of Electronic Media

Wednesday, November, 20, 2019 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Retirement - 401(k), 403(b)
The DOL has proposed a new safe harbor for the use of electronic media to furnish information to participants and beneficiaries of ERISA plans. The proposal would allow plan administrators who meet certain conditions to provide participants and beneficiaries with a notice that certain disclosures will be made available on a website. Read More

Executive Order to Expand Access to Workplace Retirement Savings Plans and to Review Rules on Required Minimum Distributions

Friday, August, 31, 2018 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates, Uncategorized
On August 31, 2018, the President signed an executive order to expand access to workplace retirement savings plans for American workers and to review rules on required minimum distributions. The President’s order directs the Departments of Labor and the Treasury to consider issuing regulations and guidance that would make it easier for businesses to offer

Fifth Circuit Court Vacates Fiduciary Rule

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 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. Read More

DOL EXTENDS TRANSITION PERIOD FOR FIDUCIARY RULE EXEMPTIONS

Tuesday, November, 28, 2017 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
The U.S. Department of Labor has announced an 18-month extension from Jan. 1, 2018, to July 1, 2019, of the special Transition Period for the Fiduciary Rule’s Best Interest Contract Exemption and the Principal Transactions Exemption, and of the applicability of certain amendments to Prohibited Transaction Exemption 84-24 (PTEs). Read More

Fiduciary Rule Law as of June 9, 2017 but DOL will not Enforce until January 1, 2018 as it Seeks Pubic Input on the Rule, Considers Changes and Additional Delays

Tuesday, May, 23, 2017 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates
On May 22, 2017 Alexander Acosta, the Secretary of the Department of Labor (“DOL”) wrote an opinion piece in the Wall Street Journal on the Fiduciary Rule. In it he states: “The Labor Department has concluded that it is necessary to seek additional public input on the entire Fiduciary Rule, and we will do so.