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 GAO Did This Study 401(k) plan sponsors have increasingly offered participants managed accounts— services under which providers manage participants’ 401(k) savings over time by making investment and
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 notice, the IRS will not impose penalties relating to the filing of Form 5500, Form 5500-SF, and Form 8955-SSA or the filing of required actuarial reports with
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. Read More