DOL Releases Interim Final Rule Adjusting ERISA Civil Monetary Penalties for Inflation

Monday, July, 11, 2016 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
Background The Department of Labor published in the Federal Register on June 30, 2016, an interim final rule to adjust for inflation the civil monetary penalties enforceable by the Department of Labor. Read More

Department of Labor Finalizes Rule to Address Conflicts of Interest in Retirement Advice

Wednesday, April, 06, 2016 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
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

New Guidance on Economically Targeted Investments in Retirement Plans from US Labor Department

Friday, October, 23, 2015 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
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. Read More

Employee Plans Compliance Unit (EPCU) – 5500 Non-Filer/DOL Project

Tuesday, September, 29, 2015 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases
On September 21, 2015, the IRS announced a new Form 5500 compliance project focusing on plan years ending in 2011, as detailed below. Plan sponsors should ensure that all required Form 5500s have been filed and respond to any notice received from the Employee Plans Compliance Unit. Read More

What is the Audit Requirement for Benefit Plans?

Wednesday, January, 21, 2015 / Published in Employee Benefit Plans, Forms and Procedures, Retirement - 401(k), 403(b)
We get this question a lot. The instructions to the Form 5500 give the technical answer. However, below is a quick summary of those requirements. Every situation is unique and for 2023 Form 5500s, the DOL just updated the rules. Read More

PBGC Annual Report Shows Improvement in Single-Employer Program and Deterioration in Multiemployer Program

Tuesday, November, 18, 2014 / Published in Employee Benefit Plans
The Pension Benefit Guaranty Corporation on November 17, 2014 released its Annual Report, which showed that PBGC’s deficit increased to about $62 billion in Fiscal Year 2014, largely due to the declining condition of a few multiemployer plans. Read More

DOL Field Assistance Bulletin 2014-01: Fiduciary Duties and Missing Participants in Terminated Defined Contribution Plans

Tuesday, August, 19, 2014 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
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.   Read More