Current Events

Republicans win it all

November 16, 2016

For the last six years we’ve had a divided government. President elect Trump will be taking office with Republican majorities in both the House and the Senate. That will give him, and Republican Congressional leadership, the ability to move legislation in a way that we haven’t seen since the first two years of President Obama’s Administration. How might any of that affect retirement policy? Read More

DOL releases FAQs on the Best Interest Contract Exemption

October 31, 2016

On October 27, 2016, the Department of Labor released answers to 34 “Frequently Asked Questions,” providing additional guidance on application of the Best Interest Contract Exemption (BIC) and certain other exemptions released in connection with its new Conflict of Interest rule. According to DOL, the new FAQs are part of a series that it expects to issue. This first batch of FAQs, on the BIC, is primarily of interest to providers – for instance, it describes in detail rules for the payment of recruitment bonuses by financial institutions. Read More

New York City private sector retirement plan proposal

October 20, 2016

The New York City Comptroller has proposed a program (the “New York City Nest Egg”) that would default every New York City worker into either a qualified plan or an IRA. In what follows, we begin with some background on state private sector employer savings programs and on the issues presented by similar programs for “political subdivisions” of states, e.g., a city or county. Read More

2017 Increases for Retirement Plans, Social Security

October 19, 2016

The Social Security Administration just announced benefit increases effective in 2017. These changes will affect benefits for currently retired individuals, as well as those contemplating retirement. Employers who sponsor retirement plans that are ‘coordinated’ with Social Security in some fashion will also see an impact on benefits earned and payable under such plans. Read More

Update: stock drop litigation and inside information

October 11, 2016

“Stock drop” cases involve company stock held in a defined contribution plan that has lost significant value (hence, “drop”), in which the plaintiff argues that the plan’s fiduciaries had an obligation to sell plan stock, or at least discontinue buying it, before or during the “drop.” In what follows we review where the courts are coming out on this issue. Read More

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