Current Events

Fee litigation: sponsor fiduciary vulnerabilities

June 01, 2016

In this article we review the areas of 401(k) sponsor-fiduciary practice that are current or emerging targets for plaintiffs’ litigators. We include in our discussion 401(k) fee suits recently filed against BB&T (Smith v. BB&T Corporation) and Fidelity (Fleming v. Fidelity Management Trust Company). Read More

Frozen plan update

May 27, 2016

In January 2016, IRS published a proposed regulation addressing the issue of the application of Tax Code nondiscrimination rules to frozen DB plans. In April 2016, IRS announced its intention to withdraw certain provisions from that proposal. In this article we discuss the provisions of IRS proposal applicable to frozen plans and some issues under it that have been identified as problematic. Read More

Monitoring advice providers under the new Conflict of Interest regulation

May 16, 2016

In this article we review that issue in detail, but let’s begin with our bottom line: While the new rule doesn’t change the plan fiduciary’s legal obligation under ERISA to monitor the prudence of the appointment of a (fiduciary or non-fiduciary) service provider, the new requirements applicable to the provider will be stricter and more complicated. And reviewing the provider’s compliance with those requirements will make the plan fiduciary’s obligation more burdensome. Read More

Treasury's Ruling Raises Question Of Multiemployer Rescue Petition Process

May 12, 2016

(Reprinted from Bloomberg BNA) Prior to Treasury’s ruling on Central States’ petition, only four other funds were known to have filed a rescue plan petition. ‘‘The department’s rejection of Central States’ petition isn’t likely to stop other multiemployer plans from filing their own rescue plan applications,’’ John Lowell, pension consultant for October Three in Atlanta, told Bloomberg BNA May 10. Download

Participant communications and the Conflict of Interest regulation

May 09, 2016

For plan sponsors, one of the most important questions raised by the new conflict of interest regulation is: how will it affect participant communications? In this article we sketch out some provisional answers to that question. Read More

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