Current Events

Update on DOL Fiduciary Proposal

October 05, 2015

According to Department of Labor Secretary Perez, DOL has received over 330,000 comments on its fiduciary regulation proposal. The DOL website shows 2,631 public comments. In August, DOL held four days of hearings, at which opponents and supporters of the proposal presented their views. In this article we provide an update on the current status of the proposal and consider what changes may be made to it. Read More

PBGC issues final reportable event regulation using "low-default-risk" test

September 29, 2015

On September 11, 2015, the Pension Benefit Guaranty Corporation (PBGC) finalized reportable event regulations under ERISA section 4043. The major feature of the new regulation is a tightening of the ‘well-funded plan’ waiver and the addition of a new ‘low-default-risk’ waiver, shifting focus (for the first time in a PBGC rule) from the financial condition of the plan to the financial condition of the plan sponsor. In this article, we focus on some of the key changes made by the new rule. Read More

Bipartisan policy proposals for DC plans

September 04, 2015

In July 2015, the Savings & Investment Bipartisan Tax Working Group (WG) of the Senate Finance produced a report for the Committee's broader tax reform project. The WG report provides a useful inventory of current bipartisan defined contribution plan policy proposals. In this article we summarize the report. Read More

The fiduciary duty to monitor – non-fiduciary service providers

September 03, 2015

In this article we discuss the duty to monitor non-fiduciary service providers. As with our prior articles, we focus on duty-to-monitor issues in DC plans. In this article we focus on two aspects of plan service provider arrangements that can make the monitoring process especially challenging: fees and revenue sharing arrangements. We begin with some remarks about how monitoring service providers is different from monitoring investment managers. Read More

Funding impact of changes in interest rate and mortality assumptions

August 24, 2015

In this article we consider the effect of changes in interest rate and mortality assumptions on ERISA minimum funding requirements. We then consider, briefly, the effect of possible changes in market interest rates under the optimistic and pessimistic scenarios we used in our prior article. Read More

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