May 2014 Archive

Plan-to-plan rollover guidance issued by IRS

May 21, 2014

The IRS has released a revenue ruling (Rev. Rul. 2014-9) clarifying the process by which a qualified plan determines that an incoming rollover may be accepted. In this article we begin with a brief discussion of the controversy over current rollover practice and then discuss the revenue ruling. Read More

IRS issues more guidance on retirement plans and same-sex marriages

May 14, 2014

IRS recently released Notice 2014-19 "Application of the Windsor Decision and Rev. Rul. 2013-17 to Qualified Retirement Plans." The Notice covers issues including effective dates and plan qualification and amendment requirements. In this article we review the Notice and the FAQs. As we have said before, many of the issues raised by Windsor for retirement plans are technical and complicated – so, apologies in advance for the density of what follows. Read More

DOL proposes fee disclosure ‘guide’ requirement

May 13, 2014

On March 11, 2014 the Department of Labor released a proposed regulation that, if adopted, would require that certain service providers required to make fee disclosures under the 2012 408(b)(2) regulation provide a separate guide or ‘roadmap’ to those disclosures. Read More

Tussey appeal decided by Eighth Circuit

May 12, 2014

The Eighth Circuit Court of Appeals recently decided the appeal in Tussey v. ABB. Summarizing its conclusions with respect to the ABB defendant fiduciaries, the court stated: "We affirm the district court's judgment and award against the ABB fiduciaries with respect to recordkeeping, but vacate the judgment and award on the participants' investment selection and mapping claims." In this article we begin with a brief summary of the facts and the lower court decision and then discuss the Eighth Circuit's holdings with respect to ABB. Read More

April 2014 Pension Finance Update

May 01, 2014

April was another down month for pension sponsors, marked by declining interest rates and sluggish stock markets. Both ‘model’ plans we track lost ground last month, with our traditional ‘Plan A’ losing about 2% and the more conservative ‘Plan B’ dropping less than 1% during April. For the year, sponsors have now given back roughly one-fourth of 2013's ‘bounty’ – Plan A is now down 5% during 2014, and Plan B is down more than 2%. Download

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