May 2017 Archive

Trump Administration tax reform proposal

May 01, 2017

On April 26, 2017, the Trump Administration announced a tax reform proposal. The proposal itself consists of a one-page outline of goals and individual income tax, corporate tax and simplification proposals. In this article we begin with an outline of the elements of tax reform that affect retirement savings tax incentives and then discuss very briefly the Administration’s proposal, identifying some of the key questions that at this point remain un-answered. Read More

Acosta editorial and additional guidance on fiduciary rule

May 24, 2017

On May 22, 2017, Secretary of Labor Acosta published an Op-Ed in the Wall Street Journal discussing the Department of Labor’s process for reviewing its 2016 fiduciary rule. At the same time, DOL published Field Assistance Bulletin 2017-02, “Temporary Enforcement Policy on Fiduciary Duty Rule,” and a set of Frequently Asked Questions on how the rule will apply during the period from June 9, 2017 to January 1, 2018. Read More

Current outlook – May 2017

May 04, 2017

In this Current outlook we discuss three recent Congressional developments: the confirmation of Secretary of Labor Acosta and Republican Congressional pressure on him to move aggressively on the review of DOL’s 2016 fiduciary rule; Congressional Review Act legislation repealing the Obama Administration’s state plan regulation; and (very briefly) the effect Affordable Care Act “repeal” legislation, passed by the House on May 4, 2017, would have on retirement savings tax incentives. Read More

Reimbursement of Sponsor Expenses

May 22, 2017

In this article we briefly review the rules under which a sponsor/fiduciary may be reimbursed for expenses, some of the pitfalls those rules present, and some recent litigation on the issue. As we discussed in our article on ERISA issues presented by in-house plans, cases involving the provision of services by the sponsor (or an affiliate) to the plan it maintains for its employees, and payment to the sponsor/affiliate for those services by the plan, generally present two sets of issues: (1) A possible violation of ERISA’s prohibited transaction (PT) rules and (2)A possible violation of ERISA’s loyalty and prudence standards. Read More

Current retirement policy legislation

May 11, 2017

In this article we review several bipartisan retirement policy initiatives being considered by Congress. We start with three bills introduced in 2017, in the 115th Congress, addressing the issues of lifetime income disclosure, leakage and plans with closed groups. We then review two proposals that were introduced in 2016, at the end of the 114th Congress – the Retirement Savings Lost and Found Act and the Retirement Enhancement and Savings Act. Read More

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