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ERISA
For the IRS, fiscal year (FY) 2023 “was a transitional year,” largely due to funding provided under the Inflation Reduction Act of 2022 and application of technology, according to Commissioner of Internal Revenue Danny Werfel. His made his remarks in the agency’s most recent data book, an annual...
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Editor’s Note: This is Part I of a two-part series on a recent report by the Advisory Council on Employee Welfare and Pension Benefit Plans to Acting Secretary of Labor Julie Su.
Recordkeeping today is not your grandfather’s recordkeeping. Maybe not even your older sibling’s. So guidance and...
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March is coming in like a lion with a new “genre” of ERISA litigation.
While it’s early yet, two—and now three—recent suits—filed by different law firms in different federal district courts—might be the first of a new wave of litigation. All focus on decisions to mitigate corporate risk exposure...
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The release of final changes to the Department of Labor’s popular Voluntary Fiduciary Correction Program (VFCP) is apparently on the horizon, according to recent comments made by a senior agency official.
Speaking Feb. 27 at the U.S. Chamber of Commerce’s Small Business Retirement Summit,...
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The Treasury Department, the Department of Labor’s Employee Benefits Security Administration (EBSA), and the Pension Benefit Guaranty Corporation (PBGC) have announced that they will issue a joint request for information (RFI) seeking public input to help them review the effectiveness of existing...
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On the heels of the recent IRS guidance on pension-linked emergency savings accounts (PLESAs), the Department of Labor’s (DOL) Employee Benefits Security Administration (EBSA) followed suit on Jan. 17, issuing additional guidance in the form of FAQs.
Included in Section 127 of the SECURE 2.0 Act...
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The Pension Benefit Guaranty Corporation (PBGC) has issued a final rule adjusting for 2024 the civil penalties for failure to provide certain notices or other material information and for failure to provide certain multiemployer plan notices. The PBGC is required to amend its regulations annually...
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New year, new forms. The Department of Labor’s Employee Benefits Security Administration (EBSA) on Jan. 1 released the Form 5500, Form 5500-SF, and Form 5500-EZ for reporting concerning the 2023 plan year.
The DOL released informational copies of these forms on Nov. 17; they were intended to...
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When participants earn benefits in a defined benefit plan (DB plan), they can also earn the permanent legal right to receive those benefits in the future. This can occur after a participant reaches certain milestones, such as attaining a certain age, or working for a specified number of years. This...
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The Office of the Inspector General (OIG) is concerned about the ability of the Department of Labor’s (DOL) Employee Benefits Security Administration (EBSA) to exercise oversight and protect the integrity of benefit plans, particularly concerning audits. The OIG for the U.S. Department of Labor...
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Electronic filing of the Form 5558, Application for Extension of Time to File Certain Employee Plan Returns, for form year 2023 may not be available starting Jan. 1, 2024 after all.
It appears that the Department of Labor (DOL) has communicated to third-party software developers that the...
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If you’re confused—and overwhelmed—about the Department of Labor’s (DOL) latest proposed rule defining who is an investment advice fiduciary for purposes of the Employee Retirement Income Security Act (ERISA), you’re not alone.
The Biden Administration officially unveiled the Retirement Security...
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Happy Birthday, ERISA!
It’s been 50 years since the Congress passed landmark legislation that protected the savings of American workers and—arguably—created an entire industry. It’s now time for the golden anniversary.
The American Retirement Association announced that it and eight associations...
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It has been nearly a year since Congress passed the SECURE 2.0 Act. As the name of the bill suggests, that law was the second significant retirement savings policy bill enacted in the span of five years.
A year later, while most practitioners and retirement plan sponsors are focused on the...
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As we make our way through November and into December, this is truly my favorite time of the year. I refer not to Thanksgiving and Christmas/Hannukah, but to 2023 Contribution Estimates Season.
I enjoy being able to provide guidance during this slower time of the year, as opposed to April or...
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The Department of Labor’s Employee Benefits Security Administration (EBSA), the IRS, and the Pension Benefit Guaranty Corporation (PBGC) on Nov. 17 released informational copies of the 2023 Form 5500 Series. They have been released online.
These versions of the Form 5500, Form 5500-SF, and Form...
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It will ensure that advice given to plan sponsors with respect to plan investments under any and all circumstances is required to comply with the fiduciary standards of ERISA.
The mission of the American Retirement Association—since it was founded in 1966—is to expand and strengthen the employer-...
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Ahead of today’s anticipated rollout of a new fiduciary rule, the Biden Administration has issued a fact sheet previewing its content—including an issue of long concern to the American Retirement Association.
The fact sheet focuses on the issue of conflicted advice, specifically calling out what...
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As anticipated, the Department of Labor (DOL) has released a proposed rule defining who is an investment advice fiduciary for purposes of the Employee Retirement Income Security Act (ERISA).
The proposed rule, announced during a White House ceremony attended by President Biden on the afternoon of...
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After months of anticipation, the Department of Labor (DOL) will release a new version of its proposed fiduciary rule for public comment on Oct. 31.
The announcement will be made during a ceremony at the White House scheduled for 3:30 that afternoon. The President will attend, an indication of...
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