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68 Matching News Items

1.  If You Have a Top Hat Plan, This Court Case Is Worth Watching (PDF)
ERISAdiagnostics, Inc. Link to more items from this source
Jan. 10, 2016
"The Maryland federal district court in Bond v. Marriott International Inc. ... found the plan in question was a top hat plan and that the statute of limitations didn't apply to the suit, even though the complaint was filed 20 years after the participant left employment. The case is now being appealed by Marriott, and the [DOL] recently filed a friend-of-the-court brief on behalf of the former employees.... Little guidance exists on what constitutes a select group of management or highly compensated employees. It's generally beneficial for plan sponsors to limit these plans as much as possible, to help ensure they have top hat status."
2.  Plan Sponsors Can Learn Several Powerful Lessons from Recent Wear-Away Case (PDF)
ERISAdiagnostics, Inc. Link to more items from this source
Dec. 2, 2015
"It is important that key players in a company's retirement plan understand their roles as fiduciaries and the implications of being one. Periodic training is a must.... Plan provisions, especially plan changes, must be communicated clearly. There can be no sugar-coating adverse news for participants ... As soon as you become aware of a lawsuit against the plan, make sure you send a memo to all affected departments advising them not to destroy any documentation that could be related to the case." [Osberg v. Foot Locker, Inc., No. 07-cv-1358 (S.D.N.Y. Sept. 29, 2015)]
3.  Ten Things Plan Fiduciaries Should Avoid (PDF)
ERISAdiagnostics, Inc. Link to more items from this source
Apr. 30, 2012
"In recent court case, Tussey v. ABB, Inc., ... the judge found that the plan fiduciaries breached their fiduciary duties and were jointly and severally liable for $13.4 million lost by the Plan due to failure to monitor recordkeeping fees and negotiate rebates and $21.8 million lost by Plan due to mapping one investment fund to another. In addition, the service provider was held jointly and severally liable for $1.7 million for lost float income. Lessons learned from this case are at least 10 things Plan fiduciaries should avoid[.]"
4.  Schedule J of the Proposed Form 5500 Means Increase in Data Collection and Preparation Costs
ERISAdiagnostics, Inc. Link to more items from this source
Oct. 3, 2016
"If the proposed revisions to the Form 5500 are accepted, Schedule J will be a new addition to the Form 5500 Schedules for group health plans covered by Title I of ERISA. The amount of information requested is staggering. Schedule J will have to be filed by all health & welfare plans; the less than 100 participant exception goes away.... The Schedule J will provide information regarding contributions, claims, benefit structure and compliance information[.]"
5.  IRS Provides Determination Letter Guidance Revenue Procedure 2016-37
ERISAdiagnostics, Inc. Link to more items from this source
Sept. 2, 2016
"Revenue Procedure 2016-37 changes the remedial amendment period and is geared to the [Required Amendments List (RAL)]. The remedial amendment period for a change included in the RAL will generally be the end of the second calendar year following the year in which the list is issued. A change will not appear on the RAL until the IRS has issued guidance including any model amendments. The first RAL will apply to changes effective during the 2016 calendar year."
6.  Retirement Plan Record Retention -- Whose Job Is It Anyway? (PDF)
ERISAdiagnostics, Inc. Link to more items from this source
May 9, 2016
"[T]he 9th Circuit [recently] held that the burden of proof shifts to the employer ... when a claimant has made a prima facie case that he is entitled to a benefit but lacks access to key information that the [employer] controls.... [R]ecords for retirement plans should be kept until all benefits have been paid, the trust has been dissolved and sufficient time has passed such that the plan will not be the subject of an audit." [Estate of Barton v. ADT Security Serv. Pension Plan, No. 13-56379 (9th Cir. Apr. 21, 2016)]
7.  IRS Guidance Reflects Shift to Audits from Reviewing Plan Documents (PDF)
ERISAdiagnostics, Inc. Link to more items from this source
Mar. 10, 2016
"It appears that the IRS has begun channeling its resources to audits rather than reviewing retirement plan documents. As part of this refocus, the IRS has issued four pieces of guidance on determination letters. The guidance: [1] eliminates the five-year remedial amendment cycle system for individually designed plans.... [2] means expiration dates on determination letters issued before Jan. 4, 2016, are no longer operative; [3] decreases Voluntary Correction Program fees in certain cases; and [4] increases determination letter application fees in some circumstances."
8.  The Impact of Opt-Out Incentives on ACA Affordability Calculations
ERISAdiagnostics, Inc. Link to more items from this source
Feb. 10, 2016
"Until final regulations are issued, employers with opt-out arrangements in effect before December 16, 2015 do not have to reflect opt-out incentives in affordability calculations nor include on the 1095-C.... Employees can include the opt-out incentive in the cost of coverage should they apply for a premium subsidy. Proposed and final regulations are expected to address both conditional and un-conditional opt-out incentives."
9.  Market Volatility: How Concerned Should Retirement Plan Fiduciaries Be? (PDF)
ERISAdiagnostics, Inc., via Thompson Pension Plan Fix-It Handbook Link to more items from this source
Sept. 24, 2015
"While a plan sponsor cannot control the external forces that affect financial markets, plan sponsors can mitigate risk for their retirement plans by: [1] Following a documented decision-making process. [2] Identifying the key internal and external players and ensuring that all parties know their responsibilities. [3] Working with investment advisers to develop a defined contribution plan fund line-up that suits the plan's participant demographics. [4] Developing a defined contribution plan investment policy ... [5] Working closely, if a defined benefit plan, with the plan's actuaries and investment advisers, to develop an investment strategy to match plan benefit liabilities with assets.... [6] Monitoring any investment decisions/policies/strategies periodically to ensure that what you expected is happening.... [7] Documenting the process and the decisions."
10.  Fed Agencies Closely Watching Independent Contractor vs. Employee Debate -- and Plan Sponsors Should, Too (PDF)
ERISAdiagnostics, Inc. Link to more items from this source
Sept. 7, 2015
"If DOL, the states and IRS truly share information and coordinate compliance efforts as intended, it will not be long before employee benefit plans are targeted for independent contractor treatment.... Excluding eligible employees is a qualification issue that could lead to serious financial consequences for retirement plan sponsors."
11.  IRS Seeks More Input on the Cadillac Tax (PDF)
ERISAdiagnostics, Inc. Link to more items from this source
Aug. 16, 2015
"The employer is expected to calculate the amount of the excess benefit subject to the excise tax and notify the coverage provider and the IRS of the excess benefit. The calculation is based on the 'taxable period' meaning the calendar year. The coverage provider pays the tax.... The how and when of paying the tax is unknown at the present time.... The calculations will require aspirin for you are bound to suffer headaches."
12.  Being Prepared Can Make Independent CPA ERISA Audit Less Onerous (PDF)
ERISAdiagnostics, Inc. via Thompson Pension Plan Fix-It Handbook Link to more items from this source
Aug. 4, 2015
"ERISA requires that certain ... [plan sponsors] must engage an Independent Qualified Public Accountant on behalf of the plan's participants to audit the plan financials prepared by the plan sponsor. This is generally referred to as an ERISA audit.... This column will briefly outline what you can expect when the auditor arrives, and some of the issues noted in the [AICPA] Audit Risk Alert."
13.  Is it Education or Is It Advice? (PDF)
ERISAdiagnostics, Inc., via Thompson Pension Plan Fix-It Handbook Link to more items from this source
May 27, 2015
"The proposed regulations closely follow the Financial Industry Regulatory Authority's guidance. Like the proposed regulation, FINRA provides an exclusion for certain communications, as long as they do not include (either standing alone or in combination with other communications) a recommendation of a particular security or securities. FINRA notes that as allocation information becomes narrower or more specific, it gets closer to becoming a recommendation. DOL says it believes that the proposal's guidelines on investment education cover information that is generally provided to participants, but the agency encourages input that will help clarify the line between advice and education."
14.  Federal Agencies Monitoring Retirement Plans Try to Work Smarter with Less (PDF)
ERISAdiagnostics, Inc. via Thompson Pension Plan Fix-It Handbook Link to more items from this source
Mar. 19, 2015
"DOL has said it will focus its investigations on issues with the greatest impact, and the IRS will zero in on compliance issues with a 'multiplier effect,' issues that will affect many plans. Despite money and manpower constraints, both agencies have been very busy addressing new and existing issues[.]"
15.  Is 408(b)(2) Disclosure for Health and Welfare Plans on the Horizon? (PDF)
ERISAdiagnostics, Inc. Link to more items from this source
Feb. 18, 2015
"The FY 2016 Congressional Budget Justification prepared by EBSA provides insights into their agenda. Regulatory projects are included in the requests for increased staff and funds for enforcement activities. Number one on the list is 'amending 408(b)(2) of ERISA to improve fee disclosure for welfare plans'."
16.  ERISA Advisory Council: Sponsors Need More Guidance on Outsourcing Services (PDF)
ERISAdiagnostics, Inc. via Thompson Pension Plan Fix-It Handbook Link to more items from this source
Feb. 12, 2015
"The council's report provides recommendations in these areas: [1] educating plan sponsors on current outsourcing trends; [2] clarifying ERISA's rules for delegating responsibility to service providers; [3] providing additional guidance on the selection and monitoring of service providers; [4] facilitating the use of multiple employer plans to encourage retirement plan formation and to ease related administrative burdens; and [5] giving additional guidance on insurance coverage and bonding of outsourced services. This [article] will analyze how some of these issues affect retirement plan sponsors."
17.  Plan Sponsors Need to Take Advantage of Regulators' IRA Rollover Scrutiny (PDF)
ERISAdiagnostics, Inc. via Thompson Pension Plan Fix-It Handbook Link to more items from this source
Jan. 6, 2015
"While financial institutions will bear the brunt of expanded regulatory scrutiny of IRAs, it is important that employer plan sponsors be aware of financial institution practices regarding these accounts. Having knowledge of current guidance about IRAs also can be of use when highly compensated employees in the plan seek direction from the benefits office on decisions about their outside retirement savings."
18.  Recent Guidance on Hybrid Plans Gives Sponsors Interest Rate Options (PDF)
ERISAdiagnostics, Inc. via Thompson Pension Plan Fix-It Handbook Link to more items from this source
Nov. 4, 2014
"The final regulations permit the use of a rate of return based on a subset of plan assets subject to certain conditions. The new preamble explains that some plan sponsors may want to credit interest differently for different groups of participants, such using a less-volatile rate for long-service employees.... A plan can change a benefit formula prospectively but is prohibited under federal tax Code Section 411(d)(6) from cutting back on accrued benefits."
19.  What Is the Transitional Reinsurance Fee, and What Should Plan Sponsors Do Now?
ERISAdiagnostics, Inc. Link to more items from this source
Oct. 16, 2014
"[1] Register with REGTAP (The Registration for Technical Assistance Portal) if you haven't done so already. When the Form becomes available, a notice will be sent to REGTAP registrants.... REGTAP also allows registrants to submit inquiries and sign up for events. [2] Determine how you will count reinsurance contribution enrollees. [3] Document, document, document."
20.  Longevity May Give DB Sponsors Gray Hair, If Actuaries Have Their Way (PDF)
ERISAdiagnostics, Inc. via Thompson Pension Plan Fix-It Handbook Link to more items from this source
Sept. 18, 2014
"In Notice 2013-49, IRS issued the static mortality tables to be used for calculating lump-sum distributions for 2014 and 2015. If the [Society of Actuaries'] proposed generational tables are adopted by IRS, lump sums will become more expensive, but probably not before 2016. However, employers that purchase group annuities may see a slight decrease in the premium paid for such annuities. Generational tables should reflect the payout stream more accurately than static tables, thereby lowering any premium cushion."
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