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[Guidance Overview]
Fiduciary Rule Update: Is the 'Applicability Date' Applicable? (PDF)
"Currently pending at [OMB] is a regulation ... entitled 'Delay of Applicability Date.' The fact that the regulation is listed as 'proposed' indicates that the regulation will not have immediate effect ... The release of the regulation has been held up as OMB meets with interested parties....Assuming a 44 day process would be sufficient for the current process, the proposed regulation would have to be published in the Federal Register no later than February 24, 2017 in order for the delay notice to be published on April 10, the scheduled Applicability Date of the Fiduciary Regulation."
Groom Law Group
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[Guidance Overview]
2017 Compliance Checklist for Qualified Plans Subject to ERISA (PDF)
43 pages. "The Compliance Checklist incorporates defined benefit (DB), defined contribution (DC) and ERISA 403(b) requirements and provides information on the materials that you will need to file, filing due dates and agencies to which the filings should be made."
Prudential
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[Guidance Overview]
2017 Compliance Checklist for Qualified Plans Not Subject to ERISA (PDF)
20 pages. "The Compliance Checklist incorporates requirements for governmental and nonelecting church plans, non-ERISA 403(b) plans, 457 plans and nonqualified executive benefit plans, and provides information on the materials that you will need to file, filing due dates and agencies to which the filings should be made."
Prudential
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[Advert.]
Things Have Changed – Are You Up-To-Date?
Keep up to date on the latest rules and regulations with the ERISA Outline Book, THE resource for information on qualified plans. Choose from two great formats; hardcopy or online, including access to a fully searchable and cross-referenced website.
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New York Life Settles Lawsuit Over Alleged Excessive Fees in Its 401(k) Plans
"New York Life Insurance Co. has settled a class-action lawsuit for $3 million with participants in two company 401(k) plans ... Plan participants said two New York Life 401(k) plans should have searched for S&P 500 index funds that were cheaper than New York Life's MainStay S&P 500 fund. 'From 2010 to 2016, the plans' fiduciaries did not act in the best interests of the plans and their participants,' the lawsuit said."
Pensions & Investments
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DOL Fiduciary Rule -- What's Next?
"The Senate will hold a confirmation hearing for President Trump's Secretary of Labor nominee.... OMB will release the DOL's proposal to the public.... [T]he DOL will prepare an updated economic and legal analysis concerning the rule's likely impact.... [The DOL may] seek to complete this analysis as quickly as possible to allow the DOL sufficient time to further propose rescinding or revising the rule, if the DOL deems such action is warranted."
K&L Gates LLP
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DOL's Fiduciary Rule Faces Threat from Trump Administration But Is Upheld by Texas District Court
"On February 8, 2017 ... Chief Judge Barbara Lynn of the United States District Court for the Northern District of Texas delivered the DOL a sweeping victory in the third decided challenge to the final conflict of interest regulation and related exemptions ... The win adds to the DOL's scorecard, but the Fiduciary Rule's toughest test yet may be the Presidential Memorandum, issued on February 3, 2017."
Miller & Chevalier
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New Labor Secretary Nominee Brings Legal Mind to Fiduciary Debate
"Alexander Acosta, nominated Thursday to lead the [DOL], drew praise ... as a thoughtful, experienced candidate likely to express mainstream conservative views on regulations.... Acosta could be approved and on the job quickly, a matter of no small import when it comes to the fiduciary rule.... [W]hile Acosta's extensive mainstream experience might get him confirmed quickly, he also might be averse to bold changes -- such as a complete reversal of the fiduciary rule."
InsuranceNewsNet.com
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The State of Defined Benefit Plans
Infographic. "The largest corporate pension plans ... Median corporate plan returns ... Newer companies eschew pensions ... Retirees' only option."
Pensions & Investments
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State-by-State PBGC Pension Plan Payments
"PBGC paid more than $5.6 billion (that's 'billion' with a 'b') to 840,000 retirees in 2015 ... This clickable map lists the total amount and number of people paid in each state, broken down by congressional district."
Pension Benefit Guaranty Corporation [PBGC] Blog: Retirement Matters
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Credit Easing, Regulation Put Plans on Critical List
"U.S. corporate defined benefit plans have been closing and freezing benefit accruals for decades, with a number of industry experts pointing to the very regulations meant to protect them as a top contributing factor. But the flood of cheap money unleashed by central banks' quantitative easing efforts to combat the global financial crisis has only added to the pressures that corporate, as well as public, plan sponsors face[.]"
Pensions & Investments
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Press Releases
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David Rhett Baker, J.D., Editor and Publisher
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BenefitsLink Retirement Plans Newsletter, ISSN no. 1536-9587. Copyright 2017 BenefitsLink.com, Inc. All materials contained in this newsletter are protected by United States copyright law and may not be reproduced, distributed, transmitted, displayed, published or broadcast without the prior written permission of BenefitsLink.com, Inc., or in the case of third party materials, the owner of those materials. You may not alter or remove any trademark, copyright or other notices from copies of the content.
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