"QPAMs must now maintain records demonstrating compliance with the Exemption for six years from the date of any transaction relying on the Exemption and must make these records available to various regulatory agencies and certain benefit plan fiduciaries, contributing employers, and plan participants upon request."  MORE >>

"In its essence, the obligation requires that an insurance producer have a reasonable basis to believe that the recommended annuity addresses the consumer's needs in light of the consumer's financial situation and objectives, and the consumer's insurance needs. On the face of it, there doesn't appear to be a requirement to assess the consumer's current financial situation to determine if it is in the best interest of the consumer to stay 'as is' ... However, there are additional considerations for exchanges."  MORE >>

"A Connecticut-based hedge fund that went bankrupt and owner George A. Weiss have agreed to pay $7.9 million to end an ex-worker's suit alleging the company plowed its employees' retirement savings into two substandard proprietary funds[.]" [Andrew-Berry v. George A. Weiss and GWA, LLC, No. 23-0978 (D. Conn. motion for settlement Sep. 27, 2024)]  MORE >>

"[The U.S. Tax Court has] ruled that the new 6-year SOL for the excess IRA contribution penalty is not retroactive. Although the Court didn't address retroactivity of the 3-year missed RMD penalty SOL, the decision almost certainly applies to that penalty as well. This means there will continue to be no SOL protection for either penalty for years before 2022." [Couturier v. Comm'r, No. 19714-16 (162 T.C. No. 4 Feb. 28, 2024)]  MORE >>

"Choice plans -- plans that give the option to choose between a DB or a DC plan at the time of hiring -- are beneficial not just for the employee but can also benefit the employer. With the proliferation of unfunded pension liabilities among U.S. governments, optional DC plans can serve as valuable risk mitigation solutions."  MORE >>

Sep. 27, 2024. "Instructions for Employee: You have received this form because your employer (or transfer agent) transferred your employer's stock to you pursuant to your exercise of an incentive stock option (ISO). You must recognize (report) gain or loss on your tax return for the year in which you sell or otherwise dispose of the stock."  MORE >>