Search the News Archive

Self-Directed Brokerage Accounts: Undesirable Elements for Plan Fiduciaries and Participants

"There are numerous fiduciary and participant related considerations that typically outweigh the investment flexibility benefit that [self-directed brokerage accounts (SDBAs)] offer. These potential issues coupled with the recent fiduciary regulations ... have many advisors moving these accounts to a more traditional recordkeeper and TPA plan arrangement.... [K]ey points to consider when transitioning from SDBAs to a recordkeeping platform: Ease of Conversion ... Plan Document Analysis ... Assurance of Current and Ongoing Plan Compliance ... Interim Valuation."

Group Health Plan Compliance Is Harder Now Than Ever Before

"Not one but TWO major federal laws that directly affect many aspects of private health insurance and employer-sponsored benefits became law in the last three months.... Plus there is the myriad of regulations, notices, and other critical federal guidance that's landed on our laps over the past few months."

Text of EBSA Proposed PTEs Allowing Restorative Payments to BCBS Retirement Plan Pending Resolution of Fiduciary Breach Litigation Against Allianz and Aon

"The proposed exemption relates to legal actions and claims against Allianz Global Investors U.S. LLC and Aon Investments USA Inc., that arose from certain losses incurred by the Non-Contributory Retirement Program for Certain Employees of Blue Cross and Blue Shield Association in the first quarter of 2020. This proposed exemption would permit the Plan sponsor, Blue Cross and Blue Shield Association, to make a series of payments to the Plan, including: [1] the past payment of $69,000,000, made on March 12, 2021; and [2] the past payment of $13,500,000, made on March 28, 2022. If the Plan receives litigation proceeds from the Claims, the Plan will transfer the lesser of the ligation proceeds amount or the Restorative Payments amount, plus reasonable attorney fees to BCBSA."