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DOL Rejects ForUsAll's Call for 'Tactical Retreat' in Crypto Retirement Case

"The latest ForUsAll request had seen the retirement plan provider offer to drop the lawsuit, as long as the court confirmed the DOL's initial guidance would not be enforced.... On [November 15], the DOL shot back in its response, saying ForUsAll misrepresented the guidance to fit its own purposes ... The department noted that the court, in this case, should not dictate guidance or regulation going forward." [ForUsAll v. DOL, No. 22-1551 (D.D.C. DOL reply brief filed Nov. 14, 2022)]

More Pushback Against DOL's Crypto Guidance: ForUsAll's Lawsuit Challenges CAR 2022-01

"While the ForUsAll complaint does not address the vagueness of [the Compliance Assistance Release 2022-01 (CAR)] statements that it applies to cryptocurrency-related investments, derivatives, and investments whose value is determined by reference to cryptocurrency, that could also be a basis for challenging the CAR.... [T]he CAR does not distinguish at all between direct investment by participants and investment through funds managed by investment professionals and even traded on the New York Stock Exchange or NASDAQ." [ForUsAll v. DOL, No. 22-1551 (D.D.C. complaint filed Jun. 2, 2022)]

Crypto 'Keeper Presses Court to Hold DOL to Its Word(S)

"The ForUsAll argument is that the [DOL has] said in their motion to dismiss the suit ... that the compliance assistance release has no legal binding effect, and that it creates no fiduciary review obligations beyond what was already in existence for cryptocurrency as an investment. To agree to a dismissal of the suit ... [ForUsAll wants] the court to first make that 'official'[.]" [ForUsAll v. DOL, No. 22-1551 (D.D.C. reply to defendant's motion to dismiss filed Sep. 12, 2022)]

DOL Files Motion to Dismiss Case Challenging Crypto Guidance

"While much of the argument in DOL's motion is technical (e.g., challenging ForUsAll's standing to sue), DOL does say some interesting things in it, e.g., seeking to characterize the Crypto Release as a nonbinding restatement of settled interpretations." [ForUsAll v. DOL, No. 22-1551 (D.D.C. motion to dismiss filed Sep. 12, 2022)]

DOL Seeks Dismissal of Lawsuit Challenging Cryptocurrency Guidance

"[DOL] said the case should be dismissed for several reasons, including ForUsAll lacking standing to challenge the guidance because it hasn't alleged the guidance has caused it harm or that vacating the guidance 'would remedy this alleged injury.' Also, the department said its guidance 'does not constitute final agency action' on the crypto issue, nor is it required to submit interpretative rules and general agency policy statements to public notice and comment under the Administrative Procedure Act." [ForUsAll v. DOL, No. 22-1551 (D.D.C. motion to dismiss filed Sep. 12, 2022)]

QACA Safe Harbor 401(k) Plans: A Guide for Business Owners

"This guide will discuss the difference between QACA and traditional Safe Harbor 401(k) plans. [It will] also explore the requirements, benefits, and potential drawbacks of QACA safe harbor plans."

Solo 401(k) vs. SEP IRA: A Comprehensive Guide for Freelancers and Entrepreneurs

"Choosing the right retirement plan is crucial for securing financial stability in your later years, especially for freelancers and solo entrepreneurs who don't have access to employer-sponsored plans.... Two popular choices for self-employed individuals are Solo 401(k) plans and SEP IRAs.... This guide will help you compare these plans to determine which one is the best fit for you."

401(k) RFP Template: Evaluating 401(k) Plan Providers

"This template includes the questions you need to ask, as well as editable fields for the provider to write their answers, so all you need to do is send it to the provider and then wait for the responses to roll in."

Correcting a Common Mistake in 401(k) Plans: Failure to Make Safe Harbor Contribution:

"What Is a safe harbor contribution? ... Can you suspend or reduce safe harbor contributions? ... What are the consequences for suspending safe harbor contributions? ... Can you reinstate suspended safe harbor contributions? ... Best practices for avoiding safe harbor contribution errors."

2024 Nondiscrimination Testing

"Four key parts of the annual 401(k) compliance tests ... What's on the tests? ... Grading the 401(k) ACP test ... There's more than math to these tests ... About those after-tax contributions ... Fixing a failed ACP test."