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Anchor 3(16) Fiduciary Solutions
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EPIC RPS
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Retirement Plan Administration Consultant Blue Ridge Associates
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July Business Services
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Strongpoint Partners
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Relationship Manager for Defined Benefit/Cash Balance Plans Daybright Financial
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ESOP Administration Consultant Blue Ridge Associates
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MVP Plan Administrators, Inc.
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Regional Vice President, Sales MAP Retirement USA LLC
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Combo Retirement Plan Administrator Strongpoint Partners
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Mergers & Acquisition Specialist Compass
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DC Retirement Plan Administrator Michigan Pension & Actuarial Services, LLC
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Managing Director - Operations, Benefits Daybright Financial
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Cash Balance/ Defined Benefit Plan Administrator Steidle Pension Solutions, LLC
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-- An attorney subscriber
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Search the News Archive
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10 Matching News Items |
| 1. |
Locke Lord LLP
Aug. 19, 2024
"Plan administrators may rely on participants' written certifications that they are eligible for an EPED or DAVD.... 401(k) plan sponsors can allow amounts attributable to elective, qualified nonelective, qualified matching, or safe harbor contributions to be included in the distribution.... direct rollovers need not be offered, Code Section 402(f) notices need not be provided, and no 20% mandatory income tax withholding is required from such distributions.... An applicable retirement plan must accept repayment of EPEDs or DAVDs from the participant within a 3-year period following receipt if [certain conditions] apply."
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| 2. |
Locke Lord LLP
July 18, 2024
"[On] July 12, 2024, the IRS [announced] that the IRS would permit paper filing of the Form 5330 for tax years 2023 and 2024.... [T]he IRS noted that it has only one authorized AEP for filing Forms 5330 at this time. To get the relief from the electronic filing requirement, the IRS noted that employers must document the lack of AEPs as the reason for filing the Form 5330 on paper rather than electronically."
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| 3. |
Locke Lord LLP
May 10, 2024
"[T]he preamble to the Final Rule clarifies that the provisions would not apply to employers as it relates to the provision of employee health benefits.... In addition, the preamble to the Final Rule clarifies that even if a plan sponsor or a third-party administrator of a group health plan receives Federal financial assistance, such assistance does not make the group health plan a 'covered entity'."
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| 4. |
Locke Lord LLP
May 10, 2024
"[M]any retirement plan third-party administrators (“TPAs”) are seeking approval to be an AEP during 2024 and are anticipating being in a position to e-file the Forms 5330 before the filing deadline of March 31, 2025 (applicable to the deadline for the excise taxes on late corrective distributions from a retirement plan that occur in 2024). However, these TPAs cannot guarantee approval prior to the deadline. Unfortunately, employers do not have the option of filing the Forms 5330 by paper even with the lack of AEPs."
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| 5. |
Locke Lord LLP via JDSupra
Dec. 18, 2023
"The Oklahoma Attorney General's office is likely to appeal to the Supreme Court. ... [T]he Eighth Circuit had previously ruled that ERISA did not preempt regulation of pharmacy benefit managers (PBMs) ... while the Tenth Circuit [has] ruled that similar regulation is preempted by ERISA.... As things now stand, PBMs, insurers, etc., operating in Kansas City, Missouri, and Kansas City, Kansas, may be subject to different legal standards as ERISA preempts state regulation of PBMs in Kansas but not in Missouri." [PCMA v. Mulready, No. 22-6074 (10th Cir. Aug. 15, 2023; pet. for en banc hearing denied Dec. 12, 2023)]
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| 6. |
New York Expands Regulation of Pharmacy Benefit Managers While ERISA Preemption Remains Uncertain
Locke Lord
Nov. 10, 2023
"PBMs operating in New York State must be licensed by DFS by January 1, 2024.... The new provisions significantly increase documentary and informational materials PBMs must submit to [the Department of Financial Services (DFS)], such as contracts, financials, governance, and ownership structure. Companies applying for licensure must also certify their compliance with DFS's cybersecurity regulation."
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| 7. |
Locke Lord
May 9, 2010
3 pages. Excerpt: The Preventive Services Mandate is intended to eliminate financial barriers to accessibility, enabling individuals to identify health issues early and take appropriate measures to stay healthy or treat problems in the earliest stages. Carriers and plan administratorsshould be prepared to take quick action to ensure compliance with these new legal requirements by September 23, 2010.
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| 8. |
Locke Lord
Dec. 11, 2009
1 page. Excerpt: Linked [at the end of the article] are Word versions of the two new safe harbor notices contained in IRS Notice 2009-68 that you can download and modify for your use: Safe Harbor Notice - Roth Account; Safe Harbor Notice - Non-Roth Account.
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| 9. |
Locke Lord
June 17, 2009
3 pages. Excerpt: While boards of directors and compensation committees have recognized that compensation practices are now under intense scrutiny, there have been no mandated changes to public companies' existing practices, except for financial institutions receiving funds under the United States Treasury Department's Troubled Asset Relief Program ('TARP'). Now the Obama Administration is proposing legislation that would continue the regulatory course begun with the Sarbanes-Oxley Act ('SOX'), mandating changes in corporate governance for all public companies.
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| 10. |
Locke Lord
June 6, 2008
2 pages. Excerpt: In July 2007, the IRS issued final regulations that govern these plans and impose new requirements on their non-profit sponsors. These new requirements are generally effective January 1, 2009. If your organization sponsors a section 403(b) plan, you must take certain compliance steps before December 31, 2008.
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