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DOL Fiduciary Rulemaking a ‘Solution in Search of a Problem’: Hearing
With several references made to the movie Groundhog Day, witnesses testifying at a House subcommittee hearing to examine the DOL’s proposed investment advice fiduciary rule suggested the proposal goes beyond its legal authority and called on Congress to act before the guidance ends up in litigation. “I’ve been pushing back against this misguided... Read More >>
DOL Files Suit for Failure to Remit Retirement Plan Contributions
The Department of Labor (DOL) has filed two lawsuits against two defunct Maryland companies for failure to remit employer and employee contributions to their 401(k)s. Acting Labor Secretary Julie Su filed a lawsuit on Jan. 8 after an investigation by the Employee Benefits Security Administration (EBSA) found Elkridge, Maryland-based Jones Dykstra... Read More >>
Big Names Back Latest Proposed Fiduciary Rule
While many financial services firms and related trade groups have expressed their opposition, several high-profile firms have come out in support of the latest iteration of the Department of Labor’s (DOL) proposed fiduciary rule, officially known as the "Retirement Security Rule: Definition of an Investment Advice Fiduciary." According to the... Read More >>
Plan Sponsors Can’t File Form 5558 Electronically Until 2025
Plan sponsors will not be able to file the Form 5558, Application for Extension of Time to File Certain Employee Plan Returns, electronically through the Department of Labor’s (DOL) EFAST-2 system until Jan. 1, 2025. The IRS on Jan. 5, 2024 updated its website to state that it is postponing electronic filing of the Form 5558. The IRS attributes... Read More >>
(Not-So) ‘Common’ — Wisdom
There is a “common wisdom” in our business that suggests that all plan sponsors are, more or less, alike; that large plans are the inevitable early adopters of trends that, sooner or later, trickle down to plans of all sizes. Consequently, those who make their living trying to discern trends and patterns frequently focus on the behaviors in... Read More >>
Participant and Plan Sponsor Advocate Calls for Changes at the PBGC
The Pension Benefit Guaranty Corporation (PBGC) has work to do in order to accomplish its mission and better serve plans and participants, says a just-released report by the PBGC Participant and Plan Sponsor Advocate. The 2023 Annual Report of the Participant and Plan Sponsor Advocate Pension Benefit Guaranty Corporation, released on Dec. 29,... Read More >>
ARA Submits Comment Letter to DOL on Proposed Fiduciary Rule
In our comment letter submitted to the Department of Labor (DOL) on Jan. 2, 2024, the American Retirement Association (ARA) expressed support for—yet specific issues with—the department’s proposed definition of “fiduciary investment advice” and amendments to PTE 2020-02. The rulemaking package, named the “Retirement Security Proposed Rule and... Read More >>
Retirement Plan Committee Meetings—What Plan Sponsors Want
Editor’s note: This is Part I of a two-part series. As a best practice, we know that plan sponsors should have a retirement plan committee and have regular committee meetings. Do plan sponsors do this? And if so, what do they really want to talk about in these meetings? It used to be “regular” stuff like investments, compliance testing, and... Read More >>
4 Fiduciary Resolutions for 2024
A brand new year awaits us – and with the New Year comes an opportunity to assess and reassess – for some when, resolutions for the cessation of bad behaviors and the beginning of better ones are in vogue. Here are some for plan fiduciaries for 2024 – that could benefit plan outcomes for years to come. See if your target-date options are over-... Read More >>
12 Key Elements in the IRS SECURE 2.0 'Grab Bag' Notice
On December 20, the IRS released the long-awaited SECURE 2.0 guidance (a/k/a the “Grab Bag”) in the form of Notice 2024-02. The notice is 81 pages of Frequently Asked Questions (FAQs) on various SECURE 2.0 provisions. As expected, there was no guidance related to student loan matching, pension-linked emergency savings accounts, or long-term part-... Read More >>