The Department of Labor found many violations in retirement plan audits last year, likely because plan sponsors were not regularly self-auditing plan operations.
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Investment Advisers who advise IRAs and pensions have increased risk of being a “fiduciary” under this final rule.
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Plan fiduciaries need to secure in-house data and investigate their outside vendors’ procedures.
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Carol Buckmann was quoted in this Bloomberg Law article analyzing the Texas federal district court decision in Spence v. American Airlines, Inc. and American Airlines Employee Benefits Committee refusing to dismiss the case. She discussed defects in the case that would most likely have resulted in dismissal of this politically-motivated lawsuit in another court.
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SECURE 2.0 allows non-highly compensated employees to contribute to emergency savings accounts. The IRS and the Department of Labor have now issued guidance clarifying the rules.
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Plaintiffs want a retrial to change a jury’s determination that there were no damages from a fiduciary breach involving Yale’s retirement plan. The DOL supports them. Which standard applies?.
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Most new plans will be required to have auto-enrollment and auto-escalation beginning in 2025. The “grab bag” guidance in Notice 2024-02 addresses how this requirement will be applied to mergers and spinoffs, but leaves other basic questions unanswered.
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Clarification of the rules for electing Roth employer contributions should spur more plan sponsors and vendors to consider allowing them.
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Here are some developments that could change things for the better in 2024.
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The fiduciary responsibility to review the reasonableness of plan compensation extends to indirect compensation. Failure to do so can result in a non-exempt prohibited transaction.
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All members of a controlled group are liable under ERISA for plan termination and withdrawal liability, but in practice, it isn’t easy to get jurisdiction over foreign members.
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In this Op-ed for Bloomberg Tax, Carol Buckmann comments on the implications of this welcome delay in this new requirement applying to high earners.
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Most ERISA lawsuits don’t get to trial, but a recent decision in a 401(k) fiduciary breach lawsuit shows that fiduciaries who follow prudent processes can win.
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We invite you to join us on 9/7 for answers to your questions about fiduciary liability insurance.
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No federal law guarantees restoration of a participant’s account if it is stolen by a cyberthief. ERISA and state law might provide remedies if a participant can establish breach of fiduciary duty or negligence, but plan sponsors and the government can do more to deal with this problem.
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