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Articles

 

A Plan Fiduciary's Responsibilities Bookmark

The term “fiduciary” gets used a lot these days; sometimes, we suspect, without a true understanding of what the term means and how fiduciary responsibility applies to our industry. It’s a corner of the retirement plan industry that can be a little murky.

Timing is Everything Bookmark

For years now, we have been hearing from the Department of Labor (DOL) about the importance of depositing employee 401(k) deferrals and loan payments as quickly as possible. While that continues to be the case, it seems that there is not nearly as much commentary about when to deposit company matching or profit sharing contributions. That is about to change with this article.

Year-End Compliance Testing Overview Bookmark

The end of the calendar year is fast approaching which means the plan year end for many qualified plans. It will be time for plan sponsors to collect complete employee data to enable their service providers to perform the numerous compliance tests required to retain the plans taxqualified status.

Down With DOMA Bookmark

Signed into law in 1996, the federal Defense of Marriage Act (DOMA) is a small law that has caused big controversy.

Introduction and Background

DOMA is small in the sense that it consists of only three sentences, making it shorter to include the full text of the law here rather than attempting to explain it.

The IRS Meets Letterman Bookmark

Anyone who has ever watched late night television is familiar with the ubiquitous Top 10 List, counting down humorous examples of whatever is in the news. Not to be upstaged, the IRS has its own Top 10 List—the top 10 plan compliance failures found in voluntary correction filings.

The Final Fee Disclosure Regulations Have Arrived Bookmark

Nearly five years in the making, the Department of Labor (DOL) has published its long-awaited plan sponsor fee disclosure regulations under ERISA section 408(b)(2). With these new regulations taking effect on July 1, 2012, plan sponsors and service providers alike will be scrambling to prepare.

Participant Fee Disclosure Requirements for Individual Account Plans Bookmark

Last year the Department of Labor (DOL) issued final regulations requiring broad disclosures of fees, expenses and certain other plan and investment-related information to participants and beneficiaries under individual account plans.

The purpose of the new disclosure requirements is to ensure participants and beneficiaries have access to adequate information to enable them to comparison shop among investment options to make informed investment decisions.

Below is a general overview of the regulations' key disclosure requirements that become effective in 2012.