DOL Delays Key Investment Fiduciary Requirements to Mid-2019

By ERISA News November 27, 2017

A much-anticipated extension of the current transition period for Department of Labor (DOL) investment fiduciary guidance has been announced. According to a DOL news release, the applicability date of several key elements of the guidance has been extended from January 1, 2018, to July 1, 2019. The additional 18-month transition period specifically applies to the controversial Best […]

Kathleen Connelly Notes That Specialized Advisers May Reconsider the Role of Broker-Dealers

By Greg Iacurci, InvestmentNews November 27, 2017

In a recent arti​cle​ published by InvestmentNews, EVP Kathleen Connelly discusses the changing role and importance of broker-dealers. As advisers become more specialized in the 401(k) market, they tend to move further away from commission business. ​”Advisers are increasingly choosing its [Ascensus’] fee-based platform, which generated roughly 80% of Ascensus’ sales last year,” notes Connelly. ​​​While broker-dealers’ relationship with 401(k) advisers may have […]

Dan Kravitz Discusses the Growth of Cash Balance Plans

By Paula Aven Gladych, Employee Benefit News November 27, 2017

Dan Kravitz, head of Kravitz, Inc.,​ discussed the grow​​th of Cash Balance plans in an article ​published by Employee Benefit News. ​Kravitz ​​​noted that cash balance plans grew by 17% in 2015. ​“The investment risk is borne by the employer but they are not subject to 401(k) limits,” he adds. “So owners, particularly older owners, can contribute a lot more to […]

DOL Delays Final Rule Revising Disability Claim Procedures

By ERISA News November 27, 2017

Scheduled for publication in the November 28 Federal Register is a Department of Labor (DOL) notice of a 90-day delay for final regulations revising disability claim procedures. The January 1, 2018, effective date is delayed by this announcement to April 1, 2018. Minimal Effect on Retirement Plans The impact of the final rule on retirement […]

DOL, IRS Release Information Copies of 2017 Forms 5500, 5500-SF, Schedules

By ERISA News November 21, 2017

The IRS and the Department of Labor’s (DOL) subagencies—the Employee Benefits Security Administration and Pension Benefit Guaranty Corporation—have announced what they describe as “advance informational copies” of 2017 plan year annual return Forms 5500 and 5500-SF (short form). Also included are information copies of the accompanying schedules commonly filed with these forms. The DOL announcement […]

DOL Issues Employee Benefit FAQs for Hurricane and California Wildfire Victims

By ERISA News November 21, 2017

The Department of Labor’s Employee Benefits Security Administration (EBSA) has issued two sets of frequently-asked-questions (FAQs) pertaining to employee benefits of persons affected by recent hurricane events and California wildfires. These FAQs address issues faced by participants and beneficiaries of defined benefit pension plans, defined contribution retirement plans, and health benefit plans. One set of […]

IRS Plan Examiner Memo Confirms Proper RMD Recipient Search Procedure

By ERISA News November 20, 2017

The IRS recently posted an internal memorandum for retirement plan examination staff at its website, concerning procedures retirement plans are expected to use when seeking missing participants or beneficiaries who are required to take distributions. Retirement plans are required to pay out required minimum distributions (RMDs) to participants age 70½ or older who are not […]

Puerto Rico Savings Plan-Related Relief for Hurricane Maria Victims

By ERISA News November 17, 2017

The Puerto Rico Treasury Department issued Administrative Determination (AD) 17-29 guidance granting tax-related relief to certain residents affected by Hurricane Maria. The relief grants special tax treatment for certain distributions from Puerto Rico qualified retirement plans and IRAs to cover eligible expenses for loss or damage caused by the hurricane. If certain conditions are met, up […]

Ascensus Addresses Third-Party Administrators’ Need for More Efficient Way to Run Their Businesses

By Ascensus November 17, 2017

Ascensus, a technology-enabled service provider that helps more than 7 million Americans save for the future, is pleased to announce that it has launched an enhanced digital experience for third-party administrators (TPAs) who use its recordkeeping platform via a refreshed, web-based plan management dashboard. Designed with input gathered directly from the TPA community—along with guidance […]

House Passes Tax Cuts Bill, Senate Finance Committee Finalizes Its Version

By ERISA News November 17, 2017

The House of Representatives yesterday passed the Tax Cuts and Jobs Act, legislation that makes dramatic changes to business and individual income tax provisions, as well as other aspects of the Internal Revenue Code. In addition to the many proposed corporate, small business and individual changes to the U.S. tax regime, the Tax Cuts and Jobs […]

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