Posts Categorized: Retirement Plans

President Announces Plan to Expand Fiduciary Rules Applicable to Investment Advisers

in Fiduciary Issues, Retirement Plans

On Monday February 23, 2015, President Obama announced plans for the Department of Labor (DOL) to re-propose rules in the coming months to expand the definition of fiduciary investment advice under ERISA. These rules are intended to crack down on what the President characterizes as “back door payments or hidden fees” that lead to conflicted advice from investment advisers to retirement plan clients. The forthcoming rules will also hold investment advisers to a fiduciary standard, meaning they would be required to put their clients’ interests ahead of their own. The current definition of a fiduciary under ERISA dates back to… Continue Reading

Final Annual Funding Notice Requirements for Defined Benefit Plans

in IRS Examinations, Retirement Plans

On January 30, 2015, the DOL issued final regulations implementing the annual funding notice requirements for defined benefit pension plans under ERISA Section 101(f). The final rule is applicable to notices for plan years beginning on or after January 1, 2015 (that is, for calendar year plans, the annual funding notice provided in 2016). However, plan administrators may elect to comply with the final requirements prior to this date. Overall, the final regulations are substantially similar to the proposed regulations (issued in November 2010), but there are some changes and modifications. Some of the highlights of the final regulations are… Continue Reading