Updated: IRS, PBGC and DOL Provide Additional Hurricane and Wildfire Relief

in Qualified Plans, Retiree Benefits, Retirement Plans, Welfare Benefits

Updated November 21, 2017

By: Sterling Perkinson and Harrison Taylor

The IRS issued an announcement paralleling the relief granted to Hurricane Harvey victims to those in Florida affected by Hurricane Irma.  Announcement 2017-13 (the “Announcement”) relaxes hardship distribution standards for employees who live or work in a Florida county designated by FEMA to receive funds on account of Hurricane Irma, or who have family, such as parents, grandparents, children or grandchildren or...Continue Reading

DOL Signals Changes to Fiduciary Rule; SEC Commissioner Calls Rule “Misguided”

in Fiduciary Issues, Fiduciary Rule

By: Sterling Perkinson and Harrison Taylor

The Department of Labor (DOL) has proposed an extension of the transition period of its Fiduciary Rule from January 1, 2018 to July 1, 2019. (See our prior blog post here). At the same time, the DOL signaled that significant changes will be made to the Fiduciary Rule and/or related exemptions prior to the end of the transition period.

  • Streamlined Exemption Anticipated. The DOL noted in the preamble to proposed regulations extending the transition...Continue Reading

DOL Extends Fiduciary Rule Transition Period, Issues FAQs on Fee Disclosures

in Fiduciary Rule, Retirement Plans

By: Sterling Perkinson and Harrison Taylor

Transition Period Extension

In an August 9th court filing, the DOL announced it will extend the transition period for three prohibited transaction exemptions relating to the fiduciary investment advice rule (the “Fiduciary Rule”), including the Best Interest Contract (BIC) Exemption, to July 1, 2019. Previously, the transition period was set to end on January 1, 2018. The DOL’s extension of the transition period delays for at least 18 months...Continue Reading

New Disability Regulations: Wait-and-See or Move Forward?

in Disability Plans, Welfare Benefits

On December 19, 2016, the DOL issued final regulations modifying the claims procedures for adverse determinations relating to disability claims under ERISA. Most of the changes mirror the additional disclosure requirements that apply to health plan claims under the Affordable Care Act.  To allow employers, insurers and claims administrators time to comply, the final regulations apply to claims for benefits filed on or after January 1, 2018.

At the end of July, the DOL announced that it is...Continue Reading