Best Practices for Plan Fiduciaries
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Fiduciary and Plan Governance Material Best Practices for Plan Fiduciaries Abstract: In today's evolving legal, regulatory, and litigation environments, it is more important than ever that employee benefit plan fiduciaries understand their roles and responsibilities. This 78-page guidebook serves as a roadmap to your fiduciary duties and provides plan fiduciaries with tools to assist in complying with ERISA's fiduciary responsibilities. Source: Vanguard.com Food for Thought for Plan Fiduciaries on Best Practices Abstract: Fiduciary duties, always a critical concern, have stood in sharper relief as the Department of Labor prepared and issued the new fiduciary rule. So it could be especially helpful to take a fresh look at best practices through which a plan fiduciary can not only meet the letter of the law, but also better serve those whom it -- and the plan -- serves. Source: Asppa.org Abstract: Am I a retirement plan fiduciary? Many plan sponsors simply don't know. Find out in five questions during this 1:43-minute video. Source: Youtu.be Narrowing in on the Right Approach to DC Menu Design Abstract: This paper seeks to explore the various approaches to menu design and identify how plan demographics and participant behavior can aid in determining what may be most appropriate for a specific plan. Source: Manning-Napier.com Fiduciary Responsibility in Government DC Plans Abstract: NAGDCA created this 11-page Fiduciary Responsibility Brochure to guide a fiduciary of a governmental participant-directed DC plan through the basic fiduciary responsibilities imposed upon plan sponsors. It provides a simple explanation of fiduciary standards of conduct. Source: Nagdca.org What the DOL's Final Fiduciary Rule Means for Plan Committees Abstract: The DOL's Final fiduciary rule is a significant regulatory initiative, and thus it is important to understand how it impacts retirement plan committees' fiduciary responsibilities and committee relationships with plan service providers. This article focuses on some of the implications the new fiduciary rule will have on retirement plan committee responsibilities. Source: Wagnerlawgroup.com »» Click here for more Fiduciary and Plan Governance Material
Items of Special Interest to Service Providers Advisers Have a Fiduciary Duty to Put Robust Business Continuity Plans in Place Abstract: State and federal regulators cite an adviser's fiduciary obligation to protect clients' interests from being placed at risk as the basis for requiring business continuity plans. However, the SEC's justification for the proposed rule leaps beyond core fiduciary principles. Instead, the regulator seeks to assert that an adviser's failure to provide a viable BCP would be subject to anti-fraud provisions of federal securities laws. Source: Investmentnews.com (registration may be required) Finding Opportunities in the Fiduciary Rule Abstract: Some of the key implications of the fiduciary rule relate to disclosure, fixed indexed annuity changes, and the extended rules to rollovers and distributions. Each of these areas represents a center of significant change, as well as some areas of opportunity in the industry for those who are able to pivot. Source: Brokerworldmag.com
Court and Other Legal Issues Score One for 401k Fiduciaries - Excessive Fee Suit Against Chevron Dismissed Abstract: We have finally had some good news for embattled fiduciaries. A few days ago, the fiduciaries of the Chevron 401k Plan succeeded in getting an excessive fee complaint dismissed -- at least for the time being -- because it contained conclusions rather than facts sufficient to infer that the fiduciaries had breached their fiduciary duties. Source: Cohenbuckmann.com Safeway, Great-West Sued Over JP Morgan Funds in 401k Plan Abstract: Safeway and Great-West Financial face a lawsuit accusing them of breaching their ERISA fiduciary duties by allegedly selecting JP Morgan's high-fee target-date funds as investment options for the supermarket chain's 401k plan. Source: Bna.com »» Click here for more Court and Other Legal Issues
State-Based Retirement Programs DOL Issues Rules on State-Based Savings Programs Abstract: The DOL issued final regulations establishing a safe harbor for certain state-based savings programs (SSPs) established pursuant to state payroll deduction programs so that these SSPs are not considered employee pension benefit plans under the Employee Retirement Income Security Act of 1974 (ERISA). The DOL also issued proposed regulations that would permit a limited number of cities and other local governments to establish SSPs. Source: Practicallaw.com
DOL's Fiduciary Rule Judge's Questions Show Inclination to Uphold DOL Fiduciary Rule Abstract: Federal judge Randolph Moss didn't state his position Thursday regarding how he will rule on a lawsuit against a major Labor Department advice regulation. But his questioning of plaintiffs and defense attorneys during a hearing that lasted more than three hours indicated he is probably leaning toward upholding the regulation and not granting the preliminary injunction being sought by the National Association of Fixed Annuities. Source: Investmentnews.com (registration may be required) Navigating the DOL's New Fiduciary Rules: A Game Plan for Broker-Dealers Abstract: This 22-page paper focuses on the new and amended fiduciary advice regulations issued by the Department of Labor, and accompanying prohibited transaction exemptions, from the perspective of broker-dealers and their registered representatives who provide investment advisory services. Includes a discussion of the exemptions that may be available to broker-dealers that are fiduciaries and various compliance considerations. Source: Dechert.com »» Click here for More on the DOL's Fiduciary Rule
Compliance and Regulatory IRS Issues Self-Certification Guidance for Missed 60-Day Rollover Deadline Abstract: In Revenue Procedure 2016-47, the Internal Revenue Service provided a self-certification procedure that provides a mechanism for recipients of retirement plan and individual retirement account (IRA) distributions who inadvertently miss the 60-day deadline for rolling these amounts into another retirement plan or IRA to avoid early distribution taxes. Source: Practicallaw.com Accepting Late Rollover Contributions Abstract: Retirement plan administrators, and IRA trustees, custodians and issuers can now accept late rollover contributions from individuals who self-certify they qualify for a waiver of the 60-day rollover requirement. Source: Irs.gov Retirement Plans Can Make Loans, Hardship Distributions to Louisiana Flood Victims Abstract: The Internal Revenue Service announced that 401ks and similar employer-sponsored retirement plans can make loans and hardship distributions to Louisiana flood victims and members of their families. Source: Irs.gov »» Click here for More Compliance and Regulatory Material
Marketplace News Ameritas Closes on Deal to Acquire Guardian's 401k Business TRA Appoints Brad High as New Regional Sales Consultant PSCA Engages Groom Law Group to Enhance Lobbying Effort Bart Ballinger to Spearhead Sales of NestUp McKay Hochman to End Operations December 31, 2016 Pensionmark Adds $1B Meridien Benefits to Network
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