A Trump Presidency: Potential Impact on Employee Benefits Law and Policy
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Legislative and Washington DC A Trump Presidency: Potential Impact on Employee Benefits Law and Policy Abstract: Expect major changes in employee benefits law and policy during the Trump presidency. The article explores several possible benefits-related developments that employers and plan sponsors should be ready for. Source: Franczek.com Possible Implications for Some HR Laws and Regulations of a Trump Presidency Abstract: A President Trump bolstered by majorities in both the House and Senate could be expected to make many legislative and regulatory changes that would impact HR, employers, and employees nationally. Here are some of the possible changes signaled during the 2016 campaign and in various white papers offered by Congressional staffers. Source: Kushnerco.com »» Click here for more Legislative and Washington Material
Fiduciary and Plan Governance Material Retirement Plan Best Practices: Plan Governance Abstract: In this 12-page paper answers questions, what documents should you have, what is an optimal structure for your committee and who should be on it, what type of decision-making process should you implement, how often does the committee need to meet and what should be on the agenda, and how can you monitor service providers? Additionally, it provides a checklist so that you can check your committee practices against fiduciary best practices. Source: Arnerichmassena.com What the DOL's Final Fiduciary Rule Means for Plan Committees Abstract: The author explains that the increase in potential fiduciary liability under ERISA might mean that retirement plan committees members may wish to review and possibly increase their fiduciary liability insurance. Additionally, because of a perceived higher risk of liability as a fiduciary, the fees charged by a service provider that is now being treated as a fiduciary may be higher and that might suggest a reconsideration as to whether those higher fees remain reasonable. Source: Wagnerlawgroup.com Push for More General Investment Policies as Fiduciary Safeguard Abstract: The policies governing plan sponsors' investment decisions in 401k plans are adopting language that's more general rather than prescriptive in nature, as a way to safeguard against fiduciary breach and future legal action, according to advisers and legal experts. Source: Investmentnews.com (registration may be required) »» Click here for more Fiduciary and Plan Governance Material
Items of Special Interest to Service Providers Will the Fiduciary Rule Redefine the Role and Boundaries of Plan Recordkeepers? Abstract: Plan recordkeeper have long been the beneficiary of potential conflict-of-interest pricing but without, as it pertains to invest.advice, the official stamp of "fiduciary" to burden them. The Fiduciary Rule changes that, and many practices once offered without regulatory consequence by recordkeepers now carry a steep risk if not handled in the most delicate of manners. Source: Fiduciarynews.com (registration may be required) Participant Satisfaction: What Can DC Plan Providers Control? Abstract: So, while investment performance remains the biggest satisfaction driver, providers can pull a host of other, more controllable levers to boost participant satisfaction. This, in turn, solidifies providers' relationships with plan sponsors and boosts their potential for future cross-selling opportunities. Source: Marketstrategies.com
Plan Automation Abstract: This short article deals with 12 common questions around automatic enrollment including, how is the money invested when an employee is auto-enrolled, what are the advantages and disadvantages of automatic enrollment for the plan sponsor, and how does a plan sponsor establish automatic enrollment and automatic escalation in their retirement plan? Source: Strategicbenefitservices.com Automatic Enrollment 401k Plans for Small Businesses Abstract: Approximately 30 percent of eligible workers do not participate in their employer's 401k-type plan. Studies suggest that automatic enrollment plans could reduce this rate to less than 15 percent, significantly increasing retirement savings. This 22-page IRS publication provides an overview of automatic enrollment 401k plans. Source: Irs.gov »» Click here for more on Automatic 401k Plan Features
Court and Other Legal Issues Should Your ERISA Plan Have a Forum Selection Clause? Abstract: With relatively few exceptions, administrators of employee benefit plans covered by ERISA have enjoyed success enforcing forum selection clauses in cases across the country. As such, employers should consider implementing a forum selection clause in their plans. Source: Bradley.com Plan Administrator Pays for Failure to Furnish Documents Abstract: After ruling that a 401k plan administrator violated ERISA when it failed to furnish a custodial agreement and other documents requested by a plan participant, a trial court has imposed penalties totaling $15,959. Source: Thomsonreuters.com »» Click here for more Court and Other Legal Issues
DOL's Fiduciary Rule Abstract: As Washington wakes up to the stunning election outcome, uncertainty about the DOL's fiduciary rule -- and just about everything else -- settled over the capital. Source: Investmentnews.com (registration may be required) New Shade of Doubt Cast on DOL Fiduciary Rule Implementation Abstract: One commentator expects the new DOL fiduciary rule will still be implemented, yet there is undoubtedly a new atmosphere of uncertainty with the presidential election result. Some relief may come on the strict contract and related recordkeeping requirements in the rule. Source: Planadviser.com Federal Court Rejects NAFA Attempt to Kill DOL Fiduciary Rule Abstract: In a victory for the Department of Labor, a federal judge rejected an attempt by an insurance trade group to strike down its new fiduciary rule for retirement advice. The DOL and Mr. Perez still face five lawsuits from firms and industry trade groups seeking to stop the new fiduciary rule. Source: Investmentnews.com (registration may be required) »» Click here for more on the DOL's Fiduciary Rule
Compliance and Regulatory Year-End Compliance Issues for Single-Employer Retirement Plans Abstract: By year-end 2016, sponsors of calendar-year single-employer retirement plans must adopt necessary and discretionary plan amendments to ensure compliance with the statutory and regulatory requirements of ERISA and the tax code. This 2-page bulletin looks at key areas -- including administrative compliance issues -- that sponsors of such DB or DC plans should address by Dec. 31, 2016. Source: Milliman.com The To-Do List For 401k Plans Now: 2016-2017 Edition Abstract: Being a retirement plan sponsor is a tremendous responsibility and the problem is that most plan sponsors don't understand that. Fiduciary responsibility doesn't allow plan sponsors the luxury to be passive when the buck stops with them. With the new fiduciary rule and constant concerns with rampant 401k litigation, here is a 'to-do' list for you to do now. Source: Jdsupra.com »» Click here for more Compliance and Regulatory Material Marketplace News ERISApedia Announces Professional Website Services Beltz Ianni Expands Its Retirement Plan Consulting Team ForUsAll Launches Safe Harbor 401k Resource Center PlanPILOT Adopts InHub's RFP Technology David Pickle Joins the Wagner Law Group Trust Builders Enhances TRAK Gap Analysis »» Click here for More Marketplace News
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