DOL Final Rule Prohibited Transaction Exemption 2020 02 for Investment Fiduciary

ERISA and the IRC establish prohibited transaction provisions that generally exclude fiduciaries, with respect to workplace retirement plans (Plan or Plans) and individual retirement accounts and...


ERISA CYBERSECURITY Best Practices & TIPS

The Employee Benefits Security Administration of the Department of Labor issued a new guidance for plan sponsors and fiduciaries regulated by the Employee Retirement Income Security Act (ERISA).  The...


Pooled Employer Plan

POOLED EMPLOYER PLAN (PEP) created in 2019 under the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) intends to: Extend retirement plan accessibility especially to...


DOL Final Rule: Financial Factors in Selecting Plan Investments

On November 13, 2020, the DOL issued final regulation, to promulgate principles of fiduciary standards for selecting and monitoring investments, and set forth the scope of fiduciary duties surrounding...


DOL Interim Final Rule: Pension Benefit Statements - Lifetime Income Illustrations

The Department of Labor’s Employee Benefits Security Administration (EBSA) announced an interim final rule (IFR) for administrators of defined contribution retirement plans, such as 401(k) plans....


2020 Social Security Cost of Living Adjustment Announced

Based on the increase in the Consumer Price Index (CPI-W) from the third quarter of 2018 through the third quarter of 2019, Social Security and Supplemental Security Income (SSI) beneficiaries will...


2020 HSA Plan Limits

On May 22, 2019, the Internal Revenue Service issued Revenue Procedure 2019-25, announcing the 2020 inflation-adjusted amounts for Health Savings Accounts (HSAs), as determined under the Internal...


Wong, et al vs. Fidelity – Finding New Ways to Get Revenue

In its thirst to maintain and grow assets under administration in an increasingly competitive and dwindling fee environment, a recordkeeper must find a balance between the services it offers and the...


Davis vs. Stadion Money Management, LLC + United of Omaha Life – a First Look

This class action lawsuit shines a light onto the revenue sharing (or possible self-dealing and prohibited transactions) relationship between a recordkeeper and a managed account provider.  Although...


A Reflection on the 8th Circuit Appeal Court's Decision to Dismiss Fiduciary Claims Against American Century

On June 30, 2016, a class action complaint  was filed by Steve Wadman, et al (Plaintiffs), against American Century (Defendants).  On January 23, 2019, Chief Judge Greg Kays, issued a finding of...