12.01.2024 02.55 CST
IRS Guidance on recent legislation helps employers start planning for next few years.
SECURE Act Provisions Start Taking Shape
As we enter 2024, employers (and their providers) are starting to get more IRS guidance on recent pension legislation.
The IRS ended 2023 with new guidance on the SECURE Act and SECURE 2.0. These included proposed regulations on the new requirements for long-term part-time employees and a grab-bag of Q&As on miscellaneous provisions of SECURE 2.0. Overall, the IRS guidance does not contain dramatic surprises—but it does help employers and their providers start planning for the next few years.
11.12.2023 03.30 CST
Recent court decision reiterates that provider fees are reasonable only of fiduciaries understand all income received by a provider as the result of providing services to a plan.
The U.S. Court of Appeals for the Ninth Circuit recently clarified fiduciaries’ obligation to consider all revenue received by a provider—even indirect revenue from third parties. The ruling relies heavily on 2012 DOL regulations and could prompt fiduciaries to be more insistent in obtaining comprehensive disclosure from providers on all their sources of income.
10.11.2023 02.56 CST
DOL takes another swing at redefining investment fiduciaries
The DOL has proposed regulations updating the definition of investment fiduciary. The proposed regulation seeks to create a uniform standard applicable to all investment advice provided to ERISA plans and to IRAs
12.07.2023 03.47 CDT
Yale takes fiduciary case to trial—and prevails
The jury found that Yale breached fiduciary duties and cause plan to pay excessive fees; at the same time the jury found that a fiduciary following a prudent process could have made the same decisions and awarded $0 in damages.