DOL Update Participant Fee Disclosure Deadline Extended During second quarter, the DOL released final regulations to permanently extend the annual participant fee disclosure time frame, effective this year. The original regulations require plans to provide a disclosure of plan and investment information, including an investment comparative chart, to participants once every 12 months. The first [...]
401k Supreme Court Update Ongoing Fiduciary Duty to Monitor Plan Investments Under ERISA, the plan fiduciary (typically the plan sponsor or a plan committee) has a fiduciary obligation to monitor plan fees and pay only reasonable fees from plan assets. The DOL has focused significant attention on this fiduciary responsibility through its fee disclosure mandates. In [...]
401k Legislative Update State-Based Retirement Plan Initiatives While Congress has been unable to reach a consensus regarding whether automatic IRAs should be mandated for employers that do not offer retirement plans, a number of states have moved forward on this initiative, passing their own state-based retirement savings programs. Recently, 26 Senators wrote a joint letter to [...]
IRS UPDATE IRS Tips on Correcting Plan Mistakes The IRS has compiled a list of common plan mistakes it encounters during examinations and in its voluntary correction programs. It may be helpful for plan sponsors to be familiar with these common mistakes and IRS tips for self-correction to avoid making similar mistakes. On the IRS [...]
