In this article we review significant 2015 retirement policy developments. We begin with defined contribution plan initiatives and DOL’s re-proposal of its re-definition of an ERISA ‘fiduciary.’ After discussing other DC developments, we then discuss defined benefit plan initiatives, where issues related to risk transfer and de-risking, Pension Benefit Guaranty Corporation premiums and valuation assumptions… Read More
The Center for Retirement Research at Boston College has released a Brief, Investment Returns: Defined Benefit vs. Defined Contribution Plans (the “BC Brief”), reviewing over 20 years of Form 5500 data to determine the rate of return in defined benefit and defined contribution plans. The report finds that, after accounting for size of plan and… Read More
Last December, the ERISA Advisory Council has released a summary of its 2015 recommendations. One of the (two) issues the Department of Labor had asked the EAC to consider for 2015 was “lifetime plan participation.” Together with its summary, the EAC released a “Sponsor Tip Sheet and Sample Communications” which would, if adopted by DOL,… Read More
In this article, we discuss: the final IRS rules for hybrid plans not in compliance with the market rate of return standard – those rules also postpone the effective date of 2014 hybrid rules to 2017; the recent decision in Pfeil v. State Street, a stock drop case; ERISA Advisory Council recommendations with respect to… Read More
The Social Security Administration just announced benefit increases, or lack thereof, effective in 2016. For the second time in the past six years, current retirees will not receive a cost-of-living increase in 2016, due to a decline in the CPI-W between the third quarter of 2014 and the third quarter of 2015. Since there will… Read More
According to Department of Labor Secretary Perez, DOL has received over 330,000 comments on its fiduciary regulation proposal. The DOL website shows 2,631 public comments. In August, DOL held four days of hearings, at which opponents and supporters of the proposal presented their views. In this article we provide an update on the current status… Read More
In July 2015, the Savings & Investment Bipartisan Tax Working Group (WG) of the Senate Finance produced a report for the Committee’s broader tax reform project. The WG report provides a useful inventory of current bipartisan defined contribution plan policy proposals. In this article we summarize the report. Background – DC reform as a policy… Read More
In our prior articles we have reviewed the basic principles of an ERISA fiduciary’s duty to monitor persons it appoints to carry out plan-related functions and the application of those principles to the selection of plan investments and investment managers. In this article we discuss the duty to monitor non-fiduciary service providers. As with our… Read More
We have posted three articles on Department of Labor’s proposal to re-define who is an ERISA advice ‘fiduciary,’ reviewing the proposal generally and the seller’s carve-out, the Best Interest PTE and the participant education carve out. As we discussed in those articles, the DOL proposal may affect plan sponsors in three ways. First, sponsors and… Read More
In our prior article we reviewed the basic principles of an ERISA fiduciary’s duty to monitor persons it appoints to carry out plan-related functions. In this article we discuss the application of those principles to the selection of plan investments and investment managers. We are going to consider this issue exclusively in the context of… Read More
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