Pension sponsors enjoyed a second month of modest improvement in finances during February on the strength of strong stock markets. Both model pension plans we track1 gained ground again last month: Plan A improved 1% in February and is now up 2% this year, while Plan B added a fraction and is now up almost… Read More
PROBLEM Company was unaware their actions/inactions had caused them to pay more than $800,000 in PBGC premiums than they needed to pay over the last 6 years. The overpayment wasn’t their fault for they had no clue they could make simple changes and greatly reduce premiums. They were relying on their actuary to tell them… Read More
The Pension Benefit Guaranty Corporation (PBGC) was created as part of the Employee Retirement Income Security Act of 1974 (ERISA) to insure benefits for participants in qualified defined benefit plans in the event employers who sponsor these plans are unable to fulfill their commitments. The PBGC oversees two programs, one for “single-employer” plans and another… Read More
In this article we briefly review two recent developments in the initiative by certain states (and certain large cities) to require private sector employers that do not offer a retirement plan to provide an auto-IRA for their employees. Background A number of states are considering implementing programs that would require employers that do not offer… Read More
Pension sponsors enjoyed a modest boost in January on the strength of higher stock markets and steady interest rates during the month. Both model pension plans we track1 were up last month: Plan A gained a bit more than 1%, while Plan B gained less than 1%: Assets Equity markets gained ground in January: the… Read More
On February 8, 2017, the United States District Court for the Northern District of Texas (Dallas Division) ruled in favor of the Department of Labor in Chamber Of Commerce of the United States of America, et al. v. Edward Hugler, Acting Secretary of Labor, the lawsuit brought by the Chamber of Commerce and other industry… Read More
On February 3, 2017, President Trump signed an executive order instructing the Department of Labor to review its Conflict of Interest rule. The Executive Order is styled as a “Memorandum for the Secretary of Labor.” It instructs the Secretary to “examine the Fiduciary Duty Rule to determine whether it may adversely affect the ability of… Read More
I posted here earlier this month about a provocative Wall Street Journal piece in which the creators and early adopters of the 401(k) retirement-savings vehicle lament the revolution they started. Their point: They had no intention of watching the concept turn into the sole — and highly inadequate — savings receptacle for employees. Now, on… Read More
In this current outlook we review: (1) DOL’s proposed change to ERISA proxy voting rules to provide for consideration of Economically Targeted Investments (ETI) and Environmental, Social, and Governance (ESG) factors; (2) the Ninth Circuit’s ruling in Tibble allowing plaintiffs to proceed with their failure-to-monitor claim; (3) the current status of Oregon’s mandatory private employer… Read More
On January 13, 2017, the Department of Labor released two sets of FAQs in a second round of guidance on its Conflict of Interest rule. One set of FAQs is “Part II” of ongoing guidance on technical aspects of the rule as it affects providers and plan sponsors, and it will be the focus of… Read More
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