Last year we reviewed the effect of newly adopted rules under the “Moving Ahead for Progress in the 21st Century Act” (MAP-21) in our article Implications of MAP-21 for DB plan finance. At that time, we concluded that if interest rates stayed flat (as of the summer of 2012), typical DB plan sponsors would have… Read More
On June 5, 2013 the Securities and Exchange Commission released a proposal (the ‘Proposal’) that, if adopted, would fundamentally change how most money market funds operate. In this article we focus on the impact that the adoption of one (or both) of the alternatives discussed in the Proposal would have on defined contribution plans that… Read More
One striking thing about the Department of Labor’s Target Date Fund (TDF) tip sheet was how much the ‘tips’ were simply a re-statement of general fiduciary rules applicable to choosing and monitoring any fund in a 401(k) plan fund menu. Even controversial ‘tips,’ such as “Inquire about whether a custom or non-proprietary target date fund… Read More
On August 4, 2014, the 4th Circuit handed down its decision in Tatum v. R.J. Reynolds Tobacco Company. The court reversed the district court’s decision in favor of defendant-fiduciaries and remanded the case for further proceedings. (We discussed the district court decision in our article Tatum v. R. J. Reynolds Tobacco Company: Plan Fiduciary Issues.)… Read More
On August 9, 2013, the Department of the Treasury and the Internal Revenue Service released the 2013-2014 Priority Guidance Plan – generally setting priorities for the allocation of the resources for the period July 2013-June 2014. The first item under the subheading Employee Benefits/Retirement Benefits was “Guidance on frozen defined benefit plans and related matters.”… Read More
Krueger v. Ameriprise Financial (November 2012) involves a decision by the United States District Court District of Minnesota in a suit by three current and four former Ameriprise employees. Plaintiffs claimed (among other things) that Ameriprise and plan fiduciaries breached their fiduciary duty under ERISA with respect to the Ameriprise 401(k) plan by using Ameriprise-affiliated… Read More
Senators Reed (D-RI) and Harkin (D-IA) have proposed legislation (the Student Loan Affordability Act of 2013 (S. 953)) that would extend the current low (3.4%) interest rate on student loans (which expired on July 1, 2013) for another two years. To pay for that extension, the proposal (among other things) modifies Tax Code minimum distribution… Read More
Senator Hatch (R-UT) has introduced legislation, the “Secure Annuities for Employee Retirement Act of 2013” (“SAFE”), that includes a number of changes to current retirement plan rules. Most of the changes would affect account based plans (such as 401(k) and other defined contribution plans) and IRAs. In this article we review some key provisions of… Read More
In 2012, Senator Harkin (D-IA), Chairman of the Senate Health, Education, Labor and Pensions Committee, released his USA Retirement Funds proposal. The proposal addresses a number of issues that remain current, e.g., coverage, 401(k) participation by low wage employees and the efficiency of the current 401(k) system. Senator Harkin is retiring from the Senate in… Read More
Congressman Richard Neal (D-MA) has introduced legislation — the “Retirement Plan Simplification and Enhancement Act of 2013” (H.R. 2117) — which would make a number of changes to the Tax Code and ERISA. The bill is similar to last year’s H.R. 4050, the “Retirement Plan Simplification and Enhancement Act of 2012,” which we wrote about… Read More
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