Wednesday, September 3010:00 – 11:00 a.m. On September 30, 2020, I will be a panelist in a Webex presentation that will include a retirement plan auditor, the Regional Sales Director for one of the nation’s largest retirement plan recordkeepers, and an investment advisor. Topics will include how to prepare for a plan audit, key elements […]

On August 6, 2020, via Notice 2020-62, the IRS published its updated model notice that can be used to satisfy section 402(f) of the Internal Revenue Code (the “Code”). Under that section, the plan administrator of certain retirement plans (e.g., 401(k) plans and 403(b) plans) must provide a written explanation of applicable tax rules to […]

On August 20, 2020, the IRS published proposed regulations addressing a provision of the Tax Cuts and Jobs Act (the “TCJA”), which became law on December 22, 2017. The TCJA provided a more lenient rule than under previous law if qualified retirement plan participants have an outstanding loan when their plan terminates or when their […]

On August 5, 2020, the DOL issued a regulation regarding information that must be provided on defined contribution plan participants’ benefit statements under section 105 of ERISA, as amended by the SECURE Act. The regulation requires plan administrators of those plans to express a participant’s current account balance as a single life annuity (a lifetime […]

Given the continuing wave of ERISA litigation, this article has become a mainstay of The Speed Reader. A sample of recent cases is provided below. The most common type of ERISA case for approximately the past fourteen years has involved retirement plan participants’ allegations that plan fiduciaries caused participants to pay excessive recordkeeping and investment […]

On September 2, 2020, the IRS issued Notice 2020-68 (the “Notice”) to provide additional guidance under the SECURE Act.  (Please see the January 2020 edition of The Speed Reader for a summary of the SECURE Act’s provisions that affect defined contribution plans, such as 401(k) plans and 403(b) plans.)    Here is a summary of […]

On July 8, 2020, the IRS published the latest version of its Operational Compliance List (“OCL”). The OCL is intended to help retirement plan sponsors and practitioners achieve operational compliance (i.e. ensure consistency between plan administration and the governing plan document), by identifying changes in plan qualification requirements that became effective during a calendar year. […]

The IRS has issued three new pieces of guidance for retirement plan sponsors, as a result of COVID-19. First, the IRS issued Notice 2020-50 (“2020-50”) on June 19, 2020. 2020-50 expands on the distribution and loan provisions set forth in the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), which was enacted on […]

On June 30, 2020, the DOL published a proposed regulation amending its existing ‘‘investment duties” regulation. That “investment duties” regulation deals with duties imposed upon ERISA plan fiduciaries in connection with their investment of plan assets.   The proposed regulation specifically addresses the growing practice of selecting plan assets because of the non-pecuniary benefits they may […]

On June 29, 2020, the DOL published two pieces of guidance addressing investment advice that is provided to retirement plan participants and IRA owners. First, the DOL issued a proposed prohibited transaction class exemption. As background, ERISA’s and the Code’s prohibited transaction rules generally prohibit fiduciaries that provide investment advice to employee benefit plans and […]