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The IRS in a May 23 edition of Employee Plan News provides a comprehensive discussion of the impact of missing a deadline for restating a pre-approved 401(a) or 403(b) plan and how such a situation can be handled.  To maintain a plan’s status as a pre-approved plan and retain uninterrupted... READ MORE
The CalSavers Retirement Savings Board on May 20, 2022 issued request for proposals (RFP) for program auditing services. The board is responsible for overseeing CalSavers, the state-run retirement plan that provides coverage for employees whose employers do not.  The Board wants to select an... READ MORE
The graduates of 2022—well, they’ve been through a lot, arguably more than most—but with any luck at all, the days and years ahead will be brighter.  Life has many lessons to teach us, some more painful than others—and some we’d just as soon be spared. Regardless, if you have a graduate—or if you... READ MORE
The Pension Benefit Guaranty Corporation (PBGC) has its hands full helping provide retirement security for plan participants. But what’s behind their approaches and actions? A recent meeting with a group of industry experts—including ASEA’s Kelsey Mayo and Virginia Wentz—provides a window into the... READ MORE
Editor’s note: This is the second in a two-part series. The first installment appeared here. In my last column, I argued that when ERISA diversification requirements are met, the only remaining prudence issue is price and that, regarding an asset (e.g., stock in a company) that is traded in a... READ MORE
The Department of Labor (DOL), Treasury and Pension Benefit Guaranty Corporation (PBGC) on May 20 released the final revisions to the forms and instructions for the Form 5500 series to be used for reporting concerning plan years beginning on or after Jan. 1, 2022. They also indicated, however, that... READ MORE
The law firm of Schlichter Bogard & Denton has a new target in an excessive fee suit—the plan’s investment advisor. More specifically, plaintiffs Michelle Mills, Coy Sarell, Chad Westover, Brent Aleshire, Barbara Kershner, Paula Schaub, and Jennifer Silva—who just two months ago filed suit[1]... READ MORE
How much injury do you need to suffer in order to bring an excessive fee suit? That issue arose in one of a half-dozen cases that had been frozen in place last fall pending the U.S. Supreme Court’s decision in Hughes v. Northwestern University, decided this past January. The case at hand was... READ MORE
“Saving is the No. 1 priority,” says Robert Kaplan, the American Retirement Association’s Director of Technical Education. Kaplan made his comments during a recent ASPPA webcast that highlighted tax credits and deductions relevant to retirement saving, as well as proposals intended to increase it... READ MORE
The American Retirement Association is strongly opposed to legislation moving through Congress that would prohibit arbitration of claims and discretionary clauses in all ERISA covered retirement plans.  “On behalf of the over 30,000 members of the American Retirement Association (ARA), we hereby... READ MORE
Spring can be a time of explosive growth—and April, as well as the first quarter of 2022, proved that to be the case for private-sector pension plan funding, recent reports indicate. And in the process, liabilities continued to fall.  The funded status surplus for the plans measured by the... READ MORE
In the wake of the SEC announcing a $6 billion securities fraud deal against Allianz Global Investors U.S. LLC (AGI U.S.), the firm off-loaded most of its U.S. investment management business as part of the terms of the deal.    The SEC announced May 17 that it had charged AGI U.S. and three former... READ MORE
Two Senate bills have been introduced and a bicameral working group formed that seek to ease the administrative burdens for small businesses, as well as expand access to those without an employer-sponsored retirement savings plan.  Sens. John Hickenlooper (D-CO) and Susan Collins (R-ME), who both... READ MORE
Citing the current lack of a “compelling policy objective that comports with the Department’s mandate,” the American Retirement Association has commented that the Labor Department shouldn’t call out climate-related risks for special attention.  The comments came in response to the Labor Department... READ MORE
A bill is before the California Senate that would expand CalSavers, the state-run retirement plan that provides coverage to those whose employers do not, to cover almost all employers in the Golden State. SB 1126, introduced by Sen. Dave Cortese (D-Santa Clara), would expand the definition of “... READ MORE
Hurricane season is looming on the horizon, but that is just one of the natural disasters that can affect a retirement plan and its sponsor. The IRS has issued some tips to aid in being ready for any eventuality.  Documents  Place original documents inside waterproof containers in a secure space... READ MORE
As businesses contend with geopolitical issues, interest rate hikes and a shifting labor force, improving the employee experience is key for retention, the findings in a new report suggest.  Consequently, the significant role employee benefits play is more important than ever, according to the... READ MORE
While the Great Resignation may have lost a bit of its novelty, it certainly is not slowing down young professional from evaluating their next career move, including the employer benefits that are most meaningful to them.  According to Fidelity’s 2022 Career Assessment Survey, 6 in 10 young... READ MORE
Perhaps they have not heard of the many benefits in the SECURE Act to help with starting a retirement plan, but a new survey finds that many small business owners remain on the fence.  Apparently long-standing misperceptions about access, matching and cost remain the top barriers to adoption,... READ MORE
A new survey finds that small employers are interested in learning more about pooled employer plans, although there is still some hesitancy on the road to implementation. In fact, more than half of smaller employers surveyed by the Secure Retirement Institute (SRI) that are considering a defined... READ MORE

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