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Last fall, the Department of Labor (DOL) released an interim enforcement policy regarding the use of electronic media to satisfy the disclosure requirements for participant-directed individual account plans. The guidance requires plan administrators to disclose to plan participants and beneficiaries both planwide and individual fees and expenses that the plan may charge against plan accounts. This article reviews the guidance.
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The Department of Labor (DOL) issued a final rule clarifying how investment advisors working with plan sponsors can provide investment advice to retirement plan participants in a way that protects both the participant and the investment advisor. The final rule affects sponsors, fiduciaries, participants and beneficiaries of participant-directed individual account plans, as well as providers of investment and investment-advice-related services to such plans. This article looks at the final rule and what plan sponsors need to do to comply with it.
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A federal court of appeals has affirmed that an erroneous estimate of a participant’s pension benefits couldn’t support an Employee Retirement Income Security Act (ERISA) estoppel claim against the pension plan. This article examines why this was good news for the plan, but notes the importance of providing accurate information to retirement plan participants.
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If an employer decides to terminate its 401(k) plan, it must do so properly. If not, it could find itself facing steep consequences or even being sued by the Department of Labor. This brief article discusses the steps necessary to terminate a 401(k) plan.
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A brief list of key tax reporting deadlines for April and May.
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