DOL Announces 18 Month Delay on Implementation of Fiduciary Rule

FiduciaryDutyA previous blog released by Pension Consultants, “DOL Fiduciary Rule is Here – Are You Prepared?” communicated that the Department of Labor’s (DOL) Conflicts of Interest Rule (also known as the Fiduciary Rule) would be implemented on June 9th of this year. However, On November 27th, 2017, the DOL announced the Final Fiduciary Ruling will be delayed until July 1st, 2019. Continue reading

2017 Year-End Retirement Plan Deadlines Sponsors Should Be Aware Of

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As we close out 2017 and enter into 2018, plan sponsors have retirement plan administration deadlines that need to be completed to avoid consequences for the plan. In past years, sponsors have had a significant amount of deadlines to meet before the end of the year. Fortunately, this year there have not been as many legislative changes that require plan amendments. Continue reading

You’re a Plan Fiduciary – Now What?

As a plan fiduciary, you are charged with overseeing plan management with the goal of providing a good plan for your employees.

Plan management includes selecting and monitoring plan investments, selecting and monitoring plan service providers, assisting employees in preparing for a successful retirement, and the administration of the plan.Each area of plan management will require fiduciaries to use discretion that may impact the participants in the plan and their beneficiaries. Continue reading

IRS Releases Retirement Plan Limitations for 2018 Plan Year

2017 Cost-of-Living Adjustments (COLA) LimitsOn October 19, 2017, the Internal Revenue Service announced the 2018 Cost-of-Living Adjustments (COLA)1 to the retirement plan limits.

Below is a chart outlining the COLA limits that become effective January 1, 2018, along with the two prior tax years’ limits:

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The Tools Your Retirement Plan May Be Missing: Auto-Enrollment & Auto-Escalation

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What are your goals for your retirement plan? Are you a plan sponsor reviewing your plan and wondering to yourself, “Why is my plan not performing competitively against others,” or even more so, “How do I increase employee participation in my retirement plan?”

The answer could be, as we will outline in this post, something as simple as adding auto features to your plan design.

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DOL Fiduciary Rule is Here – Are You Prepared?

FiduciaryDutyIn an earlier blog, “DOL Fiduciary Rule Delayed: Future Still Remains Unclear,” we communicated that the Department of Labor’s (DOL) Conflict of Interest Rule (also known as the Fiduciary Rule) would become applicable June 9th, 2017. As a result, after today, investment advice providers to retirement savers will become fiduciaries, and the “impartial conduct standards” will become requirements of the related prohibited transaction exemptions. Continue reading

DOL Fiduciary Rule Delayed: Future Still Remains Unclear

On April 4th, th2017_COLA_limitse Department of Labor (DOL) announced that it would be delaying the applicability date of its Conflict of Interest Rule (also known as the Fiduciary Rule) by 60 days. This moves the applicability date of the rule back from April 10th to June 9th.

Next, the DOL will be considering whether to leave the rule unchanged, to revise the rule, or to rescind the rule all together. It’s unclear whether this determination can be made within 60 days or whether the DOL will pursue an additional delay in the applicability date. Continue reading

The Responsibility of Plan Fiduciaries

Protecting against the Self-Interest of Others for the Good of Participants

Fiduciaries of the JP Morgan Chase 401(k) Savings Plan have recently been sued by Plan participants. Listed allegations include:

  • failing to monitor and evaluate the cost of investment options
  • imprudently allowing the Plan’s assets to remain in various proprietary (JPMorgan) investment vehicles rather than lower fee, similar investment vehicles, and
  • failing to remove fiduciaries whose performance was sub-par.[1]

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Turbulent and Uncertain Future for the Fiduciary Rule

Turbulent Uncertain Future for Fiduciary RuleAfter more than six years of work, much anticipation, and monumental changes in the financial industry in preparation, the Department of Labor’s Conflicts of Interest Rule (also referred to as the Fiduciary Rule) is set to become applicable on April 10th, 2017.  However, it is unlikely that this fledgling rule will ever actually see the light of day.

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