In 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
On April 4th, the 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
As anyone who deals with the administration of qualified retirement plans knows, mistakes happen. This is a fact that the IRS is well aware of, and the last thing that the Service wants to do is harm participants by disqualifying their company’s retirement plan. For this reason, the IRS has established the Employee Plans Compliance Resolution System (“EPCRS”). This system allows plan administrators to make voluntary corrections without risking disqualification of their plan. Continue reading
As the Department of Labor’s (DOL’s) new, expanded fiduciary rule continues to become clearer (see our recent blog post), it’s important to step back and keep in mind what it means to be a fiduciary to a retirement plan. The fiduciary standard of conduct is known as the highest standard of conduct under the law. A fiduciary to a retirement plan, under ERISA, must (1) act solely in the interest of plan participants, and (2) act as a prudent person would act in the same situation. Continue reading
A multiple employer plan (MEP) is a single plan that is adopted by several employers who are not under the same corporate ownership umbrella. Historically, in order to establish a multiple employer plan all of the employers joining the plan must share a “common nexus.” This means that they must be in some way related to each other, for example, by doing business in the same industry. Two unrelated businesses are not allowed to sponsor a multiple employer plan together. Continue reading
The Department of Labor (“DOL”) has submitted their final draft of the proposed fiduciary rule to the Office of Management and Budget for final review and approval. This means that the final rule is likely to be published within the next several months. Continue reading
On May 18th, the Supreme Court delivered its decision in Tibble v. Edison, which involves the question as to whether a plan fiduciary has an ongoing duty to monitor a plan’s investments. Continue reading
In order to understand how the DOL’s proposed redefinition of the term “fiduciary” under ERISA will affect you as a plan sponsor, you must first understand the relationship you have with the current plan service providers. Continue reading
There has been a lot of national press over the recent Supreme Court Case Tibble V Edison, which involves the question as to whether a plan fiduciary has an ongoing duty to monitor a plan’s investments.
The basic facts of the case are as follows: Continue reading
(Springfield, MO, February 6, 2015) – Pension Consultants, Inc., a leader in offering in-depth, un-conflicted advice on every aspect of retirement plan management, was recently recognized as one of the country’s Top 100 Advisers of 2015 by PLANADVISER. PLANADVISER, a nationally recognized and leading resource for advisers and consultants in the retirement planning industry, compiles the Top 100 listing annually.