When declaring them in your ERISA plan, be sure they are being followed or they may spell more trouble than the protection you think you are getting. Safe harbors are well known statutes provided to protect from liability those that that declare and implement them … properly. Unfortunately, we often see safe harbors in the… Continue reading Fiduciary Safe Harbors
Cyber-crime is on the rise worldwide. As a result, growing numbers of organizations are taking critical steps to protect their valuable electronic data from hackers and other cyber criminals — a process known as cybersecurity. It’s serious business, and a trend retirement plan sponsors and committees should pay attention to. In 2015, IBM’s chair, president… Continue reading Hacked! Is Your Retirement Plan At Risk For A Cyber Attack?
Prohibited Transactions by business service providers claiming to help, could sink the business you have worked so hard to make successful. Case in point: Today I received the following email from one of the large payroll providers offering to absorb the administrative cost of the business 401(k) if the business will contract with them to… Continue reading Beware the Siren’s Song: The Prohibited Transaction Trap
Participant-driven lawsuits are on the rise, and employers are facing heightened scrutiny of the way they manage their retirement plans. In today’s continually-evolving regulatory and legal environment, it’s more important than ever to make sure your organization’s retirement plan is both effective and compliant. A well-structured retirement plan governance program can help you pursue these goals… Continue reading Risky Business: Why Plan Governance Matters
Understanding 401(k) Loans The recent enactment of the Tax Cuts and Jobs Act of 2017 (TCJA) makes changes to 401(k) loan repayment options, which should prompt plan sponsors and plan administrators to re-evaluate their existing loan program, processes and procedures. This article will provide an overview of the loan provision and offer a list of considerations… Continue reading Plan Sponsor Guide: Understanding 401(k) Loans
The DOL Rule is Dead On June 21, 2018 the 5th Circuit Court of Appeals vacated the requirements of the U.S. Department of Labor’s (DOL) Conflict of Interest Rule-more commonly referred to as the “DOL Fiduciary Rule”-thus killing the rule entirely. Despite this news, the death of the DOL Fiduciary Rule does not alleviate… Continue reading The DOL Fiduciary Rule is dead, but you’re still a fiduciary