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Ronald J. Triche
By Ronald J. Triche | 11/20/2014
The NAPA Government Affairs Committee submitted a comment letter Nov. 19 to the Department of Labor regarding the use of self-directed brokerage (SDB) windows and accounts in ERISA-covered participant-directed individual account retirement plans. NAPA made three proposals to the DOL regarding the...
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By Ronald J. Triche | 11/5/2014
Have you worked with plan sponsors who have, or who have considered, adopting a qualified default investment alternative (QDIA)? The Government Accountability Office (GAO) wants to hear from fiduciaries of defined contribution plans who have considered adopting or who have adopted a QDIA for their...
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By Ronald J. Triche | 7/30/2014
On July 29, the Government Accountability Office (GAO) published findings from a recent study undertaken at the request of retiring U.S. Rep. George Miller (D-Calif.). The report, “401(k) Plans: Improvements Can Be Made to Better Protect Participants in Managed Accounts,” made the following...
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By Ronald J. Triche | 7/30/2014
Recently, members of NAPA's leadership (Joe DeNoyior, Steve Dimitriou, Jeff Acheson and Lisa Kottler) met with representatives of the Government Accountability Office (GAO) to gain insights for a new study the GAO is conducting on the use of qualified default investment alternatives (QDIAs) in 401(...
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By Ronald J. Triche | 7/2/2014
On July 2, 2014, the NAPA Government Affairs Committee submitted a comment letter to the DOL in response to its request for comments regarding a proposed rulemaking on target date fund disclosures. The comment letter recommends that the DOL require that five disclosures be made to retirement plan...
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By Ronald J. Triche | 6/9/2014
On June 9, 2014, the NAPA Government Affairs Committee submitted a comment letter to the SEC in response to its request for comments regarding a proposed rulemaking on target date fund disclosures. In addition to supporting the SEC’s continued use of asset-based glide path illustrations (instead of...
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By Ronald J. Triche | 4/7/2014
On April 4, 2014, the IRS issued Notice 2014-19 as a follow-up to Revenue Ruling 2013-17 regarding the Supreme Court’s decision in the U.S. v. Windsor DOMA case. While Rev. Rul. 2013-17 gave general tax-status guidance resulting from the Windsor decision, Notice 2014-19 specifically focuses on...
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By Ronald J. Triche | 12/13/2013
According to the recently released fall 2013 Statement of Regulatory Priorities, the Department of Labor intends to reissue its definition of fiduciary regulation in August 2014. Originally issued in October 2010, the proposed regulation was withdrawn in September 2011 in response to requests from...
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By Ronald J. Triche | 11/25/2013
On Nov. 22, 2013, the SEC's Investment Advisory Committee adopted the following recommendations that were proposed by the committee’s Investor-as-Purchaser Subcommittee.Registered Investment Advisor ExamsThe SEC should ask Congress to pass legislation allowing the SEC to assess a fee on registered...
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By Ronald J. Triche | 10/4/2013
As discussed in my June 27, 2013 post, the U.S. Supreme Court ruled in United States v. Windsor that Section 3 of the Defense of Marriage Act (DOMA) is unconstitutional. On Aug. 29, 2013, the IRS issued preliminary guidance regarding the effects of Windsor in Revenue Ruling 2013-17. On Oct. 4, 2013...
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By Ronald J. Triche | 10/2/2013
A subcommittee of the SEC’s Investor Advisory Committee has submitted a draft “Recommendation of the Investor as Purchaser Subcommittee Broker-Dealer Fiduciary Duty” in advance of a scheduled Oct. 10, 2013 meeting of the Committee. The draft document from the Committee’s “Investor as Purchaser”...
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By Ronald J. Triche | 8/20/2013
In an Aug. 15, 2013, letter to Brian Graff, Executive Director/CEO of ASPPA and NAPA, Robert C. Post, Dean of Yale Law School, distanced Yale University and Yale Law School from Prof. Ian Ayres’ 401(k) plan fees research and Ayres’ related letters to plan sponsors. Dean Post states that, “the...
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By Ronald J. Triche | 7/31/2013
On July 24, the U.S. District Court for the District of New Jersey dismissed (for a second time) a breach of fiduciary duty case brought by participants in various 401(k) plans against John Hancock and its affiliates. Essentially, the plaintiffs alleged that John Hancock breached its fiduciary duty...
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By Ronald J. Triche | 7/30/2013
On July 29, 2013, a federal district court in Pennsylvania issued an order affirming that the U.S. Supreme Court’s decision in United States v. Windsor requires the recognition of same-gender marriage with regard to benefits distributable from an ERISA-covered employee benefits plan. (For a link to...
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By Ronald J. Triche | 7/19/2013
During the 2013 ASPPA Mid-Atlantic Benefits Conference held in Philadelphia May 16-17, Marc I. Machiz, Director of the Philadelphia Region of the DOL’s Employee Benefits Security Administration, highlighted one potential ERISA violation that the Philadelphia Region plans to focus on in the coming...
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By Ronald J. Triche | 6/27/2013
The U.S. Supreme Court ruled yesterday that the Defense of Marriage Act (DOMA) is unconstitutional. The Court’s decision in United States v. Windsor means that same-gender marriages must be recognized by the federal government in the states that permit them. For ERISA plans, however, the Court’s...
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