On July 16, the Internal Revenue Service (IRS) released Rev. Proc. 2021-30, and with it a series of updates that plan sponsors and those working to correct plan failures, will find of interest,... Read More
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Regulatory Compliance
BY Nevin E. Adams, JD | 7/19/2021
BY Ted Godbout | 7/13/2021
TIAA-CREF Individual & Institutional Services LLC (TC Services) has agreed to pay $97 million to settle charges in relation to rollover recommendations to participants in TIAA record-kept... Read More
BY John Iekel | 7/9/2021
There have been many changes in the last year in the rules governing distributions, rollovers, loans and more. A workshop at the recent annual conference of the National Tax Deferred Savings... Read More
BY Ted Godbout | 6/30/2021
Robinhood Financial has been ordered to pay nearly $70 million for systemic supervisory failures in the largest financial penalty ever ordered by the self-regulatory organization. ... Read More
BY John Iekel | 6/25/2021
The IRS announced June 24 that it is extending for a year temporary relief from the physical presence requirement for participant elections that must be witnessed by a plan representative... Read More
BY Ted Godbout | 6/16/2021
If the threat of a cybersecurity breach wasn’t enough cause for concern to take action, an inquiry by the Department of Labor might do the trick.
“We can confirm that the DOL has begun... Read More
BY Ted Godbout | 6/11/2021
A new report from the Government Accountability Office (GAO) sheds new light on enforcement activities of the DOL’s Employee Benefits Security Administration.
The 56-page report, ... Read More
BY David Levine, JD | 6/9/2021
Washington has shifted again. In 2009, Democrats had complete control of Congress and the presidency. By 2017, complete control had shifted to the Republicans. Now the Democrats are back. One... Read More
BY Ted Godbout | 6/2/2021
The chairman of the Securities and Exchange Commission has instructed the staff to review the Trump administration’s proxy adviser rules and whether to recommend further regulatory action regarding... Read More
BY Ted Godbout | 5/24/2021
The American Retirement Association is calling on the IRS to issue guidance immediately addressing the SECURE Act’s long-term part-time employee rule that has immediate impacts on plan sponsors... Read More
BY Nevin E. Adams, JD | 5/21/2021
President Biden has issued an Executive Order that, among other things, directs the Labor Secretary to reconsider rules that would have barred consideration of ESG factors in investment decisions... Read More
BY Nevin E. Adams, JD | 5/17/2021
Participants in the recent Plan Sponsor Council of America’s National Conference recently got an opportunity few do—two former Assistant Secretaries of Labor from different administrations on the... Read More
BY Ted Godbout | 4/28/2021
While there’s no sign of anything specifically retirement-related in the materials shared thus far, the tax plan that President Joe Biden released April 28 would impose significant tax increases... Read More
BY Nevin E. Adams, JD | 4/14/2021
The Labor Department’s new guidance on fiduciary investment advice provides important insights on the agency’s perspective on the new rule, particularly as it relates to rollover advice—and a... Read More
BY NAPA Net Staff | 4/13/2021
The U.S. Department of Labor’s Employee Benefits Security Administration has issued guidance on fiduciary investment advice for retirement investors, employee benefit plans and investment advice... Read More
BY Ted Godbout | 4/12/2021
During examinations of investment advisers, registered investment companies and private funds engaged in ESG investing, SEC staff have observed instances of potentially misleading statements,... Read More
BY John Iekel | 4/7/2021
The IRS Tax-Exempt and Government Entities (TE/GE) Office has updated its compliance program. That includes compliance strategy initiatives that affect some retirement plans.
In their ... Read More
BY John Iekel | 3/30/2021
The IRS is delaying the deadline by which 2020 contributions to IRAs and Roth IRAs must be made until May 17, 2021. The terms of the delay are specified in IRS Notice 2021-21, issued March... Read More
BY Ted Godbout | 3/26/2021
The IRS has issued guidance addressing whether amounts paid for certain personal protective equipment are treated as qualified medical expenses.
In Announcement 2021-7, the IRS clarifies... Read More
BY Ted Godbout | 3/10/2021
A March 10 announcement by the Department of Labor’s Employee Benefits Security Administration provides a precursor to the direction it plans to take on the recently finalized rules. ... Read More
BY Michael P. Barry | 3/9/2021
How do/should we “value” environmental and social governance (ESG) investments? Here’s how the Department of Labor (DOL) summarizes its final ESG regulation:
“The amendments [revising ERISA... Read More
BY Ted Godbout | 3/3/2021
The Securities and Exchange Commission has announced that its 2021 examination priorities will include a greater focus on conflicts of interest for brokers and advisers, as well as climate-related... Read More
BY John Iekel | 3/1/2021
The Department of Labor’s (DOL) Employee Benefits Security Administration (EBSA) on Feb. 26 issued guidance on the duration of the COVID-19-related relief provided by Disaster Relief Notice 2020-01... Read More
BY John Iekel | 2/17/2021
The IRS has confirmed that no action is needed on recent 2019 Form 5500 extension letters. The confirmation came in the Feb. 17 edition of the IRS newsletter, Employee Plans News.
This... Read More
BY Kelsey Mayo | 2/12/2021
If your plan sponsor clients have recently received approval of a filing extension requested last summer for their 2019 Form 5500—they don’t need to do anything.
As you may know... Read More
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