PBI Bank Settles with DOL over ESOP Transaction
PBI Bank will no longer serve as a trustee or service provider for any plan covered by ERISA, with a few exceptions.
Compliance
SIFMA Comments Support Commission Accounts
Eight comment letters to the DOL address SIFMA’s concerns about the fiduciary redefinition, including what it sees as an unfair position on commission-based accounts.
Certain Federal Workers Get Relief from Withdrawal Penalty
President Obama signed a law lowering the age at which federal public safety officers can tap retirement accounts without penalty.
Voya Asks DOL to Ease Up on Fiduciary Rule
The financial firm says the proposal has “unduly complicated” provisions.
Bill Extends Provision for Using Surplus Pension Funding
Over-funded pension plans would have a longer time period in which they could use surpluses to pay for retiree health and life insurance benefits.
ESOP Sponsor May Have Had Heightened Duty to Disclose
A court has found questions exist about whether a privately-held company had a duty to disclose a contemplated merger to ESOP participants who sold company stock shares.
DOL Gets Final Judgment in Misuse of Pension Funds Cases
The latest court order culminates six years of investigations and three years of legal battle.
IRS Provides Summary of Form 5500 Changes
The Form 5500 filing deadline is July 31 for calendar year-end retirement plans.
Guidance Coming About State-Run Retirement Plans
President Obama has asked the DOL for guidance by the end of the year.
ERISA Plans Not Safe from Government-Owed Restitution
A federal court has found a retirement plan participant’s plan balance can be garnished for money owed to the U.S. government.
DOL Clarifies Annuity Selection Safe Harbor Regulation
In a Field Assistance Bulletin, the DOL answers questions it has received about the fiduciary selection safe harbor regulation for DC plans.
IRS to Host Webinar About Fixing Plan Mistakes
The free event will cover how updates to the IRS correction program make fixing certain retirement plan failures easier.
On Remand, ABB Wins Fund Change Case
In the long-running Tussey v. ABB lawsuit, a court found ABB breached its fiduciary duties, but a procedural error by plaintiffs handed ABB the win.
DOL Seeks Independent Fiduciary for Abandoned Plan
The plan’s recordkeeper refused to make distributions after the former plan fiduciary changed each participant’s address to his own.
Conn. Passes Protection for Transferred Pension Assets
Legislation in Connecticut will protect transferred pension assets from creditor claims.
IRS Announces Halt to Certain Lump-Sum Offerings
Effective July 9, DB plan sponsors may no longer offer a lump-sum window to participants who have begun receiving installments.
Report Rounds Up Retirement Reform Needed
A working group established by the Senate Committee on Finance shows support for a number of proposals to reform the American retirement savings system.
Appellate Court Weighs In on Posthumous QDRO
Appeals court rules on the validity of certain posthumous qualified domestic relations orders, and whether divorce settlement agreements qualify as or supersede QDROs.
DOL Reiterates Its Stance on ‘Top Hat’ Plans
The Department of Labor has filed an amicus brief weighing in on a court case regarding a plan’s ‘top hat’ status.
Court Rules Against Reduction in State Pension Payments
A Montana teachers' union claims a reduction in retirees' pension payments is unconstitutional.