A Picture of the Changes to the IRS Determination Letter Program

The IRS’ determination letter program allowed sponsors of individually designed retirement plans to receive a routine determination letter, which is a periodic official regulatory compliance seal of approval that the IRS grants to benefit plans. While the recent decision to end this program has left many plan sponsors and their advocates uneasy, the IRS may [...]

2018-11-12T15:45:16-06:00March 16th, 2017|BENEFIT PLAN NEWS FLASH, EMPLOYEE BENEFIT PLANS|

Solving the Hardship Withdrawal Program Administration Puzzle

Riddle Me This: Why Offer a Hardship Withdrawal Option? Plans that do not offer a hardship withdrawal option are still subject to “plan leakage.” In other words, employees’ retirement dollars prematurely leave the plan due to hardship withdrawals, plan loans going into default upon employment termination or other reasons. Whatever the cause of the leakage, [...]

2018-11-12T15:45:48-06:00February 21st, 2017|BENEFIT PLAN NEWS FLASH, EMPLOYEE BENEFIT PLANS|

Remodeling Your Fiduciary House Under the DOL’s New Rules

The majority of the DOL’s complex regulations mandating fiduciary status for individuals dealing with retirement investment decision-making involve investment advisors. However, the regulations, effective April 10, 2017, also require plan sponsors (who are always the fiduciary) to take certain steps. The rules also expand the definition of fiduciary status. A Fresh Coat of Primer on [...]

2018-11-12T15:45:53-06:00February 20th, 2017|BENEFIT PLAN NEWS FLASH, EMPLOYEE BENEFIT PLANS|

How the IRS Planted the Seeds for Easier Retirement Plan Rollovers

The IRS has released taxpayer-friendly final regulations regarding certain retirement plan rollovers. Specifically, the new rules should make it easier — and less costly — to transfer after-tax funds from designated Roth accounts to Roth IRAs or other designated Roth accounts. The Fruitful Advantages of Roth IRAs and Designated Roth Accounts Roth IRAs can grow [...]

2018-11-12T15:47:04-06:00October 24th, 2016|BENEFIT PLAN NEWS FLASH, EMPLOYEE BENEFIT PLANS|

The Flurries of FLSA Changes Coming This Winter

December 1, 2016, may or may not bring snow to many parts of the country. However, it will bring the Fair Labor Standards Act (FLSA) final overtime rule. The dramatic changes included in the FLSA final overtime rule could have significant implications for retirement plans. Specifically, the changes affect what forms of compensation employers use to [...]

2018-11-12T15:47:32-06:00August 15th, 2016|BENEFIT PLAN NEWS FLASH, EMPLOYEE BENEFIT PLANS|

Understanding the New DOL Fiduciary Standards Rule

For almost a decade, the DOL was concerned that retirement investors – those who invest in employee benefit plans – were traveling on “unstable ground” with their investment advisors. In other words, the advisors’ recommendations may have been more lucrative for them than for their clients. This concern led to the DOL’s new fiduciary standards [...]

2018-11-12T15:47:54-06:00June 20th, 2016|BENEFIT PLAN NEWS FLASH, EMPLOYEE BENEFIT PLANS|

Why Perception Isn’t Reality for Retirement Preparedness

The Employee Benefit Research Institute’s (EBRI’s) 2016 “Retirement Confidence Survey” provides helpful insights on employee behavior and benchmarking data for plan sponsors striving to help their employees attain retirement preparedness. When it comes to retirement preparation, the study indicates that confidence often doesn’t correlate to the underlying facts. Closing the perception/reality gap remains a significant [...]

2020-01-31T12:18:32-06:00June 19th, 2016|BENEFIT PLAN NEWS FLASH, EMPLOYEE BENEFIT PLANS|