Compliance

March 28, 2017

High Court Hears Oral Arguments in Church Plan Cases

The bulk of the oral arguments focused on the definition of a church plan set forth in Section 3(33) of ERISA and whether deference should be given to Internal Revenue Service (IRS) letters granting church plan status to entities’ plans.

March 28, 2017

Taxation of Retirement Accounts Is On the Table

One ERISA industry advocate directly engaged with members of Congress says he expects more proposals to emerge from Republicans seeking to “significantly alter our retirement system,” most likely as a part of tax reform. 

March 27, 2017

Anthem Excessive Fee Case Moves Forward

The only motion to dismiss by the defendants that the court granted concerned a claim that the 401(k) plan should have offered a stable value fund instead of a money market fund.

March 23, 2017

IRI Releases 2017 Policy Agenda

The Insured Retirement Institute says it will call on Congress and the Trump Administration to support greater access to workplace retirement plans and simplified lifetime-income products.

March 22, 2017

Cash Balance Challenge Defeated By Bank of America

Plaintiffs originally filed their cash balance plan lawsuit in 2004, claiming the way their employer created a cash balance plan by essentially transforming an existing 401(k) represented impermissible benefit cutbacks.

March 20, 2017

Surge in Wrong VCP User Fees Prompts IRS Reminders

Mentioned in the list of reminders includes suggestions about how to avoid incorrect voluntary compliance program user fees; determining the right user fee; and qualifications for reduced fees.

March 17, 2017

Court Finds Price for ESOP Purchase Overvalued

The court found trustee Wilmington Trust “rushed its evaluation of the ESOP, failed to follow its own policies, and failed to adequately vet [other valuators’] conclusions.”

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