Compliance

Another self-dealing lawsuit has been filed in federal court, this one seeking $34 million in alleged damages.

The court agreed with the plaintiffs that they have alleged injury with respect to each of their claims—which implicate ‘plan-level conduct’—and, therefore, have standing to sue.

Letting the agency set its own premiums and basing them more on risk would encourage the offering and maintenance of pension plan, the Academy of Actuaries says.

Maximum Benefit/Contribution Limits for 2016 through 2021, with a downloadable PDF of limits from 2011 to 2021.

The lawsuit says the target-date funds had underperformed since they were created and resulted in a loss of $65 million for the plan.

The final version of the regulation emphasizes the importance of using only ‘pecuniary’ factors in the assessment of investment options within tax-qualified retirement plans.

The agency’s enforcement report describes some ways enforcement actions are initiated.

The two candidates differ in their approaches to several key areas of importance in the retirement planning industry.

The legislation proposes expanding automatic enrollment in retirement plans, and expanding retirement savings options for nonprofit employees, among other things.

Most contribution and benefit limits for employer-sponsored plans remain unchanged for 2021, according to the IRS.

A revenue ruling addresses income tax withholding and reporting, and a revenue procedure adds to the list of waivers of the 60-day rollover requirement.

A memorandum issued by the president first orders three departments to review the situation for Delphi retirees, then orders a review of pensions currently trusteed by the PBGC.

The SAVE Act would allow 403(b) plan sponsors to join open MEPs and incentivize the creation of ESOPs, among other things.

Plan sponsors can trust advisers to help with committee decisions and training and expect input from ERISA attorneys.

Allianz Global Investors is again accused of not following the promised investment strategy for its Structured Alpha Funds.

The proposal is intended to offer processes to clearly determine a worker’s status.

Among other things, the lawsuit accused Reliance Trust Co. of selecting funds for the plan that would benefit itself.

A prior lawsuit against its 401(k) plan recordkeeper and managed account provider was dismissed, with a federal judge saying any claim based on the allegedly excessive fee arrangement...

In addition, the maximum amount of earnings subject to Social Security tax—used to determine the taxable wage base for permitted disparity in DC plan contributions—will increase.