Fiduciary Rule Change Delay Results in No Changes

Fiduciary Rule Change Delay Results in No Changes

Well, the 60-day delay in implementing the Department of Labor’s new Fiduciary Rule came to an end with a big fat goose egg in the results column. This new rule – which requires all financial advisors providing services to retirement plans to put their clients’ interests of ahead of their own – has been a… [Read More]

What the Delay in the DOL Fiduciary Rule Means for You

What the Delay in the DOL Fiduciary Rule Means for You

On April 4, the Department of Labor delayed the start of the new Fiduciary Rule by 60 days. Put simply, the rule requires financial advisors to put the interests of their clients ahead of their own. Originally due to become applicable on April 10, the date has been pushed back to June 9. While there have… [Read More]

DOL’s Fiduciary Proposal Can Mean Big Changes, but for Whom?

REtirement

When the Department of Labor (DOL) recently announced proposed regulations updating the ERISA definition of a fiduciary, many industry heavyweights publicly proclaimed that this was going to hurt the small investors by causing brokers to exit that end of the market. Meanwhile, some advisors have used the news to call my clients, warning them how… [Read More]

5500 Reporting: Are You Up to Date?

Paperwork and Calculating Cost

If you’re like many of our clients, you probably know that you are required to submit annual Form 5500 reporting for your company’s pension and 401(k) plans. But a surprisingly high number of clients are not aware that they need to submit Form 5500 reporting for health and welfare plans as well. The criteria of… [Read More]

An End to Cash in Lieu of Benefits

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Think you can pay cash to incentivize employees to waive coverage under an employer-sponsored health plan? Think again. On November 6 in FAQ 22, the DOL made clear that cash paid to reimburse individual market policies would subject the employer to excise tax whether the reimbursement was a pre-tax or post-tax payment. Interesting. And perhaps… [Read More]

Plan Sponsors Get Aggressive with New Fee Disclosure Information

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It’s been a year since the DOL Fee Disclosure regulations went into effect and the question is: Where do we stand? It’s a good time to measure the impact of these regulations on the retirement industry and whether they achieved their intended goal of better decision making by participants. Well, from the participant standpoint, reaction… [Read More]

Alert: ACA Waking Up Dormant Compliance Issues

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Compliance is not just an ACA issue. In 1974, ERISA was passed to establish employees’ rights and employers’ obligations and really to unclog the court systems from matters pertaining to pension and welfare plans. There is a lot of fine print in those rules—which are often overlooked until there is a complaint lodged or until… [Read More]

Dropping the Ball on COBRA Notifications Can Be Expensive

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The DOL has stepped up enforcement of COBRA compliance violations, and penalties can be steep. It’s hard enough to keep up with changes in the federal law, but New York and other states have passed laws extending COBRA continuation beyond federal requirements. This means employers must stay on their toes to provide a wide range… [Read More]