Summertime is here and for those of us with calendar year benefit plans, we know that means the 5500 filing deadline is also right around the corner. Most plan sponsors are well aware of the 5500 filing requirement for pension/retirement plans – but lately it seems I’ve been meeting too many employers that were either not… [Read More]
Association Health Plans – Will They Help?
The Trump Administration has released its final rule on Association Health Plans (AHPs). This has been a long-debated topic. Advocates feel that groups in the same trade, industry, line of business or profession – or those that exist within the boundaries of the same state or metropolitan region – should be able to band together to have… [Read More]
Court Ruling Throws Out DOL Fiduciary Rule
Don’t go requiring your financial advisor to be a plan fiduciary just yet! In a March 15, 2018 decision, the Fifth Circuit Court of Appeals struck down the Department of Labor’s (DOL) new fiduciary rule in its entirety. The rule, which became effective June 9 of last year, was due to be fully implemented on… [Read More]
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
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]
New DOL Fiduciary Rules Are Significant but Not Earth-Shattering
On April 5, 2016, the Department of Labor announced the long-awaited final version of its updated fiduciary regulations. As expected, the new rules broaden the definition of who should be considered a fiduciary for any accounts with investment features, such as retirement plans, individual retirement account (IRA) and health savings account (HSA). The intent of… [Read More]
DOL’s Fiduciary Proposal Can Mean Big Changes, but for Whom?
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?
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
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
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]
