The DOL’s Final Regulations on E-Disclosure of Retirement Plan Documents Become Effective Soon – Are You Ready?

In August 2018, President Trump issued Executive Order 13847, Strengthening Retirement Security in America, one portion of which asked government agencies to explore the potential for broader use of electronic disclosure, as a way of improving the effectiveness of disclosures and reducing the costs and burdens of paper disclosure.

In response, in October 2019, the DOL issued proposed regulations, updating its 2002 regulations dealing in part with electronic disclosures, and on May 27, it issued final regulations, that become effective as of July 27, 2020.

DOL Unveils New Fiduciary Rule Proposal

The Labor Department has finally unveiled its much anticipated fiduciary rule, though it’s a mixed bag and has a certain “back to the future” feel, along with some new implications for recordkeepers, Pooled Employer Plans and rollover advice.

Coronavirus Covid-19 Retirement Distributions and Plan Loans

Amid the Coronavirus pandemic, many states and localities are debating if they can open schools this fall and how to do so safely. This August, several states are offering sales tax holidays during which state sales tax charges are temporarily waived on back-to-school items and other qualifying products. The savings are open to all consumers, but these temporary tax exemptions only apply to specific items outlined by each state.

Coronavirus-related Relief for Retirment Plans and IRAs

Section 2202 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), enacted on March 27, 2020, provides for special distribution options and rollover rules for retirement plans and IRAs and expands permissible loans from certain retirement plans.

The DOL’s Fiduciary Race Ahead of 2021

While the DOL’s spring 2019 regulatory agenda indicates that DOL intends to release a proposed “fiduciary” rule some time in December 2019, given the timing of the regulatory process, to minimize challenges or the potential reversal of its guidance, DOL may need to have its proposal out by October 2019 if it wants to be in a position to finish its rulemaking before the next Administration’s swearing in on January 20, 2021.

Retirement Plan Fiduciary Responsibilities

Many of the actions needed to operate a qualified retirement plan involve fiduciary decisions - whether you hire someone to manage the plan for you or do the plan management yourself.

Target Date Retirement Funds - Tips for ERISA Plan Fiduciaries

In 2013, the U.S. Department of Labor's Employee Benefits Security Administration (EBSA) prepared the following general guidance to assist plan fiduciaries in selecting and monitoring TDFs and other investment options in 401(k) and similar participant-directed individual account plans.

Plan Sponsor’s Duty to Prudently Select and Monitor Remains

Whether A 3(21) Investment Advisor or 3(38) Investment Manager—Plan Sponsor’s Duty to Prudently Select and Monitor Remains

Fiduciary Responsibilities from the DOL

The primary responsibility of fiduciaries is to run the plan solely in the interest of participants and beneficiaries and for the exclusive purpose of providing benefits and paying plan expenses....

Meeting Your Fiduciary Responsibilities

To meet their responsibilities as plan sponsors, employers need to understand some basic rules, specifically the Employee Retirement Income Security Act (ERISA).

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