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Showing entries with the topic “Legislative/Regulatory”.

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Oct 2019

The New DOL e-Disclosure Regs

On October 22, 2019, the Department of Labor (DOL) issued the long-anticipated proposed regulations addressing electronic disclosure of ERISA-required documents such as Summary Plan Descriptions, benefit statements, fee disclosures and blackout notices. For retirement plan sponsors, the paperwork bu…

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Sep 2019

What I Learned from Reading My Retirement Plan Fee Disclosure

I have a confession to make: While I have written extensively on annual participant fee disclosures for retirement plans, I have never read the participant fee disclosure for my own plan! It’s a little embarrassing, given that I work in the retirement plan industry, but to me, the idea of reading a…

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Aug 2019

Is Your Adviser Who They Say They Are? How to Check an Adviser’s Background

The Certified Financial Planners (CFP) Board made news recently when their public background database of CFPs came under criticism in a Wall Street Journal (WSJ) article. However, that same WSJ report also highlighted what I believe to be a hidden gem for retirement plan participants and plan sponso…

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Jul 2019

What Happened to the SECURE Act?

On May 23rd, the U.S. House of Representatives, by an overwhelming 417-3 vote, passed the SECURE Act. The retirement plan legislation includes a number of enhancements, among which is an increase in the age at which Minimum Required Distribution (RMDs) commence (from 70½ to 72). Following the House’…

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May 2019

Required Minimum Distributions (RMDs): Why I’m Not a Fan

For regular blog readers, it’s no secret that there are certain retirement plan provisions which I could live without. While strides have been made over the years, in my opinion, the laws governing retirement plans remain needlessly complicated and have many unnecessary provisions. Required Minimum…

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Dec 2018

The Proposed Hardship Distribution Regulations: Some Misconceptions

The proposed hardship regulations were issued less than a month ago, but there already appears to be a lot of misunderstanding among plan sponsors and those who work with them. Based on the numerous questions we’ve received these past few weeks, it appears that the biggest misconceptions are as fol…

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Nov 2018

Why Now Might Be the Time to Eliminate a Hardship Distribution Provision

In my experience, most of the retirement plans that are eligible to maintain a hardship distribution provision (defined benefit and money purchase plans cannot, and 457(b) plans can only permit distributions for unforeseeable emergencies, which are a different animal entirely) do indeed allow funds …

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Sep 2018

Now that Summer's Over, Something to Worry About for the Fall

I hope all of you who work for or with retirement plan sponsors had a delightful summer! As for the fall, it is about to get interesting for most of you mainly due to the Bipartisan Budget Act of 2018, more commonly known as the Tax Reform bill.

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