The Supreme Court unanimously decided that separate and apart from the selection of investment choices, a retirement plan fiduciary has a "continuing duty" to monitor investments and remove imprudent ones.
The Internal Revenue Service (IRS) recently announced that it will begin conducting focused audits aimed at determining compliance with Internal Revenue Code Section 409A. Section 409A is a complex and easily overlooked provision of the tax law which can result in draconian penalties. For this reason, we strongly recommend that our clients become familiar with the law, and review their existing documents now to avoid these penalties.
President Obama’s administration announced yesterday (Tuesday, July 2, 2013) that the “employer mandate,” or the imposition of penalties for employers with more than 50 employees who fail to provide health insurance as required by the Affordable Care Act, will be delayed until 2015. All other Affordable Care Act requirements and related compliance provisions will remain in effect.
This article addresses a topic which we all may face; how to avoid disputes that arise after death when beneficiary designation failures occur. The authors suggest best practices plan administrators and plan participants can take to minimize the likelihood of such failures.
Every year plan sponsors must ensure that their employee benefit plans meet compliance requirements as set forth by the Internal Revenue Service (IRS). With 2012 rapidly drawing to a close, this is the time for employers to conduct year-end reviews to ensure that all qualified retirement plans are up-to-date and operating in compliance with applicable law.