ERISA does not preempt Illinois slayer statute

A spouse who killed her husband but was found not guilty of the crime by reason of insanity was precluded, under the Illinois Slayer Statute, from receiving his pension benefits, according to U.S. Court of Appeals in Chicago (CA-7). The subject of the law was a traditional area of state regulation and the statute incorporated […]

DOL temporary enforcement policy may allow advisers to maintain practices following vacatur of fiduciary rule

While the final disposition of the fiduciary conflict of rules remains in flux, the Department of Labor (DOL) has issued a temporary enforcement policy, indicating that, pending the issuance of additional guidance, it will not pursue prohibited transactions claims against investment advice fiduciaries who are “working diligently and in good faith” to comply with the […]

PBGC issues disaster relief for Alabama

The Pension Benefit Guaranty Corporation (PBGC) has announced relief from certain deadlines and penalties in connection with the Form 5500 series for “designated persons” adversely affected by severe storms and tornadoes that began on March 19, 2018 in Alabama. The relief generally extends from March 19, 2018 through July 31, 2018. Source: PBGC Disaster Relief […]

IRS grants tax relief to victims of severe storms and tornadoes in Alabama

The IRS has announced tax relief for taxpayers who reside or have a business in the federal disaster areas of Calhoun, Cullman, and Etowah counties in Alabama, which were affected by severe storms and tornadoes beginning on March 19, 2018. The relief extends until July 31, 2018 deadlines for filing various returns, including the filing […]

IRS invites public comments on 2018-2019 Priority Guidance Plan

The IRS has invited the public to submit recommendations for items that should be included on the 2018-2019 Priority Guidance List. The Treasury Department’s Office of Tax Policy and the IRS use the Priority Guidance List each year to identify and prioritize the tax issues that should be addressed through regulations, revenue rulings, revenue procedures, […]

Continued plan investment in mutual fund with ownership interest in sponsor’s parent company sufficient to sustain claim for fiduciary breach

Plan participants adequately stated a claim for fiduciary breach against their employer for allowing the continued investment of participant contributions in an underperforming investment fund that was heavily invested in the employer’s parent company, according to the U.S. District Court in Nebraska. Plan mutual fund heavily invested in high risk stock National Indemnity provided participants […]

PSCA finds steady increase in 401k automatic features

Plans with an automatic enrollment feature nearly doubled over the past decade, according to the Plan Sponsor Council of America’s (PSCA) 60th Annual Survey of Profit Sharing and 401(k) Plans. PSCA, part of the American Retirement Association, found 59.7 percent of plans had an automatic enrollment feature in 2016 compared to 35.6 percent in 2007. […]

DOL is submitting EBSA-sponsored information collection request on furnishing plan documents to DOL on request

The Department of Labor is submitting an Employee Benefits Security Administration (EBSA) sponsored information collection request titled “Furnishing Documents to the Secretary of Labor on Request Under Employee Retirement Income Security Act Section 104(a)(6)” to the Office of Management and Budget (OMB) for review and approval for continued use, without change. The OMB will consider […]

PBGC issues revised standard/distress termination and missing participant forms and instructions

The Pension Benefit Guaranty Corporation (PBGC) has posted on its website revised forms and instructions for standard terminations, distress terminations, and missing participants, noting that the Office of Management and Budget (OMB) has approved the minor revisions. The PBGC explains that key changes include a new option for submitting these filings by email and the […]

Treasury Department seeks comments on Pressroom Unions’ Pension Trust Fund application to reduce multiemployer plan benefits

The Department of the Treasury has released a notice of availability and request for comments on an application by the Board of Trustees of the Pressroom Unions’ Pension Trust Fund to reduce benefits under the plan pursuant to the Multiemployer Pension Reform Act of 2014 (MPRA). The notice announces that the application is available on […]