News & Analysis as of

Retirement Plan SECURE Act Financial Services Industry

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Are We Robbing Peter to Pay Paul?

The 401(k) match has long been one of the most powerful tools for building retirement savings. It’s the “free money” we’ve all been trained to chase—and advise our clients to chase. So when Fidelity, Schwab, and others start...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Student loan match provider shows some good numbers

Candidly, an AI-driven student debt and savings optimization platform issues a report on the effectiveness of their Student Loan Retirement Match program, which was allowed SECURE 2.0....more

Seyfarth Shaw LLP

The DOL May Not Actually Want to Hear From You: New Guidance Streamlining the Voluntary Fiduciary Correction Program

Seyfarth Shaw LLP on

The DOL updated its voluntary fiduciary correction program (“VFCP”) which was introduced over 20 years ago to allow plan sponsors to corrected enumerated fiduciary breaches. The amended VFCP now allows for self-correction of...more

Seyfarth Shaw LLP

Missing Participants – What to do With Abandoned Accounts

Seyfarth Shaw LLP on

Over the years, plan sponsors and administrators have wrestled with the question of what to do with the accounts of participants who left employment years earlier and cannot now be located. ...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

DOL Launches Lost and Found Database

The Department of Labor’s Employee Benefits Security Administration (EBSA) launched the public Retirement Savings Lost and Found Database, an online tool designed to help former participants and beneficiaries find retirement...more

Dickinson Wright

If the Deadline for Self-Correcting Retirement Plan Errors Is Indefinite, Why Do I Have to Hurry?

Dickinson Wright on

Section 305 of SECURE 2.0 added rules for self-correcting a new category of retirement plan errors under the Employee Plans Compliance Resolution System (“ECPRS”). Specifically, Section 305 allows an “eligible inadvertent...more

Carlton Fields

IRS Clarifies Application of Required Minimum Distribution Rules to Inherited Retirement Accounts

Carlton Fields on

The Secure Act, passed in 2019 and updated in 2022, made significant changes to the required minimum distribution (RMD) rules applicable to qualified retirement plans, IRAs, 403(b) plans, and other eligible deferred...more

Pullman & Comley, LLC

It’s Not Spam: Why Your Retirement Plan Vendor May Be Trying to Get Your Attention (and Why You Should Respond)

Pullman & Comley, LLC on

The Secure 2.0 Act of 2022 authorizes numerous new provisions that employers can choose to include or exclude in the retirement plans they sponsor. Recently, retirement plan vendors (vendors) have been sending communications...more

Polsinelli

Financial Wellness Initiatives - Student Loan Debt Returns to Center Stage: Practical Considerations for Adding a Match for...

Polsinelli on

The burden of student loan debt is an ever-present challenge for our former post-high school students.   As you probably know, President Biden had proposed a student debt forgiveness plan that was projected to relieve as much...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Millennium Trust to add auto portability option

Millennium Trust announced that they will add an optional auto-portability function to its automatic rollover IRA solution. They expect this add-on feature to be ready for client testing later this quarter and available in...more

Groom Law Group, Chartered

SECURE 2.0 Hitches a Ride Just in the St. Nick of Time

Yesterday, the Senate passed the Consolidated Appropriations Act of 2023 (the “CAA”) to fund the government through September 30, 2023. Division T of the legislation is the SECURE 2.0 Act of 2022 (“SECURE 2.0”), which builds...more

Pullman & Comley - Labor, Employment and...

No Extended Secure Act Amendment Period for Section 457(b) Plans Sponsored by Tax-Exempt Entities: Amendments Due December 31,...

Section 457(b) Plans provided by Tax-Exempt employers for their highly compensated employees and/or a select group of management employees (“Tax-Exempt 457(b) Plans”) are subject to required minimum distribution rules under...more

Morgan Lewis

DOL Proposes Rules on Pooled Plan Provider Registration Process

Morgan Lewis on

Like many of our clients, we have been anxiously awaiting guidance from regulators on pooled employer plans, which may enter the retirement plan marketplace as soon as January 1, 2021. ...more

Eversheds Sutherland (US) LLP

Videocast: Asset management regulation in 2020 videocast series – DOL: What’s ahead

Over the next year, the Department of Labor (DOL) will likely be issuing guidance in a number of areas that could impact asset managers and financial services companies. In this Bottom Line videocast, Carol McClarnon and...more

Faegre Drinker Biddle & Reath LLP

SECURE Act and Guaranteed Income (Part 3)

The introduction to my last two posts, SECURE Act Part 1 and SECURE Act Part 2, explained: There are two parts of the SECURE Act that I believe will have the greatest impact on my clients: plan sponsors and plan service...more

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