ERISA & Employee Benefits

Update Regarding EEOC Reporting Requirements

The Equal Employment Opportunity Commission ("EEOC") released an updated EEO-1 reporting form in August of 2016, which requires covered employers to provide employee pay data beginning in March 2018. The employer pay data was intended to provide information that would improve EEOC investigations into pay discrimination based on gender, race and ethnicity.

DOL Officially Proposes 18-month Delay Of Full Implementation Of BICE And Other Exemptions

Today, the DOL released its full proposal to extend the transition period by 18 months for the full implementation of the Best Interest Contract Exemption ("BICE"), the Principal Transactions Exemption, and PTE 84-24 (relating to sales of annuities and other transactions involving insurance companies and agents) (collectively, the "Fiduciary Compensation Exemptions" or the "Exemptions"). The ...

DOL Seeks 18-Month Delay of Best Interest Contract Exemption and Other Fiduciary Rule Exemptions

In an August 9, 2017 court filing, the U. S. Department of Labor ("DOL") announced that it had, on August 9, taken steps to delay the date for full implementation of the Best Interest Contract Exemption ("BICE") and other related prohibited transaction exemptions that provide relief from the application of DOL's recent regulation defining fiduciary and investment advice (the "Fiduciary Rule"). ...

Recently-Enacted State-Level Legislation Imposes New Obligations on Financial Institutions, Investment Advisers and Service Providers to 403(b) Plans

Legislation recently enacted by two states obligates financial institutions and investment advisers, as well as service providers to non-ERISA 403(b) plans, to meet new compliance requirements. Specifically, Nevada has enacted legislation that imposes a fiduciary duty on financial institutions and investment advisers rendering investment advice to Nevada-based clients. Similarly, the Connecticut ...

DOL Confirms June 9th Applicability Date of The Fiduciary Rule and Exemptions

The U.S. Department of Labor ("DOL") has confirmed that it will not seek to further delay the June 9, 2017 applicability date of the new fiduciary rule defining investment advice ("Fiduciary Rule"), the Best Interest Contract Exemption ("BICE") and other related exemptions. The DOL has issued a temporary enforcement policy ("FAB No. 2017-02") and a new set of Conflict of Interest FAQs (the ...

The Wagner Law Group Receives IRS Approval of its Volume Submitter 403(b) Plan

The Wagner Law Group has again broken new ground by receiving IRS approval of its volume submitter 403(b) plan. The IRS's new pre-approved 403(b) plan program represents the first opportunity for tax-exempt 403(b) plan sponsors, such as charitable and educational organizations, public schools, churches and church-related organizations, to bring certainty of compliance to the their 403(b) ...

DOL Announces 60-day Delay to Fiduciary Rule and Exemptions, and Makes Significant Changes to Transition Period Compliance

The U.S. Department of Labor's ("DOL") proposed 60-day delay to the new fiduciary rule defining investment advice ("Fiduciary Rule"), the Best Interest Contract Exemption ("BICE"), and other related exemptions was finalized today. The final rule codifying the delay will appear in the Federal Register on Friday, April 7, 2017 and take effect on Monday, April 10, 2017. This completes the delay ...

Hardship Distributions

In recent months, the IRS has provided guidance with respect to hardship withdrawals from tax-qualified plans. In an October 2016 entry on its website, Hardship Distribution Tips from EP Exams, the IRS advised plan sponsors that a common operational error in connection with hardship distributions is permitting participants to take hardship withdrawals when the plan does not specifically provide ...

IRS Proposes Update to Mortality Tables for Defined Benefit Pension Plans

In recent months, the IRS has provided guidance with respect to hardship withdrawals from tax-qualified plans. In an October 2016 entry on its website, Hardship Distribution Tips from EP Exams, the IRS advised plan sponsors that a common operational error in connection with hardship distributions is permitting participants to take hardship withdrawals when the plan does not specifically provide ...

DOL Seeks Fiduciary Rule Delay

In recent months, the IRS has provided guidance with respect to hardship withdrawals from tax-qualified plans. In an October 2016 entry on its website, Hardship Distribution Tips from EP Exams, the IRS advised plan sponsors that a common operational error in connection with hardship distributions is permitting participants to take hardship withdrawals when the plan does not specifically provide ...