The HIPAA Privacy rules function to protect individuals’ protected health information (PHI) and set standards for use of PHI by an employer and its vendors. However, the rules do not …
DOL Continues Support of Lifetime Income Payouts for DC Retirement Plans
The DOL recently issued an information letter that reinforces its continued support of lifetime income vehicles for defined contribution retirement plans. In the letter, the DOL asserts that a prudent …
Compliance Reminders For Retirement Plans
Reviewing Your Retirement Plan For Operational Compliance Employers should perform regular self-audits of their retirement plans to ensure compliance and stay a step ahead of an IRS audit. Quick detection …
A Survey Released by WorldatWork Documents
WorldatWork recently released a report entitled Inventory of Total Rewards Programs & Practices. This report provides results from a survey exploring the various benefits offered at U.S., Canadian and international …
Expect Updated Service Agreements For Retirement Plans As New Fiduciary Rules Become Effective
The U.S Department of Labor’s new fiduciary rules generally become effective as of April 10, 2017. The new rules redefine who is a plan fiduciary. Consequently many recordkeepers and other …
Employers Should Review Retirement Plan Documents for Overtime Changes
Effective December 1, 2016, the DOL will enforce a new rule regarding overtime pay. Unless an employee is specifically exempted, an employee covered by the FLSA must receive overtime pay …
IRS and SSA Announce 2017 Indexed Numbers
The IRS and Social Security Administration have announced cost-of-living increases for retirement and other employee benefit plans for 2017. 2017 2016 Compensation Limit $270,000 $265,000 Highly Compensated Employee …
Universities Facing Lawsuits Over Fiduciary Breaches Under 403(b) Plans
There has been a growing number of class action lawsuits alleging ERISA fiduciary breaches. This trend recently caught up with a number of prominent universities that sponsor 403(b) retirement plans. …
DOL, IRS and PBGC Release Proposed Revisions to the Form 5500
The DOL, IRS and PBGC have released proposed changes to the annual Form 5500 filed for ERISA plans. These revisions have been submitted for public comment and will be effective …