The Employee Retirement Income Security Act (ERISA) is a federal law establishing minimum standards for employee health benefit and retirement plans. While an employer is not required to establish a plan, ERISA does require those who establish and administer plans to...
Tip of the Week: EBSA Announces Hearing on Reasonable Contracts or Arrangements for Welfare Benefit Plans Under Section 408(b)(2)
The Employee Benefits Security Administration (EBSA)has given notice that it will hold a hearing to consider issues relating to the disclosure of fee, conflict of interest and other information by service providers to group health, disability, severance and other...
IRS Releases Notice 2009-66 on Automatic Enrollment in SIMPLE IRAs
The Internal Revenue Service (IRS) recently released Notice 2009-66, Automatic Enrollment in SIMPLE IRAs. Notice 2009-66, in question-and-answer format, provides rules for employers that maintain SIMPLE IRA plans. It confirms that SIMPLE IRAs may do the following:...
Department of Labor Extends Effective Date of Rules on 401(k) and IRA Investment Advice
On January 21, 2009, the US Department of Labor (DOL) published at 74 FR 3822 “final rules under the Employee Retirement Income Security Act, and parallel provisions in the Internal Revenue Code of 1986, relating to the provision of investment advice by a fiduciary...
401(k) Participants to Receive Improved Disclosure of Fees and Expenses
The US Department of Labor proposed a rule change that would require participants in 401(k) plans to receive “investment-related information in a comparative chart or similar format.” The chart could be based on a model chart designed by the Department of Labor or a...
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