State Lawsuit against Merrill Thrown Out
A federal appellate court ruled that a plan sponsor cannot rely on Florida state law to sue Merrill Lynch for allegedly aiding a plan provider in committing fraud...
Compliance
Northern Trust Hit with Securities Lending Lawsuit
The fiduciaries of BP Corp. North America Inc.'s retirement plans have accused Northern Trust Co. of breaching their fiduciary duties by not disclosing substantial securities lending losses.
IRS to Waive 2008 Deferred Comp Code Y Reporting
The Internal Revenue Service (IRS) will waive the requirements for Code Y reporting in 2008 of amounts deferred under 409A for nonqualified deferred compensation plans (NQDC).
IMHO: The Pit and the Pendulum
They say that desperate times call for desperate measures.
401(k) Breach Suit Can Move Forward
In a federal appellate court ruling, an Illinois psychologist got more time to pursue her legal claims for assets missing from her 401(k) account.
Attorneys Ask for Delay of 403(b) Effective Date
In a letter signed by 33 403(b) practitioners and advisers, two attorneys requested an extension of the effective date for complying with the written plan requirement dictated by...
DoL Sues California RIA for Undisclosed Incentive Receipt
Zenith Capital, a registered investment advisory (RIA) firm, allegedly collected incentive fees from a hedge fund in exchange for investing retirement plan assets in the fund.
DoL Puts Fiduciary Training Condition on Plan Officials
In a company stock suit, the U.S. Department of Labor obtained a settlement restoring $8,590,000 to participants of the Agway Inc. 401(k) plan.
Lawyer Sues Alliance Global Wealth Management after Losing $200,000
Divorce lawyer Raoul Felder is suing Alliance Global Wealth Management for $5.2 million, alleging that his financial advisers abused his trust.
EBSA Cautions on SRI Focus
Federal regulators reaffirmed their position that the goal of ERISA plans must be to generate maximum returns to meet pension liabilities and not for socially responsive investing purposes.
SSA Bumps Up Social Security Withholding Limit
The maximum amount of earnings subject to Social Security tax starting in January 2009 will be increased to $106,800 from $102,000, the Social Security Administration (SSA) announced Thursday.
IRS Hikes DC, Catch-Up Limits
The Internal Revenue Service (IRS) Thursday announced an increase in contribution limits for defined contribution plans for 2009.
Maximum Benefit and Contributions Limits 2008-09
As published by the Internal Revenue Service:
Lawmakers Call for End of RMD Penalty
Two Congressional lawmakers have formally called on the Treasury Department to suspend the tax penalty for taxpayers who do not take the minimum required distribution from their 401(k)s.
FINRA Fines SunTrust for Fee-Based Account Violations
The Financial Industry Regulatory Authority (FINRA) fined SunTrust Investment Services, Inc., $700,000 for violations relating to its fee-based brokerage business and excessive commissions.