DoL Sues Investment Advisory Firm on Behalf of MI Union Plans
The U.S. Department of Labor (DoL) has filed a lawsuit in federal district court in Chicago against Chicago-based AA Capital Partners Inc. and its executives.
Compliance
IRS Continues Fleshing Out PPA DB Funding Mandates
As part of regulators’ continuing efforts to flesh out the Pension Protection Act’s (PPA) mandates, the Internal Revenue Service (IRS) on Friday issued proposed regulations on single-employer defined...
Architect of IRS 403(b) Regs Says Limited Formal Guidance Coming
Those waiting for additional guidance from the IRS dealing with 403(b) model plan language or information sharing agreements shouldn’t hold their breath.
DoL Offers New Information Channel for Employers
Small businesses wondering about the best retirement plan design have a new resource from the government.
SPARK Seeks Comments on 403(b) Information Sharing Agreement
The SPARK Institute has released for public review and comment a draft sample Information Sharing Agreement (ISA) for 403(b) plan vendors and employers.
SPARK Issues Proposed Best Practices for 403(b) Info Sharing
The SPARK Institute has released for public review and comment the first of two proposals for best practices in information sharing among 403(b) plan providers and sponsors.
Citigroup Settles Gender Discrimination for $33M
Citigroup Inc. has agreed to pay $33 million to about 2,500 current and former female brokers for its Smith Barney unit to settle a gender discrimination lawsuit.
IMHO: The Letter of the Law
An early “win″ for plan sponsors (perhaps more accurately, a win for a plan sponsor) was Hecker v. Deere&Co.
NJ Court Hears Challenge to Smith Barney Company Stock Forfeiture Policy
New Jersey Supreme Court justices are considering whether a Smith Barney company stock policy in which brokers who leave the firm before two years forfeit their rights to...
Fiduciaries May Have Disclosure Mandate Not Specified in Law
Federal regulators have contended that fiduciaries may still be legally required to disclose plan fees such as revenue sharing even if such a mandate is not explicit in...
SPARK Asks IRS for 403(b) Prototype Plan Program
The SPARK Institute has submitted a formal request to the IRS for a “Pre-Approved 403(b) Prototype Plan Program,″ according to SPARK Institute general counsel Larry Goldbrum.
SPARK Institute Wants Extension for New 403(b) Regs
The SPARK Institute has filed a 13-page comment letter with the Internal Revenue Service (IRS) about the new 403(b) retirement savings plan regulations, asking for an extension of...
NYC Comptroller to Look at Bear Stearns Role in Pension Loss
New York City comptroller William Thompson said he will investigate whether the failure of Bear Stearns&Co was due to miscalculation or deception.
IMHO: Marshal Law
When a co-worker forwarded to me an e-mail about Eliot Spitzer’s alleged tie with a prostitution ring last week, I thought it was a joke.
IRS Details Simplified Determination Letter Application Process
The Internal Revenue Service (IRS) has issued Announcement 2008-23, which lays out a new simplified process for obtaining determination letters for pre-approved defined contribution plans.