Contributions to individual retirement accounts (IRAs) for a given year are due by the tax return filing deadline for that year, excluding extensions.
Many participant-directed 401(k) plans these days include a self-directed brokerage window option as a way to supplement the plan’s menu of designated investment options.
In recent weeks, there have been a number of reports that the US Department of Labor (DOL) has been taking a more aggressive approach in enforcement actions involving late participant contributions and loan repayments and other errors self-reported by ERISA plans on their Forms 5500. These reports underscore the importance of timely, full correction when a plan discovers such late contributions and loan repayments, and other fiduciary breaches.
Legend has it that this was Mark Twain’s response to a newspaper publishing his obituary when he was very much alive. In reality, it appears his response was not quite as pithy, but why let the facts get in the way of a good story?)
Join Morgan Lewis in May 2018 for these programs on a variety of topics in employee benefits and executive compensation, including investment related matters.
The US Department of Labor (DOL) issued Field Assistance Bulletin (FAB) 2018-01, on April 23. This FAB updates previous DOL Interpretive Bulletins (IB 2015-01 and 2016-01) regarding an ERISA fiduciary’s consideration of economic, social, and governance (ESG) factors when evaluating investments for employee benefit plans and when voting proxies and exercising other shareholder rights.
In a 2-1 decision, the US Court of Appeals for the Fifth Circuit struck down the US Department of Labor’s fiduciary rule.
For the last couple of years, the US Department of Labor (DOL) regional offices around the country have been investigating or auditing a number of large employer defined benefit pension plans (for background on the DOL’s activity, please see here and here). Ostensibly, the DOL investigations cover most aspects of plan documentation and administration.