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Compliance
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Certification program sets foundation execs, advisers apart
PODCAST | January 6, 2012Ron Hagan, Chairman of the Board of the Investment Fiduciary Leadership Council, discusses how a new certification program for foundation executives and their advisers (who gain an endorsement from those executives) helps to gear those who earn the designation up for “a whole new world of compliance” — and get a leg up on upcoming fee disclosure requirements in the process.
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401(k) fee transparency rules require employers to ask hard questions
October 1, 2011Historically, the retirement industry hasn't been required to publish all fees and expenses associated with 401(k) products. That's about to change.
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State court upholds Rhode Island insurance statute
May 9, 2011A Rhode Island state court has upheld a statute under which insurance companies that want to wind up their operations can buy policies back from policyholders.
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The downfall of DOMA? Proskauer's Paul Hamburger breaks down the administration's adjusted legal position
VIDEO | April 20, 2011Paul Hamburger, head of the Washington, D.C., employee benefits, executive compensation and ERISA litigation practice center at Proskauer law firm, explains the implications of the Obama administration declining legally defend the Defense of Marriage Act.
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Trouble always comes in threes
April 15, 2011As a professional who assists in conducting hundreds of employee benefit plan audits each year, I have seen everything and heard so many lame excuses for the errors that we find. Some infractions range from plans allowing participation to ineligible participants, to not allowing eligible participants to participate timely, or even at all. Although the list of mistakes plan sponsors make is a long one, there are three common errors noted during our audits
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Don't be a delinquent; take advantage of DOL compliance program
April 15, 2011Employers who fail to remit timely participant contributions to a 401(k) plan on their Form 5500 are likely to receive a letter from the Employee Benefits Security Administration regarding the potential use of the Department of Labor's Voluntary Fiduciary Correction program. The letter informs employers that the failure to remit participant contributions, or the untimely remittance of participant contributions, violates ERISA. Such failure can result in significant civil penalties for the employer.
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Proposed FSA tweak doesn’t go far enough, critics say
March 17, 2011Benefit professionals have tirelessly lobbied for an end to the so-called use-it-or-lose it rule governing pretax employee contributions to a flexible spending account, which is now the centerpiece of a bipartisan proposal in Congress.
