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Defined Contribution Retirement Plan Senior Administrator
First American Bank (Elk Grove Village IL / Hybrid)
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227 Matching News Items
11.
A Closer Look at Arbitration Provisions in ERISA Breach of Fiduciary Duty Claims
Trucker Huss
Dec. 19, 2023
Trucker Huss
Dec. 19, 2023
"While every circuit court to consider the issue ... has recognized that claims under ERISA are generally arbitrable, there is a split ... on whether plan-wide claims for breach of fiduciary duty under ERISA Section 502(a)(2) can be forced into arbitration. ... Plans and plan sponsors deciding whether to include an arbitration provision in their plans should weigh the possible pros and cons carefully."
12.
Investment Advice Fiduciary Rule, Round Three
Trucker Huss
Nov. 30, 2023
Trucker Huss
Nov. 30, 2023
"The Proposed Rule is narrower than the 2016 Fiduciary Rule in that it applies only to paid recommendations made in three specified contexts, does not include any new contract or warranty requirement, and focuses on the retiree's reasonable expectation of a relationship of trust and confidence.... [It] also aims to better capture investment advice relationships not covered by the aging 1975 regulation[.]"
13.
Considerations for Design and Operation of Deferred Compensation Plans for Executives of Tax Exempt Organizations, Part 2 (PDF)
Trucker Huss
Oct. 17, 2023
Trucker Huss
Oct. 17, 2023
"[This] article will discuss in more detail ineligible 457(f) Plans that don't meet the requirements to be a 457(b) Plan, and how Internal Revenue Code sections 4958 and 4960 excise taxes apply to EO deferred compensation plans."
14.
Long-Term Part-Time Workers: More Questions Than Answers for Defined Contribution Plans
Trucker Huss
Sept. 28, 2023
Trucker Huss
Sept. 28, 2023
"[It] is important to keep in mind that SECURE 1.0's three-year rule applies to plan years beginning in 2024, while SECURE 2.0's two-year rule applies to plan years beginning in 2025. Therefore, plan sponsors should start the hours tracking process sooner rather than later to ensure accurate counts and timely employee access to plan participation."
15.
Designing and Operating Deferred Compensation Plans for Executives of Tax Exempt Organizations, Part 1
Trucker Huss
Sept. 28, 2023
Trucker Huss
Sept. 28, 2023
"[T]his article will discuss many of the requirements for eligible 457(b) plans sponsored by tax exempt organizations and how they differ from 457(b) plans sponsored by state or local governmental entities. It will also discuss areas where mistakes can easily be made.... It will also discuss the application of the excess benefit transaction rules and Code section 4960 excise tax to deferred compensation."
16.
SECURE 2.0: IRS Issues New Guidance on RMDs
Trucker Huss
Sept. 24, 2023
Trucker Huss
Sept. 24, 2023
"[Notice 2023-54] provides ... [1] Relief for the change in the required beginning date (RBD) for RMDs under SECURE 2.0; [2] Guidance for certain RMDs for 2023; and [3] Extension of the applicability date of the final RMD regulations."
17.
Ten Common Mistakes in 457 Plans of Tax Exempt Organizations, Part 2
Trucker Huss
Sept. 5, 2023
Trucker Huss
Sept. 5, 2023
"[6] Failing to amend plans.... [7] Income taxation of 457(f) plans.... [8] FICA taxation of 457 plans.... [9] Code Section 409A.... [10] Excise tax on compensation above $1,000,000." [Also see Part 1]
18.
Common Mistakes In 457 Plans of Tax Exempt Organizations, Part 1
Trucker Huss
Aug. 14, 2023
Trucker Huss
Aug. 14, 2023
"[1] Confusion with state & local government plans.... [2] Confusion between 457(b) and 457(f) plans.... [3] Top hat requirement.... [4] Monthly elective deferral rule.... [5] Contributing too much to 457(b) plan." [Also see Part 2]
19.
Ninth Circuit Decision Could Open the Door to New Attacks on Retirement Plan Fiduciaries: What Fiduciaries Need to Know
Trucker Huss
Aug. 11, 2023
Trucker Huss
Aug. 11, 2023
"The Ninth Circuit found that the district court should not have granted summary judgment in AT&T's favor because there were triable issues of fact as to whether the arrangements with and compensation to Fidelity were 'reasonable,' and therefore exempt from ERISA's prohibited transaction provisions pursuant to ERISA Section 408(b)(2).... [T]he Ninth Circuit read the prohibited transaction rules and regulations more literally -- finding that AT&T had engaged in a prohibited transaction by simply amending the contract with Fidelity to incorporate the services of Brokeragelink and Financial Engines." [Bugielski v. AT&T Servs., Inc., No. 21-56196 (9th Cir. Aug. 4, 2023)]
20.
IRS Issues Interim Guidance on Eligible Inadvertent Failures But Questions Remain
Trucker Huss
July 5, 2023
Trucker Huss
July 5, 2023
"While [Notice 2023-43] has provided some initial guidance, much more is needed.... [G]uidance on the parameters of the necessary practices and procedures that must be in place to even qualify the failure as an eligible inadvertent failure is critical. Additionally, the coordination between the existing Self Correction Program under EPCRS (SCP) and the self-correction of eligible inadvertent failures need[s] to be explained."
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