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946 Matching News Items
1.
DOL Finalizes Changes to PTEs 77-4, 75-1, 80-83, and 86-128 Through Mass Amendment
Groom Law Group
May 1, 2024
Groom Law Group
May 1, 2024
"[P]rograms that rely on PTE 77-4 when providing advice would be required to consider a different compliance framework. Options might include eliminating the fee conflict through an offsetting approach or relying on PTE 2020-02. Moreover, those relying on PTE 77-4 within discretionary management structure may be forced to rely on PTE 2020-02 when recommending that retirement investors participate in the program and then rely on PTE 77-4 when managing the assets."
2.
DOL Finalizes PTE 84-24 Amendments
Groom Law Group
May 1, 2024
Groom Law Group
May 1, 2024
"The final amendments completely abandon the restrictive approach taken under DOL's amendment proposal that would have limited covered compensation to 'Insurance Sales Commissions' ... DOL's preamble commentary indicates that it has retreated from statements made in the proposal and in connection with its 2016 rulemaking effort that compensation covered by PTE 84-24 is limited to so-called 'simple commissions.' "
3.
DOL Finalizes PTE 2020-02 Amendments
Groom Law Group
May 1, 2024
Groom Law Group
May 1, 2024
"[T]he 2024 Final Rule expands the universe of entities that would be considered investment advice fiduciaries under ERISA and corresponding provisions of the Code. In order to receive compensation that varies based upon their recommendations, investment advice fiduciaries must find exemptive relief, which PTE 2020-02 supplies.... DOL has made many other exemptions unavailable to investment advice fiduciaries, with the result that PTE 2020-02 largely stands as the only available option for exemptive relief in many cases."
4.
DOL Amends Fiduciary Advice Definition Regulation
Groom Law Group
May 1, 2024
Groom Law Group
May 1, 2024
"While the Final Advice Regulation does not define when a person makes a 'recommendation,' DOL characterized a recommendation as a 'call to action' and indicated that it intends to the term to have a meaning consistent with the SEC's interpretation of the term as used in Regulation Best Interest.... [1] Most distribution recommendations are investment advice and subject to ERISA's fiduciary responsibility provisions ... [2] ERISA's fiduciary responsibility provisions apply to virtually all recommendations to plan participants regarding IRA investments after a rollover even absent a rollover recommendation."
5.
FTC Issues Final Rule Banning Non-Compete Clauses for Employees
Groom Law Group
Apr. 28, 2024
Groom Law Group
Apr. 28, 2024
"[N]on-compete clauses can be found in a variety of compensation arrangements, including employment agreements, severance plans, and incentive awards.... [T]he final rule largely preserves the proposed rule's sweeping scope, while incorporating a narrow legacy exception for existing non-compete clauses with senior executives. Assuming it survives court challenges, the rule will transform employee compensation arrangements in the United States, forcing many employers to rethink how they incentivize, retain, and part ways with their employees."
6.
IRS Extends Required Minimum Distribution Relief Pending Issuance of Final Regs
Groom Law Group
Apr. 25, 2024
Groom Law Group
Apr. 25, 2024
"The 2024 relief can be divided into two parts. [1] Extended effective date of regulations.... [2] No 2024 RMD payments under the 'at least as rapidly' rule for certain beneficiaries.... As with the prior guidance, the Notice allows for flexibility in implementing these provisions without triggering plan qualification issues or excise taxes[.]"
7.
DOL Investment Advice Fiduciary Rule Includes Changes from 2023 Proposal
Groom Law Group
Apr. 24, 2024
Groom Law Group
Apr. 24, 2024
"The final definition is substantially broader than the 1975 rule, however, it is significantly narrower than DOL's 2023 proposal. As an example, DOL has recognized that a variety of sales activity does not give rise to fiduciary status.... This opens up a range of possibilities for interactions amongst sophisticated parties to remain non-fiduciary in nature in a way that may not have been possible under the Proposal.... While most of the changes [to PTE 2020-02] added burdens, e.g., expanded disqualification provisions, DOL did respond to some industry requests for more flexibility ... [T]he final PTE 84-24 amendment considerably narrows the community of insurance professionals eligible for exemptive relief for the receipt of compensation in connection with the recommendation of insurance and annuity products."
8.
IRS Issues FAQs on the Tax Treatment of Employer-Provided Work-Life Referral Services
Groom Law Group
Apr. 19, 2024
Groom Law Group
Apr. 19, 2024
"The IRS notes that these programs are frequently incorporated into EAPs or bundled with other employer services, although the IRS notes the FAQs only address the federal tax treatment of the services and not the direct or indirect payment for life-management resources or similar services offered through an EAP. Some employer programs cover both referrals for resources and the actual resources themselves. The IRS' statement is intended to limit the scope of the FAQs to exclude WLR programs that offer the actual resources themselves."
9.
Retirement Lost and Found: DOL Proposes Voluntary Reporting
Groom Law Group
Apr. 16, 2024
Groom Law Group
Apr. 16, 2024
"DOL has issued a proposed procedure to collect data directly from plan administrators on a voluntary basis via a new filing made along with, but not as part of, the Form 5500.... IRS's determination that the agency cannot share [Form 9855-SSA] data with DOL complicates the project and may lead to further regulatory action.... Administrators will need to weigh the benefits of participating against any costs and risks.... Comments are due on June 17, 2024."
10.
IRS Grants Administrative Delay for Mandatory Roth Catch-Ups
Groom Law Group
Apr. 8, 2024
Groom Law Group
Apr. 8, 2024
"[IRS] clarified the following three important points in Notice 2023-62: [1] Catch-up contributions will continue to be permissible after 2023; [2] Catch-up contributions can continue to be pre-tax contribution for 2024 and 2025; and [3] Pending guidance will clarify a number of open issues that will facilitate compliance with the SECURE 2.0 change."
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