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Fiduciary Rule Update

Thursday, November  9,  2017

As you may remember, major components of the Department of Labor (DOL) fiduciary rule have been applicable to retirement advice since June 9, 2017. However, on November 2, 2017, the DOL sent a final rule that would extend the transition period of its fiduciary rule by 18 months to the Office of Management and Budget … Continue reading

IRS Releases Maximum Contribution, Deferral and Compensation Limits for HSA, FSA, and 401(k) for 2018

Wednesday, October  25,  2017

The IRS has released the maximum contribution limits for Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs) for 2018.  The IRS also released the maximum deferral and compensation limits for 401(k) accounts. Health Savings Accounts Single Coverage Maximum Contribution Limit: $3,450 ($50 increase from 2017) Family Coverage Maximum Contribution Limit: $6,900 ($150 increase from … Continue reading

Post-Equifax Cyber Breach: Retirement Plan Sponsor Considerations

Wednesday, September  20,  2017

Plan sponsors have a fiduciary obligation to safeguard and preserve the assets of their employee benefit plans. As the number of cyber hacks continues to increase, plan fiduciaries must take certain steps to protect plan assets. Measures include evaluating security measures currently implemented by your organization, understanding the plan’s service providers’ security procedures, reviewing plan … Continue reading

DOL Fiduciary Rule Delay Approved by Office of Management and Budget

Thursday, August  31,  2017

As you may be aware, the Department of Labor requested to push back the final implementation date of the fiduciary rule, originally scheduled for January, to July 2019. The 18-month delay was approved by the Office of Management and Budget (OMB) of the White House this week. While the delay is not yet official, the … Continue reading

DOL Releases Additional Guidance Regarding the Fiduciary Rule

Friday, May  26,  2017

As part of our commitment to ensuring that our clients are kept up to date on the changes to applicable laws, the Department of Labor (DOL) has released additional guidance regarding the Fiduciary Rule. In our recent blog post, we discussed the applicability date of the Fiduciary Rule being delayed from April 10th to June … Continue reading

The CHOICE Act and its Impact on the Fiduciary Rule & Dodd-Frank

Tuesday, May  9,  2017

Late last week, the House Financial Services Committee approved the CHOICE Act for consideration by the full House of Representatives. The CHOICE Act is likely the first step towards Congressional repeal of the Department of Labor’s fiduciary rule. In addition to undoing or potentially replacing the Dodd-Frank Wall Street reform regulations adopted after the 2008 … Continue reading

DOL Delays Applicability Date of the Fiduciary Rule

Thursday, April  6,  2017

As you are likely aware, the Department of Labor proposed a delay to the Fiduciary Rule on March 1, 2017 in response to President Trump’s Executive Order. On April 4, 2017, the DOL made their final rule public and have delayed the applicability date to June 9, 2017. It will be published in the Federal … Continue reading

Proposed Regulations Allow for Permitted Uses of Plan Forfeitures in a 401(k) Plan

Tuesday, February  14,  2017

On January 18, 2017 the IRS issued proposed regulations that allowed for permitted uses of plan forfeitures in a 401(k) plan. Under these proposed rules, “Qualified Nonelective Contributions, or QNCEs and “Qualified Matching Contributions” or, QMACs would be amended to allow plan sponsors to use amounts held in the plan’s forfeiture account to fund QNCEs, … Continue reading

The fate of the Fiduciary Rule

Thursday, February  9,  2017

As you may know, on Friday, February 3, 2017, President Trump signed a memorandum directing the Department of Labor Secretary to undertake a new “economic and legal analysis” to evaluate the Fiduciary Rule. To the extent that the new analysis reveals any issues, the Labor Secretary is directed to publish for notice and comment a … Continue reading

Seven Common Mistakes That Could Trigger a DOL Audit

Tuesday, April  19,  2016

Here are some great tips on how to avoid a DOL audit from the UBA Blog: Not many things incite more fear than receiving a notice that you’re about to have an audit, especially from the Department of Labor (DOL). The DOL is a cabinet-level department of the U.S. federal government responsible for occupational safety, … Continue reading


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