March 25, 2020
Coronavirus (COVID-19) Regulatory Resources for Employee Benefit Plans
The past week has brought an onslaught of changes for the world, including changes in U.S. federal legislation to address the COVID-19 pandemic.
ComplianceDashboard has compiled a list of resources we feel may aid your everyday. The resources provide access to the following:
- COVID-19 information for advisers and employers.
- A summary of the Families First Coronavirus Response Act (FFCRA).
- A list of state websites where businesses and individuals may access state-specific guidance regarding legislation and government actions.
- Links to federal agency sites including CMS, DOL, and IRS.
- A listing (by most recent date of release) of articles from reputable sources re: employer considerations for benefit plans.
Click here to continue reading the full ComplianceDashboard Resource List.
ABB, Workers Get Early Approval for $55M 401(k) Settlement
Posted April 3, 2019, 1:08 PM
Landmark settlement in the longest running Erisa lawsuit, what were the conclusions:
- Recordkeeping fees were excessive causing losses to participants (failure to bid and monitor service providers).
- The plan replaced funds with proprietary, underperforming funds offered by the recordkeeper.
- Indirect revenue received from funds must be paid back to plan participants.
This creates a foundation for breaches and penalties moving forward. Advisors and firms are going to be forced to change their way of doing business.
Click here to read the full story.