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Anthony Powers Anthony Powers

Fee Litigation with an Odd “Twist”

The plaintiffs in this case have asserted claims for breach of the fiduciary duties of prudence and failure to monitor fiduciaries. Nothing new so far; however, in addition to naming the typical plan fiduciaries as defendants, the lawsuit also targets members of the board of directors, as well as other officers of the firm who serve on the retirement plan’s fiduciary investment committee.

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Anthony Powers Anthony Powers

IRS/DOL Audits Are Increasing Dramatically - Are You Ready?

If your plan has not been recently audited, it is likely only a matter of time before the Internal Revenue Service (IRS) or the Department of Labor (DOL) comes knocking. If/when you are notified of an audit, early preparation can help streamline the process, keep the investigation narrow, and avoid potential financial penalties and interest.

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Anthony Powers Anthony Powers

Every Plan Should Have a Committee Charter and Here’s Why

Although not legally required by ERISA, a retirement plan committee charter is a very important document for plan governance which may help fiduciaries avoid potential liabilities. Committee Charters are one effective way to “evidence” intent of prudent plan management. Having a charter is a “best practice” all plan sponsors should seriously consider.

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Anthony Powers Anthony Powers

What’s the Magic Number When it Comes to Record Retention?

You don’t need to be a magician to know what records to keep and for how long. While most providers can supply reports and plan documents, the plan administrator remains ultimately responsible for retaining adequate records that support the plan document reports and filings.

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Anthony Powers Anthony Powers

Student Loan Repayment Program

On August 17, 2018, the IRS issued private letter ruling 201833012 (the PLR). The PLR addressed an individual plan sponsor’s desire to amend their retirement plan to include a program for employees that were making student loan repayments. The form of this benefit would be an employer non-elective contribution (SLR contribution).

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Anthony Powers Anthony Powers

The Auditors Are Coming — Are You Ready?

No one wants to be caught flat-footed when the auditors come calling. With a new standard issued by the American Institute of Certified Public Accountants (AICPA), both auditors and plan sponsors will be subject to new responsibilities.

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Anthony Powers Anthony Powers

Cybersecurity Best Practices for Plan Sponsors

Participant data and financial accounts comprise some of the most sensitive and potentially vulnerable information under a company’s care. These highly valuable assets can be an attractive target for cybercriminals and therefore present considerable security risk.

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Anthony Powers Anthony Powers

Fiduciary Hot Topics Q2 2021

Fiduciary Hot Topics - Federal District Court Rules Record Keepers May Use Participant Data to Cross-Sell Retail Products; the Biden Administration Plans to Walk Back the Restricting the Use of ESG Funds; Tax Payers will Pick up the Tab for Underfunded Multiemployer Pension Plans for the Next 30 Years; Funding Relief for Underfunded Single Employer Pension Plans and Senate Removes Freeze on 401(k) Inflation Adjustments from ARPA.

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