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Pension-related cases being heard by the Supreme Court
trueThe Supreme Court's new term includes cases challenging investors' burden of proof in securities litigation and whether 401(k) plan fiduciaries can be sued for investment choices made years earlier.
IRS, Treasury release final hybrid plan rules
trueThe Treasury Department and the IRS finalized regulations for hybrid retirement plans such as cash balance plans that have been pending since 2010.
GAO: Large partnerships avoid IRS scrutiny
trueCongress should consider requiring large partnerships such as private equity and hedge funds to take steps to make it easier for the Internal Revenue Service to audit them and collect taxes due, the Government Accountability Office said in a congressional report delivered Thursday.
ERISA at 40
trueWhile the Employee Retirement Income Security Act of 1974 benefited millions of people, it did not live up to the “retirement income security” part of its name. Along with praise for what ERISA did accomplish, there are now calls for fixing what it did not.
Lessons learned from ERISA
trueERISA was a farsighted law in many aspects, especially in defining and assigning fiduciary responsibility, including prohibition on conflicts of interests, to those overseeing pension funds. But ERISA in the long term failed to expand defined benefit coverage.
IRS confounded by large partnerships, GAO says
trueThe growing number of large partnerships such as private equity and hedge funds is making it difficult for the Internal Revenue Service.
IRS approves New York Times adjustable pension plan
trueThe IRS approved the Newspaper Guild of New York and New York Times' application to begin an adjustable pension plan that will allow the newspaper company to keep a defined benefit plan structure.
Investors seeking to alter hedge fund fees backed by IRS ruling
trueThe Internal Revenue Service issued a ruling Tuesday clearing the way for institutional investors to seek changes to incentive fees assessed by hedge funds, which might make it cheaper for them to invest in such offerings.
Tax minimization not always the best policy
trueGoogle Inc. shareholders were scheduled to vote on a proposal May 14, sponsored by my firm, seeking the adoption of a responsible code of conduct to guide the company's global tax strategies. I expect this proposal has prompted a quizzical reaction from many investors who assume that minimizing ...
Treasury and IRS offer rollover relief
trueThe Treasury Department and Internal Revenue Service issued guidance Thursday that removes a cumbersome step sponsors of retirement plans must take when accepting rollovers from other employers' plans. The change applies to any qualified plan, including defined benefit, defined contribution, ...
Multiple employer plans grabbing more attention
trueA concerted effort in Washington to get more employers to offer retirement plans has raised the profile of multiple employer plans, a largely untapped market for institutional money managers and other service providers.
GAO study: Better pension reporting coordination needed
trueFederal regulators overseeing retirement plan reporting and disclosure rules could do a better job for plan sponsors and participants, the Government Accountability Office said in a report released Tuesday.
IRS issues testing relief for closed DB plans
trueCorporations that sponsor defined benefit plans closed to new employees got some good news Friday from the Internal Revenue Service, which granted relief from non-discrimination testing rules through 2015.
Did IRS inaction prompt some to freeze DB plans?
trueMore closed corporate defined benefit plans may have been frozen this year because the IRS has not released guidance on how employers could avoid failing non-discrimination testing in closed plans.
Senators urge action on discrimination testing rules for defined benefit plans
trueSens. Ben Cardin, D-Md., and Rob Portman, R-Ohio, are urging Treasury officials to help defined benefit plan sponsors deal with non-discrimination rules that could prompt more soft-frozen plans that are closed to new participants to be frozen.