Plan Must Restore Misplaced Assets Although not Recovered
A federal appellate court has found that a profit-sharing plan must pay back more than $1 million in assets wrongly transferred from a participant’s account, even thought it...
Compliance
EBSA Announces Voluntary Correction Program Events
The Department of Labor (DOL) announced upcoming voluntary fiduciary correction program workshops in three states.
IRS Answers New Question on Form 8955-SSA
A new FAQ from the Internal Revenue Service addresses when a plan administrator may answer “yes” to Question 8 on the new Form 8955-SSA, affirming that the required...
Penn. Company to Restore $34K to 401(k) Plan
Monocacyfabs Inc., of Bethlehem, Pennsylvania, has been ordered to restore $34,000 to its 401(k) plan.
Pension Funds’ Securities Fraud Suit Revived by Appellate Court
The 2nd U.S. Circuit Court of Appeals reversed a lower court’s dismissal of a securities fraud lawsuit brought by four pension funds.
IRS Updates Covered Compensation for Retirement Plan Contributions
The Internal Revenue Service has issued Revenue Ruling 2012-5 with the table of covered compensation for the 2012 plan year.
SEC Issues Alerts on Social Media Risks for Investors and Firms
The Securities and Exchange Commission (SEC) issued two alerts for investors and firms on social media risks.
SEC Charges Illinois-Based Adviser in Social Media Scam
The Securities and Exchange Commission (SEC) charged an investment adviser for offering fictitious securities through social media websites.
Tax Deadline Extended to April 17 in 2012
The Internal Revenue Service opened the 2012 tax filing season by announcing that taxpayers have until April 17 to file their tax returns.
IRS Updates Procedures for Issuing Advice to Employee Plans
The Internal Revenue Service has issued a number of Revenue Procedures revising procedures for furnishing advice to employee plans.
TCW Group and Gundlach Reach Settlement
The ongoing legal battle between the TCW Group and Jeffrey Gundlach appears to have reached an end.
A Participant Lawsuit Against Employer Crosses State Lines
An employee sued her former employer, alleging it had failed to pay her for unvested shares earned through the company's profit sharing plan.
Investigation into Sale of WCA Waste Corp. Underway
A law firm is investigating the Board of Directors of WCA Waste Corporation for possible breaches of fiduciary duty in connection with the sale of the company to...
Law Firm Investigating Sale of Winn-Dixie Stores
Bull & Lifshitz, LLP, is investigating possible breaches of fiduciary duty in connection with the proposed sale of Winn-Dixie Stores, Inc., to BI-LO, LLC.
Suit Claims Delphi CEO Violated Fiduciary Duty With Tokio Buyout
The Pontiac General Employees Retirement System is suing Delphi Financial Group over its buyout of Tokio Marine.
House Passes Two-Month Renewal of Payroll Tax Cut
The U.S. House of Representatives passed a two-month renewal of the social security payroll tax cut Friday.
IRS Extends Deadline for Opinion and Advisory Letter Applications
The Internal Revenue Service (IRS) has extended the application deadline for opinion and advisory letters for pre-approved defined contribution plan documents.
Court Allows Accused Killer to Use 401(k) Assets for Attorney
A Wisconsin man accused of murdering his wife will be able to hire an attorney using funds from his 401(k).
Fed Aims to Prevent Future Financial Collapses
The Federal Reserve Board proposed steps to strengthen regulation and supervision of large bank holding companies and systemically important nonbank financial firms.
Two Associations Request Fee Disclosure Extension
ASPPA and the Council of Independent Recordkeepers (ClkR) released a statement responding to the DoL delay of the 408(b)(2) final regulation.