Many of you know of me as being well versed in 403(b) matters; others are familiar with my work in annuities; others still consider my familiarity with MEPS or ERISA broker dealer issues. But the heart and soul of my practice over the past nearly 30 years has really been the fiduciary rules-in particular, the
ERISA and Mom
This has become my "annual Mother’s Day" posting, which hopefully helps describe some of the importance of what we do:
ERISA wonks such as ourselves tend to get lost in the press of details which seem to flow non-stop from our regulators and legislators in D.C. It is sometimes helpful to step
More Welcome 403(b) Relief from the DOL
The DOL, in its final 408(b)-2 regulation, issued relief for 403(b) plans, under which information related to certain contracts would not be subject to the the new fee disclosure rules. Though this was very helpful, it did not specifically address the 404a-5 participant disclosure regulations for the same type of contracts. This raised a
An Argument For Treating Individual 403(b)(7) Custodial Accounts As Distributable Assets On Plan Termination
NOTE: I STRONGLY CAUTION READERS THAT THE FOLLOWING IS MERELY A SUGGESTED APPROACH WHICH COULD BE SENSIBLY USED BY THE IRS IF IT WERE TO CHOOSE TO RECOGNIZE THE DSTRIBUTION OF INDIVIDUAL CUSTODIAL ACCOUNTS FROM 403(b)(7) PLANS, AND TO LEAD TO FURTHER DISCUSSION. IT IS NOT REFLECTIVE OF THE IRS’S (NOR, AS FAR AS I
Mutual Funds and ERISA Accounts
Dave Walters, a partner from Bodman, and I led a rousing discussion on ERISA Accounts at the last meeting of the Great Lakes TEGE Council. It was an eye-opening discussion, with the Council members exploring a number of significant issues which many of us had not previously considered. Not only are there a number of ERISA
Meaningful MEP Minutiae
I have written often of the large impact of the small, the concept of "minimum necessary change" to accomplish what needs to be done, and have noted a number of regulatory instances where this has been-and not-accomplished.
This whole idea of small rules meaning much also has relevance in the Multiple Employer Plan world, in
BNA’s “First Steps to Modernizing DC Annuitization: QLACs and Revenue Ruling 2012-3”
For those of you who do not subscribe to BNA, BNA published as an "Insight" an article I wrote on QLAC and Rev Rul 2012-3 (yes, my author agreement permits me to post it here, with attribution). Look for Paul Hamburger’s upcoming related article, delving into a number of technical and policy issues they raise
Institutionalizing 408b-2 Compliance in Financial Service Firms: New Responsibilities for the Securities Compliance Professional
With all of the intense activity in the marketplace related to providing the initial 408b-2 and 404a-5 disclosures in a timely manner, there is what I could only describe as a "sea change" occurring, relatively quietly, behind the scenes in financial service firms related to the ongoing responsibilities under the DOL’s new disclosure rules. For
QLAC and the Fiduciary Standard in the Commercial Pooling of Interest
The Treasury’s issuance of proposed regulations introducing the "Qualified Longevity Annuity Contract" is a substantial step in the efforts to better provide plan participants the ability to use their defined contribution balances to plan for retirement security. One of the QLAC’s most useful effects is that it gives us a "base," a laboratory of sorts
Insurance Is Not A Product
I cringed in horror as I listened to the Supreme Court debate on health care reform, and not for the reasons you may otherwise suspect. What concerned me greatly, and which is something which ultimately has an impact on the retirement industry, was the common reference by SCOTUS (Supreme Court of