Most blog entries focus on new developments or recent legislation. This one’s a bit different. Its subject matter, fiduciary responsibility, is as old as ERISA itself. In today’s environment of increased litigation risks for plans, it’s critically important to dust off these rules and review these fundamental obligations applicable to all ERISA plan fiduciaries.
ERISA imposes a few specific duties on fiduciaries:
- Loyalty (also called the “exclusive benefit” rule) – the duty to act solely for plan participants and beneficiaries
- Prudence – the obligation to act ...
A December 27, 2019 post to this blog by Jon Nason provided an overview of the many changes affecting retirement plans made by the SECURE Act, which was enacted as part of the Further Consolidated Appropriations Act of 2020 on December 20, 2019. Today’s post takes a deeper dive into one of the key changes.
Division O § 112 of the SECURE Act requires that 401(k) plans extend eligibility for making elective deferral contributions to certain long-term part-time employees. Because this change is mandatory, it is important for employers to understand how it will affect their 401(k) plan as ...
The South Carolina Department of Revenue (SCDOR or DOR) recently issued a draft of long-awaiting guidance overhauling DOR’s administrative practices concerning disputed tax audits, refunds, license revocations, and other related matters. The draft guidance, SC Revenue Procedure #20-x, was released January 22, 2020. If finalized, the new Revenue Procedure will apply to all administrative protests and appeals filed with SCDOR on or after the effective date of the Revenue Procedure (presently, January 2020), and including protests and appeals pending as of this date.
The ...