Archive | October, 2011

Fiduciary Links: Borzi insists re-proposed fiduciary rule will have teeth

October 31, 2011

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>>>In comments made at the ASPPA annual conference last week, EBSA head Phyllis discussed what to expect when DOL re-proposes the rule amending the definition of fiduciary under ERISA. Borzi said, “What we’re trying to do in this regulation is…

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ERISA-EBSA Provides Guidance On Leases Of Office Space Between Multiemployer Plans And Unions

October 31, 2011

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As noted in my blog of October 17, 2011, the Employee Benefits Security Administration (the "EBSA") has issued F&Qs which provide guidance to fiduciaries of multiemployer plans on violations of ERISA’s prohibited transaction rules which may arise in leasing or…

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Knowing Where To Draw The Ethical Line

October 28, 2011

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The client has financial problems and hasn’t paid your invoice. The salary deferrals to the 401(k) plan are overdue and a plan participant is now calling with a question about a loan. And to make matters worse, the tax return for the plan is due in two days. “I want to give you an outline of how you respond when you are facing an ethical dilemma…
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ERISA-Eleventh Circuit Upholds Termination Of Participant’s Long-Term Disability Benefits

October 28, 2011

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In Ray v. Sun Life & Health Insurance Company, No. 10-14693 (11th Cir. 2011), the plaintiff, Myra Ray ("Ray"), was appealing the district court’s affirmation of a decision to terminate her long-term disability ("LTD") benefits . Ray was covered at…

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Department of Labor and IRS Audits of 401(k) Plans

October 27, 2011

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Federal oversight of 401(k) plans is essentially divided between the Internal Revenue Service and the Department of Labor. The IRS oversees the qualified status of 401(k) plans and issues determination letters. Continue reading

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ERISA- Ninth Circuit Rules That Case Must Be Remanded So The District Court Can Reconsider Whether The Administrator Abused Its Discretion In Denying A Claim For Long-Term Disability Benefits

October 27, 2011

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In Kluda v. Quest Disability Plan, No. 10-16035 (9th Cir. 2011) (Unpublished Memorandum), the plaintiff, Richard Kluda ("Kluda"), was appealing the summary judgment granted by the district court to the defendant, the Qwest Disability Plan (the "Plan"), concerning Kluda’s long-term…

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Coming Soon To a Theatre near You: The Latest Adventures in Fiduciary Advice

October 27, 2011

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Warning: This movie is rated ‘FG’ – Fiduciary Guidance. For Mature Advisers Only. Plot: The Starship Pension Prize has discovered a strange new plan-et inhabited by the Klingons, a crafty race known for hawking lightly regulated insurance products. The Starship’s…

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Fiduciary Links: Occupy Wall Street makes sense to long-time lobbyist

October 24, 2011

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>>>> “While the term ‘fiduciary’ is not well understood by the American public or investors, the word ‘trust’ is universally understood. And even though the messages emanating from this disorganized throng of protesters have not yet offered any articulate policy…

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ERISA-Second Circuit Adopts Moench Presumption And Affirms Dismissal Of Claims That Plan Fiduciaries Imprudently Allowed Continued Investment In Employer Stock

October 24, 2011

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In two companion cases, In re: Citigroup ERISA Litig., No. 09-3804-cv (2nd Cir. 2011) and Gearren v. McGraw-Hill Companies, Incorporated, Nos. 10-792-cv (L), 10-934-cv (Con) (2nd Cir. 2011), the Second Circuit Court of Appeals (the "Court") adopted the "Moench Presumption"…

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ASPPA Honors Ashton with Eidson Award

October 23, 2011

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The American Society of Pension Professionals & Actuaries (ASPPA) honored Bruce L. Ashton with the 2011 Harry T. Eidson Award during the opening session of the ASPPA annual conference at the Gaylord Hotel, National Harbor, Md.

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  1. ASPPA Honors Members for Educational Achievement The American Society of Pension Professionals & Actuaries (ASPPA) honored…
  2. ASPPA and Morningstar Announce 401(k) Advisor Leadership Award Finalists ASPPA announced the names of three finalists in the running…
  3. ASPPA & Morningstar Open Nominations for 401(k) Advisor Award Leadership Award Designates Distinction in the 401(k) Marketplace ARLINGTON, VA,…

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