What documentation is required for retirement plan governance? BOARD RESOLUTIONS The vast majority of retirement plan documents provide rules regarding who is empowered to take action for a plan. The plan document names a plan administrator, a named fiduciary, and usually contains a section that explicitly describes responsibilities for each, when and how to delegate responsibilities, and perhaps even how a committee may be adopted. … Continue reading Retirement Plan Governance Summary

In the past year, class action lawsuits have been filed against the fiduciaries of the 403(b) plans of a number of major universities. One such action was filed against NYU. The plaintiffs in this case recently amended their complaint to add Cammack LeRhette Advisors as a named defendant. Cammack has served as the advisor to the NYU plans since 2009. Very generally, the complaint alleges … Continue reading An Advisor is Named as a Defendant in NYU Lawsuit

After many delays, some parts of the Department of Labor’s new Fiduciary Rule are once again on hold, this time for 18 months until the middle of 2019. The essence of the Fiduciary Rule is that any person making investment recommendations to plans, their participants or IRA holders, is acting as a fiduciary and may only make recommendations that are in the best interests of … Continue reading The Ongoing Saga of DOL’s Fiduciary Rule / Changes in the Offing

President Trump signed the tax bill into law on December 22nd of last year, just under the wire of his self-imposed deadline of Christmas. The bill was originally known simply as the “Tax Cuts and Jobs Act,” but under an arcane Senate rule, this name was too short so it is formally titled “To Provide Reconciliation Pursuant to Titles II and V of the Current … Continue reading Tax Reform – Retirement Plans Left Largely Unscathed