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 … More 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 … More 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 … More Tax Reform – Retirement Plans Left Largely Unscathed
You may be eligible for a valuable incentive, which could reduce your federal income tax liability, for contributing to your company’s 401(k) or 403(b) plan. If you qualify, you may receive a Tax Saver’s Credit of up to $1,000 ($2,000 for married couples filing jointly) if you made eligible contributions to an employer sponsored retirement … More Tax Savers Credit Reminder
Answers from a recovering former practicing ERISA attorney Do you have a question for an ERISA attorney burning in your heart? Well, you’re not the only one! Welcome to our new Retirement Times feature, Hey Joel! We’re featuring plan sponsor questions from all over the country and answers from our in-house former practicing ERISA attorney. … More Hey Joel!
The duty to provide participants with sufficient information to make consistently informed retirement investment decisions is a basic fiduciary responsibility under ERISA Section 404(a). However, there could be some plan committees who feel their participants are not consistently making prudent decisions. According to a recent JP Morgan survey¹ nearly 75 percent of participants say they … More Is it Time for a Plan Refresh?
In our research, late deposit of contributions is a frequent error made by plan sponsors and is a key priority of the Department of Labor (DOL). In every plan audit conducted by the DOL, the investigator looks to see if contributions have been deposited in a timely manner. A number of years ago, the DOL … More What Happens When You Deposit Employee Deferrals Late?
The last few weeks proved that stock market volatility really never went away, even if it was forgotten. With the S&P 500 dropping more than 7 percent at in the first week of February¹, it is important to remember that these types of events occur in the stock markets annually, if not even more frequently. … More Stock Markets Just Started Looking Normal Again. Is that a Good Thing?
From Wall Street Journal articles and editorials in Barron’s, to Facebook posts and holiday dinner conversations, Bitcoin is everywhere. This is not surprising when you consider Bitcoin’s exponential growth in 2017. In a year where the market saw new highs, one of the top performing mutual funds returned 105.73 percent¹, and a top performing stock … More The Explosion of Bitcoin
Many individuals have recently been significantly impacted by both the hurricanes and California wildfires and the Internal Revenue Service (IRS) provided relief for qualified individuals in retirement plans through several announcements. In addition, President Trump signed the Disaster Tax Relief and Airport and Airway Extension Act of 2017 (“Act”), which provides tax relief for individuals … More IRS Retirement Plan Announcements for the Recent Hurricanes and California Wildfires