The Department of Labor (DOL) has proposed a new rule to enhance protection and transparency for financial advice within retirement plans. The Retirement Security Rule: Definition of and Investment Advice Fiduciary was drafted to update the definition of investment...
Fiduciary
Potential Enhancements Coming Soon to the Voluntary Fiduciary Correction Program
The Voluntary Fiduciary Correction Program (VFCP) allows plan sponsors and other responsible fiduciaries to voluntarily self-correct 19 specific prohibited transactions that violate the Employee Retirement Income Security Act (ERISA) without incurring a penalty....
Is there Pandemic Relief for Late Deposits?
Proper handling of employee 401(k) deferral contributions and loan repayments is one of the most important responsibilities a plan sponsor undertakes. Failure to timely deposit employee deferrals and participant loan repayments is considered by many service providers...
Terminated Employees? Important Relief is Here.
On December 27, 2020, the Consolidated Appropriations Act, 2021 was signed into law. The Act combines the $1.4 trillion omnibus federal spending package for the 2021 fiscal year and a $900 billion COVID-19 stimulus package that enhances and expands certain provisions...
The SECURE Act Reminders
With so much discussion surrounding the CARES Act, it is easy to forget that 2019 brought us some of the most significant changes to retirement plan law since the passage of the Pension Protection Act of 2006. This legislation came to us by virtue of The Setting Every...
Cycle 3 Plan Document Restatements
Approximately every six years, the IRS requires that pre-approved qualified retirement plans update (or restate) their plan document to reflect recent legislative and regulatory changes. Plan restatements are divided into staggered six-year cycles depending on the...
Alliance has acquired Reed-Ramsey, Inc
Deerfield, IL. -- Alliance Pension Consultants, LLC (Alliance) has acquired Reed-Ramsey, Inc., a pioneer in the retirement plan industry that has been providing recordkeeping, actuarial, compliance and human resources consulting to corporations since 1940....