Change in Fiduciary Definition

Oct 26, 2010

Last Thursday the DOL announced a proposed rule that would update the definition of a fiduciary under the Employee Retirement Income Act (ERISA). The change would more closely align the definition with expectations of both plan officials and participants and also take into consideration the current practices of those providing investment advice.

Qualified Domestic Relations Orders (QDROs)

Oct 12, 2010

Retirement plan accounts or benefits are often one of the most valuable assets a family owns. So when couples separate or divorce, how to divide their interest in a retirement plan is often a significant consideration. While divisions of marital property are usually governed by state law, any divvying up of retirement assets must also comply with ERISA and the Internal Revenue Code (IRC). Under ERISA and the IRC, a qualified domestic relations order, or QDRO, is necessary for the assignment of retirement benefits.

ERISA Bonding Requirements

Aug 24, 2010

The Form 5500 requires plan administrators to indicate on an annual basis whether the plan was covered by a fidelity bond. Unfortunately, there is a lot of confusion surrounding the nature of the bond and who needs to be bonded and for what amount.

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