Federal courts have become much more inclined to deny companies’ and fiduciaries’ motions to dismiss, instead permitting participants’ claims to proceed into the discovery phase.
This month, QPA’s team takes this opportunity to return our focus directly to your employees and their financial wellness.
This month, QPA’s team of ERISA Attorneys is devoting additional energy to ensuring plan fiduciaries remain educated about recent developments and what might arise in the near future.
For more than 15 years, the American Bar Association Tax Section has provided me consistent opportunities to work directly with government officials on retirement plan-related matters.
Retirement plan fiduciaries have experienced significant changes over the last decade. We can attribute some of those changes to the Department of Labor’s regulatory and enforcement agenda, including the impact of increasing fee transparency, expanding the definition of fiduciary, and emphasizing the importance of cybersecurity.
While we work to assess opportunities provided by the SECURE 2.0 Act of 2022 and await related governmental agency guidance, two additional developments merit additional discussion. Congress, President Biden, and the Federal courts have all had fiduciary items on their mind.
The SECURE 2.0 Act of 2022 will expand the retirement plan toolkit available to employers that desire to enhance the plans available for their employees. As the new provisions become effective and as employers plan for the future, questions naturally arise.
The SECURE Act 2.0 of 2022 provides plan sponsors with a number of additional tools to enhance the attractiveness and effectiveness of their retirement plans.
In December of 2019, before COVID was in our daily vocabulary, President Trump signed the Setting Every Community Up for Retirement Enhancement Act. The SECURE Act sought to increase access to retirement savings accounts and to protect American workers from outliving their retirement assets.
It has been widely reported that the Department of Labor (DOL) has published its new Environmental, Social, and Governance (ESG) final regulation. Depending on one’s perspective, that characterization ranges from somewhat accurate to quite inaccurate.