Category Archives: Retirement Plans

A 401(k) plan with multiple participating employers hosts several problems. The first is recognizing any control group or affiliated service group rules that treat such a plan for compliance purposes as a single plan or a multiple employer plan. The … Continue reading →

The Internal Revenue Service issued guidance in Notice 2024-55 on applying exceptions to the 10% excise tax under Internal Revenue Code (IRC) Section 72(t) for emergency personal expense distributions and domestic abuse victim distributions. Internal Revenue Code (IRC) Section 72(t)(1) … Continue reading →

According to Vanguard, hardship distributions are up and that’s not a good sign. The number of hardship withdrawals per 1,000 savers soared about 40% in 20023 and has doubled since 2021. The main reason people were raiding their retirement accounts … Continue reading →

PNC Financial Services Group Inc. won their lawsuit brought by their employees, that accused them of paying excessive recordkeeping fees for their 401(k) plan. Federal Judge Christy Criswell Wiegand in the Western District of Pennsylvania said that expert witness, Ty … Continue reading →

Fisher Investments announced that they will be spinning out an independent 401(k) solutions division. Fisher Investment 401(k) Solutions will become an independent firm named Fisher Retirement Solutions to be run by CEO Nathan Fisher, son of Fisher Investments founder and … Continue reading →

Scrivener’s error is a mistake made by someone who is writing or copying something down, like a typo or a misspelling. It’s also a losing argument for most mistakes in a retirement plan document. Intent is a nice idea. It’s … Continue reading →

Milliman beat back claims that it breached a duty by retaining in-house target risk funds in its 401(k) plan. At issue were some Milliman-owned, proprietary allocation funds, a suite of target risk funds (the Unified Trust Wealth Preservation Strategy Target … Continue reading →

I think I learned in American politics that first semester in Stony Brook that if men were angels, there would be no need for government. If people did the right thing, there would be no need for government regulation. I’m … Continue reading →

A federal judge in Northern California stated HP Inc. doesn’t violate the Employee Retirement Income Security Act (ERISA) by using forfeited 401(k) money to pay contributions it’s required to make to the plan, by dismissing a proposed class action. HP … Continue reading →

The ERISA Industry Committee (ERIC) is pushing back on the Department of Labor (DOL) ask to require retirement plans to provide what it calls excessive amounts of participant information for its SECURE 2.0-mandated “Retirement Savings Lost and Found” database. ERIC … Continue reading →