The Employee Retirement Income Security Act generally requires that plan participants get copies of plan documents when requested. However, there is even an enforcement provision of ERISA that subjects the administrator to penalties if they fail to provide requested documentation.
by Thomas E. Clark Jr. – April 14, 2014 On Friday April 11, 2014 the parties in Healthcare Strategies v. ING Life Insurance and Annuity Co. filed a motion indicating they have settled their lawsuit and are now seeking approval of the district court. In total, ILIAC agreed to pay $14,950,000 in damages and agreed to significant changes to its business …
The U.S. Department of the Treasury and the Internal Revenue Service (IRS) issued guidance designed to help individuals accumulate and consolidate retirement savings by simplifying the transfer of savings from one retirement plan to another. Revenue Ruling 2014-9 will increase pension portability by making it easier for employees changing jobs to move assets to their new employers’ retirement plans.
The Department of Labor has proposed a rule requiring pension plan service providers to offer a guide to help employers navigate disclosures about fees and potential conflicts of interest. Who would it affect and why?