Regulation

I recently spoke at a seminar where the question was raised about a plan sponsor's obligations to act when they see participants have made foolish investment choices in their self-directed accounts. Is there a fiduciary obligation to tell participants that they have made an unwise investment choice?

The American Institute of CPAs has sent a letter to members of the House Financial Services Committee supporting a bill aimed at narrowing the definition of “municipal advisor,” without weakening investor protections.

A court recently upheld Whirlpool’s right to change retiree medical benefits for former Maytag employees whose collective bargaining agreement had expired.

IRS guidance clarifies changes to flexible spending account rules.

Businesses whose employees work in Seattle have only days remaining before new paid sick and safe time rules kick in.

An Ohio manufacturer recently learned the value of having oral and written disclaimers in place after a cash-balance plan participant’s monthly retirement benefit turned out to be less than half of what she was told it would be.

The Labor Department has sued to restore more than $34 million in assets to two retirement funds of Michigan-based vehicle parts manufacturer Metavation LLC that allegedly were used in violation of ERISA.

The IRS has proposed eliminating a signature requirement on an automatic extension for filing deferred vested benefit information, which a recent Segal Compliance Alert characterized as a small but irritating nuisance for many plan sponsors.

A U.S. bankruptcy court judge has denied a request by American Airlines parent company to abandon collective bargaining agreements with its pilots in an effort to save more than $1 billion a year in labor and benefit costs.

While employers are loath to spend money in a tight economy, it is no longer “reasonable” for plan sponsors to avoid having specialists assisting them in dealing with their benefit plans.