Whenever significant losses are suff ered by funds or accounts managed on behalf of ERISA plans, whether as a result of events adversely aff ecting specific securities or assets, or as a result of a general market decline, there often is a rise in ERISA fiduciary litigation against investment service providers to ERISA plans.
Even though the E‐Proxy rules permit distribution of proxy materials via the Internet, sponsors of defined contribution retirement plans (such as 401(k) plans) should be mindful of the disclosure obligations under the Employee Retirement Income Security Act of 1974, as amended (ERISA), if the materials are being distributed in connection with a plan that is intended to be a “404(c) plan.”
October 2008 - Over the last eighteen months, the Employee Benefits Security Administration (EBSA) of the Department of Labor (DOL), through its Director of Enforcement, has indicated that it would view the receipt by a fiduciary of any gifts or gratuities from a plan service provider or other third party, even items of modest value, as a potential violation of ERISA’s “anti-kickback” rule (ERISA § 406(b)(3)).
22 July 2008 - On July 14, 2008, the Department of Labor (DOL) issued FAQs (frequently asked questions) intended to help with the administration and implementation of new annual reporting requirements issued on November 16, 2007, in the form of a revised Form 5500, applicable to most ERISA plans.
The Department of Labor's Employee Benefits Security Administration issued July 14 guidance in the form of 40 frequently asked questions and answers (FAQs) on Annual Return/Report of Employee Benefit Plan Form 5500 Schedule C (for reporting service provider compensation) for plan year filings beginning on or after Jan. 1, 2009.
May 2008 - The Department of Labor (the "DOL") maintains an "advisory" and a set of Frequently Asked Questions ("FAQ") on an employer's duty to report gifts and other payments to any labor organization or its officers, employees, or representatives.
12 March 2008 - On November 16, 2007, the Department of Labor ("DOL") published a revised Form 5500 applicable to most ERISA plans, as well as accompanying regulations.
The Supreme Court issued on February 20, 2008 its much-anticipated decision in the case of LaRue v. DeWolff, Boberg & Associates, Inc. No. 06-86, 2008 WL 440748 (2008)
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