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Legal and Legislative Update March 15, 2016 John E. Schembari - PowerPoint PPT Presentation

Jun 17, 2023 •230 likes •345 views

Legal and Legislative Update March 15, 2016 John E. Schembari Partner Kutak Rock LLP John.Schembari@KutakRock.com Agenda Legislation Regulatory Developments Case Law 2 Legislation President Obamas FY2017 Budget Proposal

  1. Legal and Legislative Update March 15, 2016 John E. Schembari Partner Kutak Rock LLP John.Schembari@KutakRock.com

  2. Agenda ►Legislation ►Regulatory Developments ►Case Law  2

  3. Legislation ►President Obama’s FY2017 Budget Proposal − Automatic IRA enrollment − Open MEPs ►State-Run Retirement Plans − Proposed Rule − Interpretive Bulletin  3

  4. Regulatory Developments ►Mid-year Changes to Safe Harbor Plans (IRS Notice 2016-16) − Most changes permitted with notice and election opportunity − Few prohibited changes ►Changes to Determination Letter Program (IRS Notice 2016-03) − Program availability sharply limited after Cycle A − Kutak Rock Retirement Plan Opinion Letter Program  4

  5. Regulatory Developments (cont.) ►Guidance on Selecting Benefit Plan Auditors (DOL) − Focus on firms with demonstrated experience − Membership in AICPA Employee Benefit Plan Audit Quality Center  5

  6. Regulatory Developments (cont.) ►Documentation requirements for loans and hardship distributions (IRS Employee Plans News 2015-4) − Plan sponsors responsible for hardship/loan documentation, even if TPA handles − No electronic self-certification of hardship ►SEC Money Market Reform ►Fiduciary Rule Status 6

  7. Case Law ► Amgen v. Harris (U.S. 2015) − Reaffirms importance of Dudenhoeffer ► Smith v. Aegon Companies Pension Plan (U.S. 2015) − Plans may include venue selection clauses ► In re Fidelity ERISA Float Litigation (1 st Cir. 2016) − Lower court held recordkeeper not a fiduciary with respect to float − Currently being appealed  7

  8. Case Law (cont.) ► Tussey v. ABB Inc. (W.D. Mo. 2015) − Damages = TDF’s performance vs. minimum return of prudent options ► Tibble v. Edison (U.S. 2015) − Reaffirms that fiduciaries have continuing obligation to monitor investments ► Bell v. Anthem (S.D. Ind. 2015) − Ongoing complaint—may provide new guidance about lower-cost share classes, separate accounts, and collective investment trusts 8

  9. Case Law (cont.) ► McCaffree Financial Group v. Principal Life Insurance Company (8th Cir. 2015) − Service provider not fiduciary merely for picking options under service agreement or following terms of agreement ► Spano v. Boeing (S.D. Ill. 2015) − Highlights importance of monitoring sector funds carefully ► Pfeil v. State Street Bank and Trust (6th Cir. 2015) − Reaffirms importance of prudent process 9

  10. Questions??  10

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