The lawyers & attorneys at Giller & Calhoun law firm have developed this blog to provide information and updates on employee benefits and annuity and insurance law. This blog is authored by attorneys Evan Giller, Monica Dodd Calhoun and Bob Toth.
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The 403(b) regulations replaced the "contract exchange" rules under Revenue Ruling 90-24 (which allowed the tax free transfer of 403(b) contracts between different vendors, including that of different plans, as long as certain, minimal conditions were met) with a new scheme of exchanges...
With the current attention being paid to annuities by the recent activity of Treasury, those plan sponsors and their advisors who may be interested in annuities in their 401(k) plans may also be tempted to take a close look at the wide array of annuities that are available for the IRA and...
If plan assets are used to purchase a typewriter at Office Depot for the exclusive use by the plan in its administration by the plan sponsor (and the plan sponsor is not Office Depot, an affiliate, or its not a plan also covering Office Depot's employees), the purchase is merely a direct expense of...
I have spent much of my career studying and practicing in the law of annuities as it applies to retirement plans-starting even prior to my long stint with an insurance holding company, when the Master Trust of the Fortune 100 company for which I was in-house ERISA counsel formulated its own...
Treasury nailed it (or, as our eldest son is fond of saying, they just "friggin’" nailed it). With just a relatively short regulation and a Revenue Ruling, Treasury simply and in a very straightforward way laid out the definitive structure for defined contribution plans (like 401(k)...
The DOL continues with its sensitivity to the challenges created for 403(b) plan sponsors in the transition to an employer accountable world. In today's release of the final 408(b)(2) regs, the DOL provided tremendously needed relief for 403(b)plans. The language from the preamble speaks for...
The successful chair of a committee serves the committee, the committee does not serve the chair. And so it was with the creation of the just-released "best practices" 403(b) Model Disclosure, which was developed jointly by NEA, ASBO, NTSAA and ASPPA. I was fortunate enough, and honored,...
Minutiae's Triumph: The Striking Impact of Transparency, the Prohibited Transaction Rules and the Exclusive Benefit Rule
Freedom and liberty are not merely themes sounded by politicians in political campaigns, or in rousing marches by military bands (though I am personally particularly fond of them!), nor are they ideas which you will typically see being discussed in a piece about retirement issues. But they...
A while back, I did a piece on the manner in which the 408(b)(2) regs applied to the variable investment accounts under a group annuity contract held by a retirement plan, in particular, 401(k)plans; and a "light" piece on its application to general account products. In that I hear...
Representing The Financial Service Company's Retirement Business and SEC's "Reporting Up" Requirement Under SOX Section 307/SEC Part 205: The Lesson of BNYMellon
Retirement plan lawyers, both in house and outside counsel, may well want to take note of Bank of New York Mellon's recently reported troubles related to potentially widespread and fraudulent use of unfair currency exchange rates in their dealings with unsuspecting state and local pension...