The Securities and Exchange Commission is proposing a new rule under the Investment Advisers Act of 1940 that would require registered investment advisers to satisfy specific requirements if they outsource certain services or functions. The Proposed Rule (Rule 206(4)-11) imposes due diligence and monitoring obligations for the engagement and retention of service providers and includes changes to Form ADV and to the recordkeeping requirements under Rule 204-2. Investment advisers should become familiar with the Proposed Rule to ensure timely compliance, if it is adopted.
Latest Posts
| 01.12.2023 |
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| 01.10.2023 |
Sponsors of group health plans received welcome relief from Congress and regulatory agencies which should make health plan administration and reporting less burdensome. The relief comes in the form of a permanent extension of certain Affordable Care Act reporting deadlines, a temporary reprieve from new prescription drug reporting requirements, and a two-year continuation of the ability to offer telehealth and remote care services under HSA-compatible high deductible health plans. |
| 01.05.2023 |
Congress recently approved some of the most sweeping changes to retirement plans in decades. The Consolidated Appropriations Act of 2023 includes the SECURE 2.0 Act of 2022. SECURE 2.0 makes numerous changes to qualified retirement plans, 403(b) plans, 457(b) plans, individual retirement accounts, and other employee benefits. The changes are designed to enhance access to retirement savings, preserve income, and lessen administrative burdens. Employers will need to modify certain aspects of plan administration and make decisions about which optional plan provisions to adopt. This post provides an overview of the most relevant provisions of SECURE 2.0 and their effective dates. We will provide more detailed discussion of SECURE 2.0 and its implications in subsequent posts. |
| 12.28.2022 |
Legislation included in the huge omnibus spending bill approved by Congress in the waning days of 2022 will require employers to reevaluate and revise the 401(k) and 403(b) retirement plans they sponsor. Now officially known as the SECURE Act 2.0 of 2022, the legislation combines provisions of three separate bills that enjoyed bipartisan support throughout 2022. However, much like its predecessor, the Setting Every Community Up for Retirement Enhancement (SECURE) Act passed in late 2019, SECURE 2.0’s fate was not known until it was included in must-pass legislation at year’s end. |
| 12.21.2022 |
‘Tis the season for giving – and the Department of Labor just gave plan sponsors a gift. The Department of Labor’s Employee Benefits Security Administration (EBSA) recently announced its intent to update its Voluntary Fiduciary Correction Program (VFCP) to create a new self-correction process for correcting late remittances of participant deferrals and loan repayments to defined contribution plans. |
| 11.15.2022 |
The IRS recently announced that it is expanding its retirement plan determination letter application program currently used by qualified retirement plans to include submissions on behalf of individually designed Code Section 403(b) retirement plans. |
| 10.26.2022 |
Following announcements by both the IRS and the Social Security Administration, we now know most of the dollar amounts that employers will need in order to administer their benefit plans for 2023. The key dollar amounts for retirement plans and individual retirement accounts (IRAs) are shown on the front side of our 2023 limits card. The reverse side of the card shows a number of dollar amounts that employers will need to know in order to administer health flexible spending accounts (FSAs), health savings accounts (HSAs), and high-deductible health plans (HDHPs), as well as health plans that are not grandfathered under the Affordable Care Act. A laminated version of Spencer Fane’s 2023 limits card is available upon request. To obtain one or more copies, please contact any member of our Employee Benefits Group. You also can contact the Spencer Fane Marketing Department at 816-474-8100 or marketing@spencerfane.com.
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| 09.29.2022 |
The IRS has extended the plan amendment deadlines for all changes under the CARES Act, Miners Act, and SECURE Act to a single date. |
| 09.27.2022 |
When the value of a company’s equity has declined since the issuance of stock options, causing the options to be considered underwater, and the options no longer provide the intended incentive, companies often consider repricing the options. Repricing may be an effective way to reinvigorate the intended incentive, but companies considering this strategy should be aware of the complex technical considerations involved in repricing. |
| 08.11.2022 |
The IRS issued Notice 2022-33, extending plan amendment deadlines for up to three years with respect to certain provisions of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the Bipartisan American Miners Act of 2019 (the Miners Act), and the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act). |