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ARTICLE ARCHIVES

Hurricane Summary Relief Charts

Publication: 401(k) Advisor  |  Volume/Issue: Vol. 24, No. 5, May 2017

The charts below reflect the hurricane relief that is in effect as of September 29, 2017.  Please see further updates for information about the Disaster Tax Relief and Airport and Airway Extension Act of 2017 if it becomes law.

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The Fiduciary Regulations: What a Fine Mess You Have Gotten Us Into, Ollie

Publication: 401(k) Advisor  |  Volume/Issue: Vol. 24, No. 5, May 2017

By:  Ilene H. Ferenczy, Esq.

The DOL has delayed the applicability date of the new fiduciary conflict of interest regulation and the related prohibited transaction exemptions (collectively, the “Regulation”) from April 10 to June 9.  The purpose of the delay is to permit the DOL to engage in the study of the Regulation, as directed by the Trump Administration, to ensure that the regulations do not cause more harm than good, without requiring plans to comply with the Regulation in the interim.

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Law Firm “Determination Letters”:  Are They Valuable?
Publication: Bloomberg BNA Compensation Planning Journal  |  Volume/Issue: Vol. 45, No. 5, May 5, 2017

By:  Ilene H. Ferenczy, Esq.

One of the newest products being offered to plan sponsors and administrators in the qualified retirement plan arena is the so-called “Private Determination Letter” (or PDL). These letters are intended to give the qualified plan sponsor some comfort that the plan document complies with applicable legal requirements and will not be found wanting if the Internal Revenue Service audits the plan.

Understanding the value of a PDL requires a little understanding of the history of the IRS vis-à-vis plan documents.

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The New DOL Rules:  Why Should TPAs Care?
Publication: ASPPA Plan Consultant  |  Volume/Issue: Winter 2017

By:  Ilene H. Ferenczy, Esq.

Among the many questions that are wending their way around the benefits industry in relation to the final Department of Labor (“DOL”) Conflict of Interest Regulation [Labor Reg. §2510.3-21(c) (“COI Reg”)] and the associated prohibited transaction exemptions [Best Interest Contract Class Exemption (“BICE”); Exemption for Principal Transactions; Amendment to PTE 75-1; Amendment to PTE 84-24; Amendment to PTEs 86-128 and 75-1; Amendments to PTEs 75-1, 77-4, 80-83, 83-1 (all dated 4/8/16)] is one that comes from the third party administration (“TPA”) community:

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Handling Client Errors:  Doing More Than Applying Bandaids to Benefits Boo-Boos
Publication: 
ASPPA Plan Consultant  |  Volume/Issue: Fall 2016

By:  Ilene H. Ferenczy, Esq.

Everyone in this business knows that it is nearly impossible to flawlessly administer a retirement plan.  The rules are too extensive, the regulations too numerous, and the issues too broad for perfection.  Simplification projects by Congress and the Administration only lead to more complexity.

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Revisiting MEPs … Again
Publication: 401(k) Advisor
  |  Volume/Issue: Vol. 23, No. 11, November 2016

By:  Ilene H. Ferenczy, Esq.

Over recent years, multiple employer plans (MEPs) have been discussed several times as a way to simplify plan administration, particularly for small employers.  If you are keeping score, it’s baaaaaack.

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The Latest in Plan Corrections
Publication:401(k) Advisor
  |  Volume/Issue: Vol. 23, No. 7, July 2016

By:  Ilene H. Ferenczy, Esq.

As we all get more sophisticated in our handling of qualified retirement plans, we also must become more and more knowledgeable about how plan errors are corrected.  Part and parcel of that development on a practitioner side is the development by the IRS and the other regulatory agencies of correction opportunities.

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Current Regulatory Happenings in the Benefits World
Publication: 
ASPPA Plan Consultant  |  Volume/Issue: Winter 2016

By:  Ilene H. Ferenczy, Esq.

As we begin 2016, we find ourselves in an interesting maelstrom of potential changes that may make the new year particularly challenging. While Congress is mired in political upheaval (which will likely get worse as the election year progresses), the Treasury/IRS and the Department of Labor are busy pursuing their own agendas.

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The Triple Stack (Match) – It’s Not Just for Pancakes Anymore!
Publication: Journal of Pension Benefits  |  Volume/Issue: Vol. 23, No. 1, Autumn 2015

By:  Ilene H. Ferenczy, Esq.

So, you’re working on the profit sharing plan for your favorite doctor’s practice, and you find out that Dr. Snipits, who is 105, finally decided to retire.  Dr. Laser, a squeaky clean new physician, is buying the practice.  Dr. Laser, known to his friends as “Doogie Howser” and to his new staff as “that young whippersnapper,” is 32 years old.

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