Regular readers of the KCS Fireside Chat series will know that 3-4 times per year we dedicate this monthly series to issues related to the defined contribution space, and November just happens to be one of those months. Here is the link:
In this article, Dave Murray, KCS’s DC Practice Leader, addresses such diverse topics as the IRS contribution levels for 2017, the DOL Fiduciary Rule, and a recent spate of lawsuits targeting small (not smaller) defined contribution sponsors. DC lawsuits had once been relegated to the big corporate sponsors, but successful litigation at these firms has lead enterprising lawyers to pursue similar cases against much smaller sponsors.
Plan sponsors who felt that freezing and / or terminating their DB plan significantly reduced their fiduciary responsibility / liability are finding that they were kidding themselves. Given that most private sector employees are in defined contribution plans, if they are in a retirement plan at all. The DOL and IRS are getting much more aggressive in conducting audits of these plans. We would be happy to provide you with a fiduciary review of your activities in order to make sure that you and your plan are prepared should you be contacted about an audit.