The fiduciary duty to disclose plan amendments under serious consideration

Article Abstract:

Case studies are presented which analyzes scenarios of employer fiduciary duty in informing employees of changes in employee benefits. The fiduciary duties of employers are still ill defined under law since this is an emerging area of law. Employers are advised to appoint 'special individuals' to whom employees can turn to for information regarding plans by the employers to change or upgrade their benefit plans. This ensures that employees receive proper and accurate information that may help employers avoid legal complications in cases of employee complaint.

Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors, Fiduciary Regulations, Social aspects, Analysis, Management, Defined benefit plans, Banking law, Fiduciary duties, Fiduciaries

---

Proposed 401(k) contribution deposit schedule adds costs and complexities

Article Abstract:

The Dept. of Labor's proposals requiring companies to make rapid deposits of employee contributions to 401(k) plans would make 401(k) administration costly and complicated. The proposals would hinder the reconciliation between deposits and payroll tapes before transmission of deposits to the trust. They would also prevent plan sponsors from consolidating payroll deductions into one or two deposits each month.

---

Labor department's final rules shorten 401(k) plan deposit period

Article Abstract:

The Dept. of Labor's new rules on the time limit allowed for the deposit of employee 401(k) contributions are stricter than the original regulations although more reasonable than those proposed. The new rules shorten the time given to employers for making deposits from 90 days to 15 days after the end of the month when contributions were deducted from employees. These rules become effective on Feb. 3, 1997.

Similar abstracts:

• Abstracts: Risk management market opens up in Japan. Expanding overseas carries special risk considerations. An electronic forum for the business of risk
• Abstracts: The right way to select a managed care company. Managed indemnity health insurance. State legislative mandates for health benefits
• Abstracts: China warms to insurers. Considering captives. Even small agencies should ride info highway

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.