Articles

Department of Labor Publishes Final Fiduciary Regulations

On April 6, 2016, the Department of Labor (“DOL”) published final regulations defining the types of financial communications with plan sponsors and participants that constitute fiduciary advice under ERISA.

IRS Pension Plan Limits Remain Unchanged for 2016

The IRS announced yesterday that there will be no cost of living adjustments to the qualified plan limitations described below for 2016.

IRS Issues Changes to Determination Letter Program

In IRS Announcement 2015-19, the IRS announced it is making changes to its determination letter program.

IRS Reminds Sponsors to Keep Records for Hardship Withdrawals and Plan Loans

The Internal Revenue Service (IRS) recently reminded retirement plan sponsors to keep certain records in regards to hardship withdrawals and plan loans.

Supreme Court Holds No “Presumption of Prudence” Exists for ESOP Fiduciaries

The Supreme Court held that fiduciaries of ESOPs are not entitled to a “presumption of prudence” when their decisions to buy or hold employer stock are challenged.

IRS Launches 409A Audit Initiative

Last month, the IRS announced that a Compliance Initiative Project (CIP) was underway, involving compliance with Internal Revenue Code Section 409A.

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Newport Group, Inc. and its affiliates provide recordkeeping, plan administration, trust and custody, consulting, fiduciary consulting, insurance and brokerage services. Fiduciary consulting services are provided through Newport Group Securities, Inc., an SEC-registered investment adviser and FINRA-registered broker-dealer, and InterServ, LLC, an SEC-registered investment adviser. Newport Group Securities, Inc. and InterServ, LLC are affiliates of Newport Group, Inc. All securities transactions are provided through Newport Group Securities, Inc., in its role as broker-dealer. All fiduciary consulting services are provided through the registered investment adviser. when offering variable insurance products, Newport Group Securities, Inc. acts solely in its capacity as a broker-dealer.
Trust and custody services provided by Newport Trust Company, a New Hampshire state chartered trust company and wholly owned subsidiary of Newport Group, Inc.