The Statute of Limitations has become a hot topic since the Supreme Court's ruling in Tibble v Edison. Ironically, the Statute of Limitations does provide a method to reduce or mitigate fiduciary risk for decisions from 6 to 3 years if full disclosure is adopted. Learn how
Best Practices in Share Class conversion is a topic of discussion at the water cooler since the Supreme Court heard arguments by the defendants attorney in Tibble v Edison. While he argued that the time and cost to change to a different share class was onerous the opinion of industry Recordkeepers is that it takes between 1 and 60 days to accomplish the switch. To learn more click here.
Determining and documenting fee reasonableness is critical to avoiding a prohibited transaction claim that would require the fiduciary to reimburse the plan for direct and indirect fees deducted from plan assets. The process to determine and document fee reasonableness was address in the preamble to the regulations but there are best practice strategies that assist with establishing procedural prudence and a strong defense. For more information on those best practice strategies click here.
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