403(b) and 457 Retirement Plans Under New Scrutiny

The US Securities and Exchange Commission (SEC) recently sent letters to companies that administer Section 403(b) and 457 retirement plans to investigate whether violations of federal securities laws have occurred in administering the plans. The SEC wants details on how the plan administrators choose investment options and police themselves amidst conflicts of interest. The investigation,… Read more »

Labor Department Issues Final Overtime Rule

The Department of Labor on Sept. 24 issued a final rule that will make overtime pay available to 1.3 million additional workers. The new rule, which will take effect Jan. 1, 2020, will raise the annual salary level at which companies will have to pay overtime to exempt workers from $23,660 to $35,568. Workers earning… Read more »

CA Bill Treats Contractors as Employees

California lawmakers approved a landmark bill Sept. 10 requiring companies to designate freelancers or independent contractors as employees. Passed by the California Senate this week, the bill would extend labor protections and employee benefits like health care, overtime and minimum wage to many workers formerly considered contractors. The measure is expected to be signed by… Read more »

DOL Issues Final Rule on ARPs

The Department of Labor announced a final rule this week that makes it easier for small businesses that belong to the same trade association to offer retirement plans to their employees. Under the DOL rule, Association Retirement Plans (ARPs) could be offered by associations of employers in the same city, county, state or metropolitan area,… Read more »