EBIA Weekly Newsletter

Just in Time: Applicability Date for Fiduciary Rule and Related Exemptions Extended to June 9, 2017; Some Exemption Requirements Delayed Until 2018

   April 6, 2017

Definition of the Term “Fiduciary”; Conflict of Interest Rule – Retirement Investment Advice; Best Interest Contract Exemption (Prohibited Transaction Exemption 2016-01); and others; 82 Fed. Reg. __ (Apr. 7, 2017); DOL News Release 17-0293-NAT (Apr. 4, 2017) Final Regulation News Release The DOL has finalized a 60-day extension of the applicability … Read More

Investment’s Failure to Satisfy QDIA Safe Harbor Does Not Preclude Its Use as a Default

   April 6, 2017

DOL Information Letter (Dec. 22, 2016) Available at https://www.dol.gov/agencies/ebsa/employers-and-advisers/guidance/information-letters/12-22-2016 The DOL has released an information letter that considers whether ERISA allows a fiduciary to select a custom target-date investment as a default for a participant-directed individual account plan (such as a 401(k) plan), even though the investment does not qualify as a qualified … Read More

IRS Announces 2017 Automobile Depreciation Deduction Limits and Inclusion Amounts

   March 30, 2017

Rev. Proc. 2017-29 (Mar. 24, 2017) Available at https://www.irs.gov/pub/irs-drop/rp-17-29.pdf The IRS has announced the inflation-adjusted Code § 280F “luxury automobile” limits on certain deductions that may be taken by taxpayers using passenger automobiles (including vans and trucks) in a trade or business. For purchased automobiles, the limits cap the taxpayer’s depreciation deduction. For … Read More