Citing the magnitude of the current pandemic, New Jersey has prolonged the deadline for contemplating its suggested fiduciary rule. The Garden State’s novel uniform fiduciary standard was declared on April 15, 2019; nonetheless, under the state’s statutory deadline, the proposal would have expired if final action was not taken within a single year.
New Jersey’s Governor Phil Murphy’s April 14 Executive Order prolongs myriad deadlines associated with rulemaking for state agencies until 90 days subsequent the end of the current public health emergency if a notice of proposal was published on or after April 15, 2019, and the notice of rule proposal would otherwise expire without the benefit of said extension.
Meanwhile, on the opposite side of the country, California has extended the CalSavers registration cutoff date for large employers. On April 15, the California Secure Choice Retirement Savings Investment pushed back the deadline for employers with 100 or more employees to register with CalSavers, the state-run retirement program for employees whose employers do not offer a retirement plan. The present extension offers employers until September 30, 2020 time to register with CalSavers, with the deadline currently being June 30, 2020. The board reinforces its stance as related to the COVID-19 pandemic.
For companies that offer ERISA retirement plans to their employees, understand that YOU are not protected if a lawsuit comes your way alleging mishandling of an employee benefit plan. Colonial Surety Company offers fiduciary liability insurance for fiduciaries to defend and indemnify them against lawsuits and to safeguard their reputation and assets. Our ERISA fidelity bond packages provide you ERISA bond coverage, fiduciary liability insurance, and cyber liability insurance to give you the maximum coverage you need to keep your company and its employees safe. Contact us today to learn more about our ERISA fidelity bond coverage.