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  • January 13, 2016

The Maryland Prudent Investor Rule

The Prudent Investor Rule was codified in Maryland in 1994, by §15-114 of the Estates & Trusts Article. The statute allows a fiduciary to utilize Modern Portfolio Theory in making investment elections for a trust, an estate or other beneficiary investments. Modern Portfolio Theory frees a trustee from rigid and outdated trust investment practices, and allows use of the full range of modern investment tools in selecting and managing portfolios for trust beneficiaries. The Prudent Investor Rule, however, only applies to a fiduciary that is a trust company or an investment advisor, or an individual trustee who makes a valid…

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  • November 16, 2015

Correcting Retirement Plan Errors: 2015 IRS Guidance Favors Employers

The Internal Revenue Service (IRS) has modified the Employee Plans Compliance Resolution System (EPCRS), which is the IRS correction program for retirement plans. In general, EPCRS allows retirement plan sponsors to correct plan mistakes and continue to provide retirement benefits on a tax-favored basis. It includes self-correction without IRS involvement, voluntary correction with IRS approval, and correction during audit under a closing agreement. The recent modifications to EPCRS are found in Revenue Procedure 2015-27 and Revenue Procedure 2015-8. They are a welcomed relief to employers who have discovered and need to correct past errors. Revenue Procedure 2015-27: Rev. Proc 2015-27…

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