One of the most basic duties of a defined contribution plan sponsor is to ensure that that there is no delay and participants’ salary deferral elections are correctly and timely deposited into the retirement plan. Not only is...more
4/24/2024
/ Benefit Plan Sponsors ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Contributions ,
Employee Retirement Income Security Act (ERISA) ,
Employer Contributions ,
Fiduciary Duty ,
Filing Deadlines ,
Internal Revenue Code (IRC) ,
IRS ,
Retirement Plan ,
Voluntary Correction Program
Over the last several years, numerous large pension plan sponsors have transferred billions of dollars in financial risk related to their pension plan benefit obligations to insurance companies through the purchase of group...more
4/1/2024
/ Annuities ,
AT&T ,
Class Action ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Insurance Industry ,
Lockheed Martin ,
PBGC ,
Pension Funds ,
Pensions ,
Retirement Plan
In the laundry list of retirement plan administrative and operational requirements, plan sponsors may sometimes overlook their obligations with respect to terminated vested employees. Even though these individuals have left...more
3/6/2024
/ 401k ,
Benefit Plan Sponsors ,
Department of Labor (DOL) ,
Fiduciary Duty ,
Former Employee ,
Individual Retirement Account (IRA) ,
Pensions ,
Required Minimum Distributions ,
Retirement Plan ,
SECURE Act ,
Vested Benefits
Most retirement plan sponsors know that ERISA - the federal law that imposes duties (and liability for breaching those duties) on certain individuals and entities that are defined as plan fiduciaries – is the primary source...more
1/23/2024
/ Benefit Plan Sponsors ,
Employee Retirement Income Security Act (ERISA) ,
Employer Liability Issues ,
Fiduciary ,
Fiduciary Duty ,
Internal Revenue Code (IRC) ,
Pensions ,
Public Employee Retirement Funds ,
Public Employers ,
Retirement Plan ,
Trustees
A handful of new ERISA litigation cases (including McManus v. Clorox Co., N.D Cal. No. 4:23-cv-05325) are taking aim at forfeiture accounts and trying to pull them into the never-ending list of ways in which retirement plan...more
If you are serving as a fiduciary for your employer’s retirement plan, you have a duty under the Employee Retirement Income Security Act (ERISA) to act prudently. Engaging in prudent behavior is only the first step a plan...more