On June 23, 2020, the Department of Labor (“DOL”) issued a proposed regulation (the “Proposed Rule”) defining plan fiduciaries’ duties under the Employee Retirement Income Security Act of 1974 (“ERISA”) when considering...more
The US is not the only country that has been making legislative and regulatory changes in the pension and benefits area in response to COVID-19. ...more
In Thole v. U.S. Bank, the Supreme Court held that defined benefit plan participants who are receiving their full pension benefit lack constitutional standing to bring a lawsuit alleging that the plan fiduciaries breached...more
6/8/2020
/ Article III ,
Breach of Duty ,
Defined Benefit Plans ,
Duty of Loyalty ,
Duty of Prudence ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Injury-in-Fact ,
Investment Adviser ,
Mismanagement ,
Pensions ,
Plan Participants ,
Retirement Plan ,
SCOTUS ,
Standing ,
Thole v U.S. Bank
On June 3, 2020, the Department of Labor (“Department”) issued an Information Letter that, for the first time, provides the Department’s views on the use of private equity investments within 401(k) and other defined...more
6/6/2020
/ 401k ,
Defined Contribution Plans ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Information Letters ,
Investment ,
Investment Management ,
Private Equity ,
Retirement Plan
The House of Representatives recently passed a fourth round of legislation in response to the COVID-19 pandemic. The bill – called the Health and Economic Recovery Omnibus Emergency Solutions Act (the “HEROES Act” or the...more
6/1/2020
/ CARES Act ,
COBRA ,
Coronavirus/COVID-19 ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Families First Coronavirus Response Act (FFCRA) ,
Health and Welfare Plans ,
Health Insurance ,
Legislative Agendas ,
Pensions ,
Relief Measures ,
Retirement Plan
Brief Takeaway -
As a result of the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), plan sponsors and service providers across the country are bracing for a flurry of participant activity with respect to...more
4/16/2020
/ Breach of Duty ,
CARES Act ,
Coronavirus/COVID-19 ,
Cyber Threats ,
Defined Benefit Plans ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Fraud ,
Relief Measures ,
Retirement Plan
On Thursday, December 19, the Senate passed two spending bills to fund the government through September 30, 2020, one of which (H.R. 1865, the “Further Consolidated Appropriations Act of 2020” or the “Act”) contains the...more
1/10/2020
/ 401k ,
403(b) Plans ,
457(b) Plans ,
529 Plans ,
Affordable Care Act ,
Benefit Plan Sponsors ,
Cadillac Tax ,
Church Plans ,
Consolidated Appropriations Act (CAA) ,
Defined Benefit Plans ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Employer Group Health Plans ,
Individual Retirement Account (IRA) ,
Lifetime Income Disclosures ,
Medicare ,
Non-Discrimination Rules ,
Part-Time Employees ,
PBGC ,
Penalties ,
Plan Administrators ,
Pooled Registration Pension Plans ,
Portability ,
Prescription Drug Coverage ,
QACA ,
Repeal ,
Required Minimum Distributions ,
Retirement Plan ,
Retirement Plan Providers ,
Safe Harbors ,
SECURE Act ,
Small Employer Plans (SEPs)