Employee benefits or employee benefit issues can arise anytime you are providing employees something of value other than direct cash compensation. Engagement is very important. I hear it talked about a lot at 401(k) committee...more
Carlton Fields tax attorney Lowell Walters provides an overview of the IRS’s “New 90-Day Pre-Examination Compliance Pilot” audit process and explains what you can do to prepare for it.
For more information, visit:...more
Almost one year from the date it updated its investment duties regulation (29 C.F.R. § 2550.404a-1), triggering our previous article “DOL to Plan Sponsors: ‘It’s All About the Benjamins!,’” the Department of Labor (DOL)...more
If you thought the “Matrix” and “Spider-Man” sequels were impressive, you will be delighted to know that in a matter of weeks after revisiting its guidance on ESG retirement plan investments, the Department of Labor also...more
Participants do not always prefer the investment choices retirement plans offer. Whether participants want additional ways to diversify their portfolios or have other reasons, participants are asking retirement plan sponsors...more
Carlton Fields tax attorney Lowell Walters discusses three timely employee benefits issues: using employee benefits to reduce expenses; helping retirement plan participants in an inconsistent investment market; and, the...more
9/17/2020
/ 401k ,
403(b) Plans ,
Benefit Plan Sponsors ,
Bonuses ,
COBRA ,
Compensation & Benefits ,
Department of Labor (DOL) ,
Eligibility ,
Employee Benefits ,
Employer Contributions ,
Employer Group Health Plans ,
Employment Tax ,
Furloughs ,
Hiring & Firing ,
Investment Adviser ,
Investment Management ,
Layoffs ,
Payroll Expenses ,
Reduction in Hours ,
Retirement Plan ,
Wage and Hour
On June 3, 2020, the Department of Labor provided valuable insights via an information letter addressing private equity investment (PEI) within defined contribution retirement plans (such as 401(k) plans). ...more
Carlton Fields tax attorney Lowell Walters discusses an important issue employers with money purchase pension plans or governmental 401(a) plans should consider before allowing coronavirus-related retirement plan...more
Carlton Fields tax attorney Lowell Walters suggests potential ways to reduce the costs of employer-sponsored retirement plans....more
Carlton Fields tax attorney Lowell Walters explains how to determine which employee benefit plans might be ripe for reducing expenses....more
On February 26, the U.S. Supreme Court in Intel Corporation Investment Policy Committee v. Sulyma unanimously held that participants are not presumed to read retirement plan investment information....more
Retirement plan committees are being asked whether to add the coronavirus-related retirement plan distribution and loan provisions to their retirement plans. ...more
Whether the economy is in a financial downturn or your particular organization is hitting a rough patch, at some point you will consider reducing costs. Welfare and retirement benefit expenses generally follow employee...more
This article focuses on 401(k) and 403(b) plans that are in one of the following situations:
1. The plan failed ADP or ACP testing and must distribute excess amounts to its higher-ranking employees or make additional...more
2/5/2020
/ 401k ,
403(b) Plans ,
457(b) Plans ,
Compensation & Benefits ,
Distribution Rules ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Internal Revenue Code (IRC) ,
IRS ,
Nonprofits ,
Pass-Through Entities ,
Retirement Plan ,
Tax Deductions ,
Tax Planning
A recently released case highlights the protection afforded by a retirement plan committee that takes its role seriously. In Scalia v. WPN Corp., No. 2:14-cv-01494, 2019 WL 4748052 (W.D. Pa. Sept. 30, 2019)), a Pennsylvania...more
11/15/2019
/ Breach of Duty ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Enforcement Actions ,
Failure to Monitor ,
Fiduciary Duty ,
Investment Management ,
Investment Opportunities ,
Regulatory Oversight ,
Retirement Plan
Retirement plan sponsors that implemented hardship distribution changes and other disaster relief in 2018 and 2019 probably have to amend their plan documents by the end of this year if they haven’t done so already. We...more
This alert focuses on Florida governmental entities that provide benefits to firefighters. Newly adopted Florida Statutes chapter 112.1816, scheduled to go into effect July 1, 2019, provides additional minimum benefits to...more
5/9/2019
/ Cancer ,
Compensation & Benefits ,
Employee Benefits ,
Employer Group Health Plans ,
Firemen ,
Florida ,
GASB ,
Government Entities ,
New Legislation ,
Retirement Plan ,
State and Local Government ,
Tax Planning
On April 19, 2019, the IRS updated its guidance on the official methods of correction that can be used by tax qualified and 403(b) retirement plans (and, to a lesser extent, 457 plans). ...more
This alert should interest sponsors of retirement plans subject to IRC sections 401(k), 403(b), or 457(b) that authorize hardship distributions (often called “unforeseeable emergency distributions” in 457(b) plans)....more
All entities, including governmental entities, are now potentially liable for penalties due to overpaying employees....more
6/27/2018
/ Bonuses ,
Compensation & Benefits ,
Deferred Compensation ,
Excise Tax ,
Government Entities ,
Retirement Plan ,
Risk Assessment ,
Severance Pay ,
Tax Exempt Entities ,
Tax Liability ,
Tax Planning ,
Wages
This updates our August 15 blog entry, which targeted employers who sponsor retirement or welfare plans and are concerned about their fiduciary liabilities for properly selecting service providers....more
12/6/2017
/ Benefit Plan Sponsors ,
Best Interest Contract Exemptions ,
Conflicts of Interest ,
Consumer Financial Products ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Fiduciary Rule ,
Financial Services Industry ,
Investment Adviser ,
Investment Management ,
Regulatory Oversight ,
Retirement Plan
Provisions in the current proposed Senate tax reform bill would likely reduce the effectiveness of retirement plan arrangements that regularly receive contributions of unused leave for former employees, commonly known as...more
This article should interest employers offering retirement plan benefits or leave donation programs to employees affected by Hurricanes Harvey and Irma, in particular, and in various states of emergencies, in general. It...more