The US Department of Labor (DOL) issued a press release on September 6, 2024 reminding ERISA plan fiduciaries that it considers cybersecurity to be an area of “great concern” and emphasizing that it continues to investigate...more
The US Department of Labor (DOL) maintains a robust investigatory program for auditing employee benefit plans for potential ERISA violations. Under the Biden administration, the DOL’s ERISA enforcement activities and...more
The Employee Benefits Security Administration (EBSA) of the US Department of Labor (DOL) has continued to be active in civil and criminal enforcement investigations of ERISA’s fiduciary duties. This blog post details two...more
After months of on-again off-again consideration of competing bills, US Congress capitalized on bipartisan support for retirement plan legislation to deliver the SECURE 2.0 Act of 2022 (SECURE Act 2.0) as part of the year-end...more
While large financial institutions with significant expertise in retirement plan administration are widely expected to sponsor most pooled employer plans (PEPs), other firms (such as franchisors, gig economy employers, joint...more
In late March 2022, the US Internal Revenue Service withdrew regulations proposed in 2019 and issued new proposed regulations under sections 413(c) and (e) of the Internal Revenue Code, which provide for an exception to...more
5/11/2022
/ Defined Contribution Plans ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
IRS ,
Multi-Employer Pensions ,
One Bad Apple Rule ,
Professional Employer Organization ,
Proposed Regulation ,
Public Hearing ,
SECURE Act
The US Department of Labor (DOL) issued a final regulation (Final Rule) on December 29, 2021, updating the 2021 Form 5500 to reflect certain statutory changes included in the Setting Every Community Up for Retirement...more
Although variable annuity pension plan (VAPP) designs have been permissible for decades, they have not yet seen widespread adoption—particularly in the Taft-Hartley multiemployer plan space. This post provides a brief...more
We repeatedly warned over the past few months, that officials at the highest levels of the DOL were signaling that the DOL would begin an audit initiative focusing on retirement plan cybersecurity practices. ...more
6/11/2021
/ Audits ,
Corporate Counsel ,
Cybersecurity ,
Data Protection ,
Department of Labor (DOL) ,
Employee Benefits ,
Fiduciary ,
Fiduciary-Standards ,
Investment Management ,
Popular ,
Retirement Plan
As noted in our recent blog post, the US Department of Labor (DOL) has repeatedly signaled that it would be turning its focus toward the intersection of cybersecurity practices and ERISA’s fiduciary duties. ...more
There has been an increasing focus in recent years on the intersection of ERISA’s fiduciary duties and the issues of cybersecurity and data (including participant data) protection. Beyond the potential for pecuniary and...more
Like many of our clients, we have been anxiously awaiting guidance from regulators on pooled employer plans, which may enter the retirement plan marketplace as soon as January 1, 2021. ...more
The Internal Revenue Service recently published additional guidance on the coronavirus-related distributions and loans provisions of Section 2202 of the CARES Act. Notice 2020-50 is intended to assist employers and plan...more
While much of the attention by regulators has been focused on the coronavirus (COVID-19) response and CARES Act/FFCRA guidance, they have not forgotten about the SECURE Act’s introduction of pooled employer plans (PEPs)...more
Tax laws have long required that qualified retirement plans timely adopt written plan documents and amendments. But what evidence must a plan sponsor provide to an IRS auditor to prove that they have timely adopted a written...more
1/30/2020
/ Contract Amendments ,
Corporate Counsel ,
Corrective Actions ,
Determination Letter ,
Disqualification ,
Employee Benefits ,
EPCRS ,
ESOP ,
Extraordinary Circumstances Exception ,
Failure to Produce ,
IRS ,
Plan Documents ,
Policies and Procedures ,
Qualified Retirement Plans ,
Retirement ,
Retirement Plan ,
Risk Management ,
Signatures ,
Tax Court ,
Tax Qualified Plans
On December 20, 2019, President Donald Trump signed into law the Further Consolidated Appropriations Act, 2020 (Act). After years of delayed effective dates, the Act finally repeals the 40% excise tax on high-cost health...more
Recent decisions by the US Court of Appeals for the Ninth Circuit have reinvigorated the debate over whether mandatory individual arbitration provisions are enforceable with respect to ERISA claims and, if so, whether these...more