Maine’s comprehensive paid family and medical leave (PFML) law, enacted in October 2023, establishes a state benefits program funded by employer and employee contributions (the “Program”). The PFML law provides for...more
The Internal Revenue Service gave retirement plan sponsors end-of-the-year gifts by providing guidance under twelve sections of the SECURE 2.0 Act of 2022 (“SECURE 2.0”). Although Notice 2024-2, released December 20, 2023...more
1/10/2024
/ 401k ,
403(b) Plans ,
Automatic Enrollment ,
Compensation & Benefits ,
Corporate Counsel ,
Deadlines ,
Employee Benefits ,
Individual Retirement Account (IRA) ,
IRS ,
Retirement Plan ,
SECURE Act
The opportunity to self-correct mistakes in maintaining a retirement plan has been dramatically expanded by the SECURE 2.0 Act of 2022 (“SECURE 2.0”); see our February 10 blog post for details. However, IRS interim guidance...more
Last month, the IRS extended the deadline for retirement plan sponsors to adopt amendments necessary to comply with the Setting Every Community Up for Retirement Enhancement Act of 2019 (the “SECURE Act”) and the Bipartisan...more
On March 10, 2022, the Department of Labor published Compliance Assistance Release 2022-01, 401(k) Plan Investments in “Cryptocurrencies”. The Release strongly discourages the addition of cryptocurrency (and other digital...more
5/26/2022
/ 401k ,
Beneficiaries ,
Cryptocurrency ,
Department of Labor (DOL) ,
Digital Assets ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Executive Orders ,
Fiduciary ,
Fiduciary Duty ,
Investment ,
Joe Biden ,
Retirement Plan
The United States Supreme Court has agreed with participants in two 403(b) plans sponsored by Northwestern University that their lawsuit, alleging that plan recordkeeping and investment fees were excessive, should not have...more
1/26/2022
/ 403(b) Plans ,
Appeals ,
Duty of Prudence ,
Employee Retirement Income Security Act (ERISA) ,
Excessive Fees ,
FIfth Third Bancorp v Dudenhoeffer ,
Investment ,
Northwestern University ,
Recordkeeping Requirements ,
Retirement Plan ,
SCOTUS ,
Tibble v Edison Int
Health and Welfare Plans -
Employers that made available COVID-19 relief and benefit enhancements in 2020 – such as the increased carry over limit and extended grace period for health flexible spending accounts – need to...more
The Internal Revenue Service has updated the Employee Plans Compliance Resolution System (EPCRS) in several respects that will be helpful to retirement plan sponsors. Revenue Procedure 2021-30, published July 16, 2021,...more
This Client Advisory summarizes developments in the law governing employee benefit plans prompted by the COVID-19 pandemic. We explain what these developments mean for plan sponsors and highlight the need to adopt plan...more
8/19/2021
/ 401k ,
403(b) Plans ,
American Rescue Plan Act of 2021 ,
CARES Act ,
COBRA ,
Compensation & Benefits ,
Consolidated Appropriations Act (CAA) ,
Coronavirus/COVID-19 ,
Department of Health and Human Services (HHS) ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Employer Mandates ,
Equal Employment Opportunity Commission (EEOC) ,
Executive Compensation ,
GINA ,
Health and Welfare Plans ,
IRS ,
Medicare ,
New Guidance ,
Paid Leave ,
Pharmacy Benefit Manager (PBM) ,
Reasonable Accommodation ,
Remote Working ,
Retirement Plan ,
Vaccinations
The first major settlement of a lawsuit challenging the mortality assumptions used to calculate pension plan benefits was announced earlier this year. According to court filings in Cruz v. Raytheon Company, the settlement...more
This Client Advisory highlights important developments in the law governing employee benefit plans over the past year. It offers insight into what these developments mean for employers and plan sponsors and previews...more
12/18/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Corporate Counsel ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Employer Group Health Plans ,
Executive Compensation ,
Families First Coronavirus Response Act (FFCRA) ,
Filing Deadlines ,
IRS ,
New Rules ,
Paid Leave ,
Retirement Plan ,
SECURE Act
On November 9, 2020, the Supreme Court declined to consider an appeal from the Second Circuit Court of Appeals in Retirement Plans Committee of IBM v. Jander, leaving unresolved for now questions about the specificity...more
This chronology traces the major ongoing relief provided by legislation, regulatory action, and other agency guidance to assist ERISA plan participants, fiduciaries, and sponsors during the ongoing COVID-19 pandemic through...more
8/11/2020
/ Cafeteria Plans ,
CARES Act ,
Coronavirus/COVID-19 ,
Corporate Counsel ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Employer Group Health Plans ,
FSA ,
HDHP ,
IRS ,
New Guidance ,
Required Minimum Distributions ,
Retirement Plan
Increasing numbers of employers are being forced to shutter places of business and lay off workers as the coronavirus pandemic continues. When laid off workers are participants in their employer’s qualified retirement plan,...more
The Setting Every Community Up for Retirement Enhancement Act of 2019 (the “SECURE Act”) is the most far reaching new law affecting retirement benefits in more than a decade. This Client Advisory highlights key aspects of the...more
1/9/2020
/ 401k ,
403(b) Plans ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Employer Contributions ,
Form 5500 ,
New Legislation ,
Required Minimum Distributions ,
Retirement ,
Retirement Plan ,
Safe Harbors ,
SECURE Act ,
Small Business
This Client Advisory highlights important developments in the law governing employee benefit plans and executive compensation over the past year. It offers insight into what these developments mean for employers and plan...more
12/18/2019
/ 401k ,
403(b) Plans ,
Affordable Care Act ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Employer Group Health Plans ,
Health Insurance ,
Health Insurance Portability and Accountability Act (HIPAA) ,
HRA ,
IRS ,
New Rules ,
Pensions ,
Proposed Regulation
Deferred compensation payments are due to one of your former executives, but the former executive is nowhere to be found. You know that the IRS has strict timing rules for payments subject to Code Section 409A (but maybe not...more
This Client Advisory highlights important developments in the law governing employee benefit plans and executive compensation over the past year. It offers insight into what these developments mean for employers and plan...more
12/18/2018
/ 401k ,
Affordable Care Act ,
Benefit Plan Sponsors ,
Breach of Duty ,
Burden-Shifting ,
Claim Procedures ,
Deadlines ,
Disability Benefits ,
Employee Benefits ,
Employer Contributions ,
Employer Liability Issues ,
Executive Compensation ,
Fiduciary Duty ,
Filing Requirements ,
Forfeiture ,
Hardship Distributions ,
Health Insurance Portability and Accountability Act (HIPAA) ,
HRA ,
IRA Rollovers ,
IRS ,
PBGC ,
Proposed Regulation ,
Proposed Rules ,
Safe Harbors ,
Student Loans ,
Tax Penalties ,
Wellness Programs
Much has been written about the Department of Labor’s final rule regarding disability benefit claims procedures (the “Final Rule”), which took effect on April 2, 2018. And by now, most employers – and all disability insurance...more
8/8/2018
/ 401k ,
403(b) Plans ,
Affordable Care Act ,
Benefit Plan Sponsors ,
Claim Procedures ,
Corporate Counsel ,
Deferred Compensation ,
Department of Labor (DOL) ,
Disability ,
Disability Benefits ,
Disability Insurance ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Final Rules ,
Plan Administrators
In the wake of mass shootings, environmental disasters, industrial accidents, drug and tobacco use pandemics, and other tragedies, retirement plan investors are paying more attention to selecting or rejecting investments...more
5/8/2018
/ Benefit Plan Sponsors ,
Corporate Social Responsibility ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Field Assistance Bulletins ,
Investment Management ,
Investors ,
Mutual Funds ,
New Guidance ,
Retirement Plan