News & Analysis as of

Benefit Plan Sponsors Compliance Employee Benefits

Baker Donelson

Health Plan Compliance Concerns for Year-End 2024

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As employers look toward open enrollment for their group health plans, now is a good time to review action items needed for those plans by year-end, as well as upcoming deadlines in the near future. While fully-insured health...more

Alston & Bird

Major Changes Coming to the Qualified Professional Asset Manager Exemption

Alston & Bird on

Our Employee Benefits & Executive Compensation and Investment Funds Teams break down the increased compliance requirements – and compliance costs – qualified professional asset managers (QPAMs) face under the Department of...more

Kaufman & Canoles

ESOPs & Employee Benefits Q1 2024 Client Update

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On behalf of the ESOPs & Employee Benefits team, we hope you’re enjoying the first days of Spring, when the longer days allow more time to ponder the ever-changing landscape of employee benefits compliance. Please find below...more

McAfee & Taft

Employee benefit rules: The gifts that keep on giving

McAfee & Taft on

As employers look back at 2023 and ahead to 2024, there are so many compliance-related items to consider relating to their employee benefit plans.  The rules employers are supposed to be complying with keep growing and...more

BCLP

NOW is the Time to Review and Correct Retirement Plan Compliance: IRS Notice 2023-43

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There has never been a better time for plan sponsors to prioritize reviewing and self-correcting eligible plan failures. SECURE 2.0, attached to the 2022 year-end Consolidated Appropriations Act, expands retirement savings...more

BCLP

Alert: New IRS Retirement Plan Compliance Program

BCLP on

Dear Plan Sponsor - Have you received a letter from the IRS with respect to your retirement plan? If so (or if not, but you want to be prepared in the event you do receive “the letter”), read on....more

Holland & Knight LLP

IRS Announces Retirement Plan Compliance Pilot Program

Holland & Knight LLP on

Under the IRS Employee Plans Compliance Resolution System (EPCRS), as set forth in Revenue Procedure 2021-30, a plan that has been notified of an impending audit cannot remedy issues using the Voluntary Correction Program,...more

Woods Rogers

IRS Announces Another Compliance (Audit) Pilot Program. Oh joy!

Woods Rogers on

In the June 3, 2022, issue of the IRS Employee Plans News, the IRS Employee Plans group announced it is piloting a pre-examination retirement plan compliance program beginning in June 2022. Under this program, the IRS will...more

Faegre Drinker Biddle & Reath LLP

Fee Disclosure Rules Will Soon Apply to Group Health Plans

Buried in the year-end Consolidated Appropriations Act (CAA) is a provision that requires group health plan brokers and consultants to make comprehensive fee disclosures similar to those that apply to retirement plans. As...more

Best Best & Krieger LLP

Using a Plan Administration Expense Account as Part of An Agency’s 457(b) or 401(a) Plan

Not surprisingly, many cities and special districts no longer have monies available in their budgets to spend on things such as legal fees to analyze and correct plan administration problems and compliance issues. When it is...more

Foley & Lardner LLP

Furloughs, Workforce Reductions, and Facility Closures Due to Coronavirus: Important Defined Benefit Plan Reporting Obligations

Foley & Lardner LLP on

Employers face unique legal and financial challenges in connection with the COVID-19 pandemic. One such challenge includes the impact of a potential furlough, workforce reduction, or facility closures on benefit plan...more

Groom Law Group, Chartered

SECURE Act Testing Relief for Closed/Frozen Defined Benefit Plans

In recent years, many defined benefit (“DB”) pension plan sponsors have taken action to limit ongoing coverage and benefit accruals of their DB plans.  Over time these plans may have difficulty continuing to satisfy the...more

Proskauer - Employee Benefits & Executive...

Protecting Your Qualified Retirement Plan Now that the IRS Determination Program is (Mostly) Closed

A lot has been written over the last few months about what to do now that the IRS has closed its determination letter program for ongoing individually designed tax-qualified retirement plans....more

Proskauer - Employee Benefits & Executive...

New Guidance on Locating Missing Participants for Terminated Defined Contribution Plans

On August 14, 2014, the U.S. Department of Labor (DOL) provided new guidance to plan fiduciaries of terminated defined contribution plans for locating missing and unresponsive participants in order to distribute their...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Mistakes a Plan Sponsor Should Correct Before an IRS/DOL Audit

I have been in the retirement plan business for over 15 years and I have met too many plan sponsors who don’t care that their plan isn’t being run correctly. What makes them eventually care is when they are audited by the...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The Law Firm Review - February 2014

The Plan Checklist That Every Retirement Plan Sponsor Needs. Question that plan sponsors should have answers for. While they don't have a book called Retirement Plan Sponsorship for Dummies, they should....more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

A Plan Sponsor’s Guide to 401(k) Compliance Testing

My great uncle was in the meat provisions business for over 40 years. When Uncle Jack told us which hot dogs we should eat, we trusted his opinion because he knew how hot dogs were made (the company he worked for made...more

Perkins Coie

Ready For HITECH Changes On September 23, 2013? Find Out With This Compliance Checklist For Employer-Sponsored Health Plans

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The final regulations implementing the Health Information Technology for Economic and Clinical Health (HITECH) Act were issued in January and compliance is required by September 23, 2013. The final regulations require covered...more

FordHarrison

Benefits Bulletin - September 2013

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A Troubled Multiemployer Pension Plan Means Big Trouble For Your Company - You can hardly pick up a newspaper or business magazine today without reading about the staggering costs of defined benefit multiemployer...more

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