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Benefit Plan Sponsors › Forfeiture › Fiduciary Duty

Proskauer - Employee Benefits & Executive...

District Court Dismisses Challenge to Use of Plan Forfeitures

Proskauer - Employee Benefits & Executive... on

A federal district court recently granted a motion to dismiss claims that defined contribution plan fiduciaries breached their fiduciary duties of loyalty and prudence, and violated ERISA’s anti-inurement and prohibited...more

Dickinson Wright

Mastering Retirement Plan Forfeitures: A Deep Dive into IRS’s 2023 Proposals & Fiduciary Litigation Trends

Dickinson Wright on

When a participant terminates employment without being fully vested in their qualified retirement plan account, the non-vested portion of the account is a “forfeiture.” While forfeitures are a common element of most...more

Verrill

December 2018 Client Advisory

Verrill on

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

Dickinson Wright

Best Practices for 401(k) Plan Administration Includes Using Forfeiture Accounts by Year-End

Dickinson Wright on

Since at least 2010, the IRS has publicly stated that forfeitures must be used by the end of the plan year in which the forfeiture occurred, or as soon as possible thereafter. Some IRS pre-approved prototype or volume...more

McCarter & English, LLP

Pension Plan Sponsors Beware: The Department of Labor Is Investigating Plans That Fail to Locate and Pay Benefits to Terminated...

McCarter & English, LLP on

A Department of Labor (“DOL”) official recently disclosed a new DOL investigation initiative focusing on the adequacy of defined benefit plan procedures to locate and pay out benefits to terminated vested participants. The...more

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