News & Analysis as of

Department of Labor (DOL) Retirement Plan Benefit Plan Sponsors

Husch Blackwell LLP

New Simplified DOL Rules for Self-Correcting Delinquent Contributions

Husch Blackwell LLP on

On January 14, 2025, the U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) announced significant updates to the VFCP. These changes, effective March 17, 2025, introduce a self-correction feature for...more

Nelson Mullins Riley & Scarborough LLP

DOL Relaxes Certain Self-Correction Rules for Tax-Qualified Retirement Plans

On Jan. 15, 2025, the Department of Labor (DOL) published updates to its Voluntary Fiduciary Correction Program (VFCP) to allow certain delinquent participant contributions, delinquent loan repayments and improper loans to be...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

With some penalties, there is nothing I can do

Memorial Sloan Kettering is probably one of the top 5 cancer hospitals in the United States. If I ever got cancer, I’d be there as a patient instead of some rinky dink local hospital (my mother would take us to the nearest...more

Bricker Graydon LLP

Self-Correction of Late Deferrals Will Soon be Permissible (Sometimes)

Bricker Graydon LLP on

The U.S. Department of Labor (DOL) issued a revised Voluntary Fiduciary Compliance Program (VFCP), a long-awaited update by many in the industry. The most significant change is the introduction of a self-correction component,...more

Faegre Drinker Biddle & Reath LLP

DOL Lost & Found Database for Retirement Savings Goes Live

If you have ever found $10 in the pocket of a coat that you have not worn for some time, you are familiar with the delight of finding lost money that belongs to you. The Department of Labor’s new Retirement Savings Lost &...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

We may hear of VFCP changes soon

The Department of Labor (DOL) might be releasing changes to its Voluntary Fiduciary Correction Program (VFCP)....more

Bricker Graydon LLP

Considering Auto-Portability for your Retirement Plan?

Bricker Graydon LLP on

We have noticed an increasing number of employers reaching out with questions about whether they should have their defined contribution plan join the auto-portability network. ...more

The Wagner Law Group

Forfeiture Accounts Hold More Than Nonvested Employer Contributions

The Wagner Law Group on

The Wagner Law Group continues to monitor the ongoing flood of “forfeiture” litigation. This alert is our seventh reporting on and analyzing the nature of the claims raised by plaintiffs, the defenses asserted against them,...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Gomez admit some Trump reversals are inevitable

Assistant Secretary of Labor and Employee Benefits Security Administration head Lisa Gomez predicted major changes to retirement security regulations and financial fiduciary standards when Donald Trump returns to the White...more

Verrill

DOL Updates Cybersecurity Guidance for ERISA Plans

Verrill on

On September 6, 2024, the U.S. Department of Labor (DOL) issued a press release announcing that it was publishing updated cybersecurity guidance in the form of Compliance Assistance Release No. 2024-01 for all plans governed...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

401(k) Plans, 2025, and You, The 401(k) Plan Sponsor

Iremember as a kid in the 1980s, being fascinated that 2000 was upon us. Now, we are almost 25 years in, and 2025 is just around the corner. The beauty of the 401(k) plan business is that it’s constantly changing, it’s way...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

When 401(k) Plan Sponsors Have To Say No

When I was a kid, I was rather shy. It certainly didn’t help that my parents were domineering. Even as an adult, I would always try to be agree- able and try to get along by not saying no. For the past 14 years with my...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

GAO states the obvious on disclosures and fees

The United States Government Accountability Office (GAO) released a report on the impact of Department of Labor Regulations (DOL)....more

Baker Donelson

Preparing Employers for SECURE 2.0 Compliance in 2025

Baker Donelson on

As 2024 draws to a close, plan sponsors should be aware of those provisions of the SECURE Act 2.0 that become effective in 2025. Recall that the SECURE 2.0 Act (SECURE 2.0) was enacted on December 29, 2022, and while some...more

Faegre Drinker Biddle & Reath LLP

Things I Worry About (3): Automatic Enrollment (3)

SECURE 2.0 was enacted on December 29, 2022. Among its provisions is a requirement that “new” 401(k) plans and private sector 403(b) plans must automatically enroll their eligible employees, but not until the first plan year...more

Seyfarth Shaw LLP

The Department of Labor’s Expanded Cybersecurity Guidance: What ERISA Plan Sponsors and Fiduciaries Need to Know

Seyfarth Shaw LLP on

On September 6, 2024, the U.S. Department of Labor (DOL) issued Compliance Assistance Release No. 2024-01, titled “Cybersecurity Guidance Update.” The updated guidance clarifies that the DOL cybersecurity guidance applies to...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

I wish the DOL would act over TPA termination

It’s all friendly between the plan sponsor and the Third-Party Administrator (TPA) until the plan sponsor wants to make a change. Then it could get nasty when the TPA wants to be compensated for doing work for the...more

Kaufman & Canoles

ESOPs, Benefits & Compensation Q3 2024 Client Update

Kaufman & Canoles on

Fall greetings from the Kaufman & Canoles ESOPs, Benefits & Compensation team. We hope you’re enjoying the cooler weather, changing leaves, and—of course—the continual pace of change in employee benefits. Please find below a...more

Patterson Belknap Webb & Tyler LLP

DOL Updates and Confirms Cybersecurity Guidance Applies to All ERISA Plans

In September 2024, the U.S. Department of Labor (the “DOL”) released Compliance Assistance Release No. 2024-01 and its updated cybersecurity guidance for employers that sponsor employee benefit plans governed by the Employee...more

Bradley Arant Boult Cummings LLP

Group Health Plan Sponsors Take Note: New Developments Relating to the Privacy and Cybersecurity of Plan Participants’ Health...

There have been two important developments in the law applicable to the privacy and cybersecurity of group health plan participants’ health information. Plan sponsors must review plan policies and procedures, provider...more

Faegre Drinker Biddle & Reath LLP

Reproductive Health Information Protections Afforded by New HIPAA Privacy Guidance

On April 26, 2024, the U.S. Department of Health and Human Services (HHS) issued a Final Rule updating certain Health Insurance Portability and Accountability Act (HIPAA) privacy rules with respect to the disclosure of...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Predictions In The 401(k) Space

Whether it’s a presentation or an article, predictions over the fu- ture don’t usually add up. Sure, then the 1964 World’s Fair predicted video phone calls, we all still don’t have our jet- packs, and an article on the Mets...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The Essential Plan Providers Needed For A 401(k) Plan

When people are sick, especially with debilitating illnesses or diseases, it’s natural for them to travel far and wide to get the best medi- cal coverage possible. People who are ill will try to find the best medical coverage...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Don’t use forfeitures to reduce

There are plenty of cases out there, arguing that plan sponsors that use forfeitures to reduce employer contributions rather than paying administrative expenses are creating a fiduciary breach and a prohibited transaction....more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

In Praise Of Fee Disclosure

People who didn’t sponsor a plan or weren’t involved in the retirement plan industry before 2012, think some 401(k) industry veterans like myself, are part of some multiverse when we talk about life before fee disclosure. The...more

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