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Remote Employees Participating in Employee Benefit Plans – What’s Local Law Got to Do with It?

Recently, a client called about a remote employee who was moving from the company’s primary location to a different state, and would continue working for the company.  The company had no other employees in the new state and...more

Avoid the Year-End Rush – 5 Proactive 401(k) Plan Administrative Steps to Take Now

Anyone responsible for the administration of a 401(k) retirement plan probably has a “to-do” list that never ends. For example, as soon as a plan administrator files the Annual Report Form 5500 for the prior year, it is time...more

A Cautionary Tale for Administrators Who Neglect Employee Benefit Plan Terms

Individuals responsible for 401(k) retirement or welfare plan decisions know that the plan document is the first place to look for guidance when deciding a difficult administration question, such as whether a participant is...more

What Happens to the 401(k) Plan When a Company Is Sold?

Administering a 401(k) plan is a team effort, requiring the expertise of HR staff, the plan’s recordkeeper, and an ERISA attorney. When a company that sponsors a 401(k) or other retirement plan sells the business, a call...more

Using the New Group Health Plan Fee Disclosure Rules To Reduce Plan Costs

Like a 401(k) plan, a group health plan must comply with ERISA’s rule that prohibits a plan fiduciary from paying more than a reasonable amount for services provided to the plan. When a group health plan offers insured...more

What Do a Newly Married Employee, a Long-term Employee, and a Change of 401(K) Recordkeepers Have in Common? Beneficiary...

A participant in a 401(k), 403(b), or other account-style retirement plan may name a beneficiary to receive his or her account balance after the participant’s death. A recent case, Moore v. NCR Corp. Plan Admin. Comm. (USDC...more

PE Funds Are Not Part of Controlled Group; What About Your Company?

Earlier this month, the U.S. Supreme Court denied a request to review the First Circuit Court of Appeals decision in the Sun Capital Partners III, LP v. New England Teamsters and Trucking Industry Pension Fund case, thereby...more

SECURE Act Provides a Tenfold Increase in Penalty for Late Filing of Retirement Plan Annual Report (Form 5500)

The Setting Every Community Up for Retirement Enhancement Act (“SECURE Act”), adopted in December 2019, has increased the penalty that the IRS may impose on plan sponsors who do not timely file Form 5500 (Annual Return/Report...more

What to Do if Your Company is Close to the Affordable Care Act's 50 Full-time Employee Threshold

Having recently helped a client determine if it employed on average more than 50 employees per month in a calendar year and therefore was an applicable large employer (“ALE”) subject to the Affordable Care Act (“ACA”) in the...more

The Top 5 Things to Know if You Are New to 401(k) Benefits Administration

As an advisor to many 401(k) plan sponsors, I have been asked occasionally what advice I would give to a person who is relatively new to retirement plan administration....more

Time for Non-Profits to Update Their 403(b) Retirement Plans

Non-profit entities, including schools and universities, that sponsor 403(b) retirement plans should begin the process of restating their plans to comply with current law. ...more

It’s Official - Implementation of Final Rule on Disability Claims Procedures Formally Delayed

On November 24, 2017, the Department of Labor (“DOL”) Employee Benefits Security Administration (“EBSA”) formally delayed the applicability date of previously issued final regulations imposing new claims procedures to...more

If Timely Notice is Given, the Cost to Correct a 401(k) Exclusion Error May Be Reduced

Occasionally, an employer may determine that it did not withhold deferral contributions for a new employee in accordance with the terms of its 401(k) plan. If the plan has an automatic enrollment feature, and the error is...more

The Department of Labor Confirms June 9th as the Effective Date of the Fiduciary Rule: What Employers Need to Know Now

On May 22, 2017, Secretary of Labor Jim Acosta announced that, after having been delayed 60 days, the Department of Labor’s (“DOL”) Conflict of Interest Rule (“Fiduciary Rule”) will largely apply on June 9, 2017. At that...more

Company Liable for Not Providing Accurate Information about Benefits

A recent court case, Erwood vs Life Insurance Company of North America, is a reminder that plan sponsors must understand the terms of their welfare and retirement benefit plans, and ensure that their staff follows the...more

April 18, 2017 is the Deadline to Make Contributions to a Health Savings Account for 2016

If you were eligible in 2016 to make contributions to a Health Savings Account (H.S.A.) and you have not already made the maximum contribution for the year, you have until April 18, 2017 to make your contribution. Unlike...more

The IRS Overhaul of the Determination Letter Process: What Plan Sponsors Need to Know

Last summer, the Internal Revenue Service (IRS) announced that its periodic review of individually designed retirement plans to determine the plans’ qualified status will end effective January 31, 2017. In January 2016, the...more

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