The SECURE 2.0 Act of 2022 (SECURE 2.0) significantly changes the legal and administrative compliance landscape for U.S. retirement plans. Foley & Lardner LLP is authoring a series of articles that take a “deep dive” into key...more
...Cash Balance Plan Compliance with Back-Loading Requirements -
The rate at which a participant accrues benefits under a defined benefit pension plan must satisfy certain rules designed to ensure that the participant has...more
One recent line of ERISA litigation involves the actuarial equivalence factors used by defined benefit pension plans. The lawsuits apply both to active defined benefit pension plans and pension plans that have been “frozen”...more
The Setting Every Community Up for Retirement Enhancement Act of 2019 (the “SECURE Act”) includes a requirement that benefit statements issued by ERISA-governed defined contributions plans include lifetime income...more
The distressed financial condition of many multiemployer pension plans has been well-chronicled. Some employers have direct exposure to multiemployer pension plans as a result of union contracts requiring employer...more
The American Rescue Plan Act of 2021 (the “ARPA”), which President Biden is expected to sign, provides additional funding relief to sponsors of single-employer defined benefit pension plans.
Valuation of Plan Benefit...more
The American Rescue Plan Act of 2021 (the “ARPA”), which President Biden is expected to sign this week, includes a handful of provisions affecting employee benefit plans and publicly-traded companies’ tax deductions for...more
Most weeks, a plan sponsor (and frequently, several plan sponsors) is sued for breach of fiduciary duty in connection with the investment choices offered under its 401(k) or 403(b) plans.
Often, the complaint alleges...more
Earlier this year, we discussed the lifetime income disclosure requirement that was included in the Setting Every Community Up for Retirement Enhancement Act of 2019 (the “SECURE Act”). When the disclosure requirement becomes...more
9/17/2020
/ Annuities ,
Compliance Dates ,
Defined Contribution Plans ,
Department of Labor (DOL) ,
Disclosure Requirements ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Federal Register ,
Interim Final Rules (IFR) ,
Lifetime Income Disclosures ,
Retirement Plan ,
SECURE Act
In a little more than 35 years, 401(k) plans have become the dominant employer-sponsored retirement plan.
401(k) plans place the investment risk and reward squarely on the participant. The employee’s ultimate benefit is...more
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
4/16/2020
/ Benefit Plan Sponsors ,
Business Closures ,
Business Interruption ,
CARES Act ,
Centers for Medicare & Medicaid Services (CMS) ,
Compensation & Benefits ,
Compliance ,
Coronavirus/COVID-19 ,
Employee Benefits ,
Employer Liability Issues ,
Federal Loans ,
Financial Stimulus ,
Health Care Providers ,
Healthcare Facilities ,
Lenders ,
Paycheck Protection Program (PPP) ,
Payroll Taxes ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Small Business ,
Tax Relief
Outside of death, beneficiary provisions and designations under qualified plans (see ERISA Section 3(8)) tend to receive little attention. Unfortunately, death may spotlight or uncover less desirable provisions and...more
Yes, details matter. This is true on many fronts, including whether the documents governing the medical plan offered to employees prohibit employees and their dependents from assigning their plan benefit rights to a health...more
Impact of Tax Reform on Employer-Provided Retirement, Welfare, and Fringe Benefits -
The recently enacted Tax Cuts and Jobs Acts (the “Tax Reform Act”) made significant changes to the Internal Revenue Code. Although there...more
1/8/2018
/ 401k ,
403(b) Plans ,
Affordable Care Act ,
Employee Benefits ,
Fringe Benefits ,
Hardship Distributions ,
Health and Welfare Plans ,
Individual Mandate ,
Individual Retirement Account (IRA) ,
Retirement Plan ,
Roth IRA ,
Tax Cuts and Jobs Act
Many employers offer compensation packages that include a mix of both base compensation (guaranteed wages or salary) and incentive compensation (at-risk variable compensation). While base pay tends to be relatively...more
The October 1, 2013 deadline for providing employees with a notice of their coverage options through the newly established public health insurance exchanges (referred to as the “Marketplace”) is quickly approaching. This news...more