A recent ruling by the US Court of Appeals for the Third Circuit serves provides a valuable reminder for multiemployer pension funds and contributing employers regarding ERISA’s withdrawal liability notice and demand...more
Recent headlines involving the Central States Teamsters Pension Fund and the Pension Benefit Guaranty Corporation’s (PBGC) Special Financial Assistance (SFA) Program highlights an issue with meaningful consequences for...more
In January 2022, the Internal Revenue Service (IRS) changed the withholding election rules applicable to distributions from pension plans (a term that includes 401(k) plans, money purchase pension plans and defined benefit...more
As we have previously discussed, the SECURE Act 2.0 of 2022 (SECURE 2.0) changed the game for plan sponsors when considering whether and how to recover retirement plan overpayments. The new rules provide welcome relief and...more
Cryptocurrency investing has experienced a tidal wave of popularity since the fabled genesis of Bitcoin in 2009. This growth has been fueled by “extreme” investment returns (despite “extreme” volatility) and innovative means...more
The Department of Labor (DOL) delivered a surprise holiday gift on December 21, 2021 to fiduciaries of participant-directed 401(k) plans subject to the Employee Retirement Income Security Act of 1974 (ERISA), as...more
We have recently seen a rise in the number of retirement plans exiting mutual funds in favor of collective investment trusts (CITs). Often the transition is simply a change in structure—that is, moving from the same...more
In recent years, target retirement date funds (TDFs) have become a very popular investment option on participant-directed defined contribution plan investment lineups. But, as discussed in this LawFlash, as TDFs have grown in...more
The US Department of Labor issued an Interim Final Rule on August 18 to implement “lifetime income illustrations,” which must be provided to defined contribution plan participants pursuant to the Setting Every Community Up...more
One of the simplest yet most integral parts of meeting your ERISA fiduciary duties is “sticking to the plan.” Section 402(a)(1) of ERISA requires that every employee benefit plan it covers be established and maintained...more
In Notice 2020-06 the Internal Revenue Service (IRS) provides helpful relief for IRA providers that were unable to cancel the required minimum distribution (RMD) statements they had set to go out to IRA owners turning age 70½...more
2/6/2020
/ Compensation & Benefits ,
Employee Benefits ,
Individual Retirement Account (IRA) ,
New Legislation ,
Regulatory Reform ,
Required Minimum Distributions ,
Retirement ,
Retirement Plan ,
SECURE Act ,
Tax Planning ,
Tax Rates
A constantly evolving framework of laws governing how multinational businesses can contact customers to how nonprofits report business income to how overtime is calculated and paid will influence how companies do business...more
2/3/2020
/ #MeToo ,
Artificial Intelligence ,
California Consumer Privacy Act (CCPA) ,
Commercial Real Estate Market ,
Consumer Privacy Rights ,
Cybersecurity ,
Data Collection ,
Data Privacy ,
Data Protection ,
Department of Labor (DOL) ,
Disclosure Requirements ,
Employee Benefits ,
Energy Policy ,
Fair Labor Standards Act (FLSA) ,
FERC ,
Insurance Regulations ,
Intellectual Property Protection ,
IRS ,
Japan ,
Long Term Care Insurance ,
NAIC ,
New Legislation ,
Opt-Outs ,
Personal Data ,
Personally Identifiable Information ,
Privacy Laws ,
Rate of Pay ,
Retirement Plan ,
Russia ,
SECURE Act ,
Sexual Harassment ,
State Labor Laws ,
Tax Cuts and Jobs Act ,
Tax Exempt Entities ,
Tax Reform ,
White-Collar Exemptions
The recently enacted Setting Every Community Up for Retirement Enhancement Act of 2019 (the SECURE Act) makes significant changes to individual retirement accounts and individual retirement annuities (IRAs). These important...more
The SECURE Act—the most impactful retirement plan legislation since the Pension Protection Act of 2006—was included in the bipartisan spending bill signed by US President Donald Trump on December 20, 2019. The SECURE Act will...more
The Fiduciary Rule transition period is extended until mid-2019, with financial institutions having flexibility in complying with the impartial conduct standards during this period....more
Thrivent wins injunction on anti-arbitration clause.
Update on the Fiduciary Rule Delay -
On November 1, the White House Office of Management and Budget (OMB) received a much-anticipated notice from the US Department of...more
The Department of Labor ties up a few loose ends with FAQS regarding the fiduciary rule....more
The proposal is expected to delay additional conditions of exemptions from January 1, 2018 to July 1, 2019, but the ultimate length of delay will not be clear until the DOL publishes a final rule....more