BB&K's Isabel Safie Discusses the Implications of IRS’ Definition of Governmental Plan Status
SUMMARY: Defendants set up over 500 multiple-employer death benefit plans with entities they controlled acting as the trustees. The Department of Labor (“DOL”) brought a civil action alleging breach of fiduciary duty and...more
Lockheed Martin Corp. has settled the 401(k) excessive fee litigation pending against it in federal court in Illinois....more
In Becker v. Mays-Williams, 13-35069-cv, 2015 WL 348872 (9th Cir. Jan 28, 2015), the Ninth Circuit – in a matter of first impression – concluded that beneficiary designation forms were not “documents and instruments...more
Wrongful denial of employee benefits will not expose plan fiduciaries to equitable remedies – such as disgorgement of profits – where restoration of benefits is adequate to make the claimant whole, says the Sixth Circuit in...more
The Pension Benefit Guaranty Corporation (the “PBGC”) recently finalized its premium filing requirements for 2015. In addition to higher premium rates and other more minor changes, plan sponsors are now required to report...more
On March 18, 2015, the Department of Labor (DOL) issued a direct final rule that revises the annual disclosure requirement in the participant-level fee disclosure regulations under ERISA Section 404(a). The guidance provides...more
On Wednesday, the U.S. Department of Labor (DOL) announced a modification to the fee and investment-related disclosure requirements for ERISA individual account retirement plans that allow participants to direct the...more
U.S. Department of Labor (DOL) regulations require 401(k) plan fiduciaries to provide plan participants with a detailed disclosure statement about the plan’s designated investment alternatives, prior to initial enrollment and...more
Most of the time, sequels suck. Except for perhaps Terminator 2 and The Godfather Part II, most sequels are like such bombs as Caddyshack II and Beyond the Poseidon Adventure. Despite this dislike of sequels, giving Plan...more
When working with other retirement plan providers, the most important word is trust. You must have trust in the providers you work with and trust in the providers that you refer business....more
Forfeitures that occur when people terminate service from retirement plans is usually a problem when the plan sponsor and their providers forget about them. Whether forfeitures are used to pay expenses, reduce employer...more
People can get the wrong idea at times. I’ll never understand what Fred Silverman was thinking when he made Jean Doumanian the successor to Lorne Michaels as Executive Producer of Saturday Night Live or when he imported Pink...more
In PBGC v. Kentucky Bancshares, Inc. (6th Cir. 2015, No. 14-5573, unpublished), the U.S. Court of Appeals for the Sixth Circuit upheld a PBGC determination that Kentucky Bancshares violated applicable rules and regulations...more
The PBGC has announced that it will not continue its moratorium on enforcing ERISA section 4062(e) events. This announcement comes following the changes to section 4062(e) that were made under the Multiemployer Pension Reform...more
The PBGC recently submitted draft forms and instructions for 2015 premium filings to the Office of Management and Budget. The draft forms and instructions would require defined benefit plan sponsors to notify the PBGC if they...more
Employers and plan sponsors must comply with numerous filing and notice deadlines for their retirement and health and welfare plans. Failure to comply with these deadlines can result in costly penalties. To avoid such...more
The Second Circuit held that the owner of a contributing employer to multiemployer benefit plans breached his fiduciary duties by failing to make required contributions and was thus personally liable for the delinquencies,...more
It’s unfortunate, but the facts are that most people don’t respond to a complaint until there is a letter from an attorney. Service providers and companies hate correspondence from attorneys because that suggests litigation....more
The annual deadline to file plan qualification amendments with the Puerto Rico Treasury (the "Hacienda") for most qualified retirement plans that cover Puerto Rico residents is fast approaching: for plan sponsors filing taxes...more
We’ve all made that mistake. We should know better, but when it comes to hiring people, we take their word for it instead of doing 5minutes of detective work....more
Health & Wellness Plans -
Anthem Data Breach Requires Plan Sponsor Attention -
On January 29, 2015, Anthem Inc., one of the largest managed health care companies in the country, disclosed that the sensitive...more
The White House backs a “fiduciary rule” for IRAs.
The U.S. Department of Labor (DOL) has sent its proposed “Conflict of Interest Rule-Investment Advice” to the president’s Office of Management and Budget (OMB) for...more
Not long after President Obama expressed the desire that the Department of Labor (DOL) implement a fiduciary rule for brokers who work on retirement plans; did one of Wall Street’s paid minions strike back....more
In This Issue:
- It's The Plan Sponsor's Responsibility, Just Because.
- Reasons When A Plan Sponsor Should Change Their Plan Providers.
- What Retirement Plan Sponsors Have To Fear.
- A great Retirement Plan?...more
You already know that employee benefit plans established by governmental entities are exempt from ERISA.
But ERISA might apply if the employee benefit for the government employee is established through an association....more
Back to Top