Benefit Plan Sponsors

News & Analysis as of

Pensions Round-Up (UK) - August 2016

In this edition we look at key developments from the past month including the following. - The Pensions Regulator: the new code of practice, accompanying guidance and compliance and enforcement policy in relation to...more

IRS and Treasury Department Seek Input on How Plan Sponsors Can Avoid Plan Document Problems

On September 16, 2016, the IRS and the Department of the Treasury requested public comment on ways the IRS and Treasury “can improve compliance…by making it easier for plan sponsors to satisfy requirements for qualified plan...more

Employee Classifications, Employer Shared Responsibility Tax and Medicare Collide

Some employers have attempted to manage their risks related to the employer shared responsibility tax (a/k/a the pay or play penalty) by placing employees into classifications and indicating that particular classifications of...more

Will ERISA litigators live long enough to become the villains?

Everyone knows I love movies and the memorable lines that come from them. I’ma a big fan of The Dark Knight and the line uttered by Aaron Eckhart as Harvey Dent: You either die a hero or you live long enough to see yourself...more

Liabilities and Risk from Failing to Address the Cybersecurity of Your Retirement Plan Data

In the current 114th session of Congress, there have been 204 bills, resolutions and amendments introduced addressing cybersecurity in their text, if you had any doubt about whether you should be concerned about cybersecurity...more

Some Plan Providers will take advantage of good Fiduciary Practices

More and more plan sponsors are starting to understand their fiduciary duty and their duty to pay only reasonable plan expenses. That also means that there will be plan providers out there who will try to take advantage of...more

States get DOL approval for IRAs, but what about MEPs?

The Department of Labor (DOL) issued a final rule providing states with a safe harbor under which they can create programs that require employers to establish payroll-deduction IRAs for employees. I would say that’s a...more

Compensation and Benefits Insights – September 2016

New Guidance Affects Wellness Program Design - Over the last several months, the Equal Employment Opportunity Commission (“EEOC”) and the Internal Revenue Service (“IRS”) have provided additional guidance regarding the...more

Top US Universities Hit with Retirement Plan Lawsuits: Lessons for Plan Sponsors

The recent wave of 403(b) lawsuits against more than a dozen prominent US universities could herald similar suits for other 403(b) plan sponsors. Plan sponsors can minimize their risk by reviewing their plan governance...more

The theory of “Peak 401(k) Fee Litigation”

I always loved the movie Donnie Brasco, it’s a great story about the non-glamarous side of organized crime. As part of a crew captained by Sonny Black, Lefty Ruggiero played by Al Pacino is hammering away to get the change...more

[Webinar] 28th Annual Employee Benefits Seminar - September 21st, 8:20am Central / 9:20am Eastern

Program Highlights Please join the Locke Lord Employee Benefits and Executive Compensation Group for our 28th annual employee benefits seminar via webinar.  Our attorneys will provide an overview of current developments...more

Reports on Increase in Retirement Plan Audits Further Illustrate the Need for Plan Sponsors to Focus on Administrative Compliance

In Depth - Recent reports show that the number of retirement plan audits by government agencies is increasing. A survey released by Willis Towers Watson indicates that one in every three plan sponsors has experienced a...more

The Rosenbaum Law Firm Review - September 2016

What Makes A 401(k) Plan A Target For Litigation. Don't be a mark. I've always been a big fan of 1970's cinema and one forgotten classic is The Sting, starring Paul Newman, Robert Redford, and Robert Shaw. The title to...more

"Employment Flash - August 2016"

The August 2016 edition of Employment Flash covers a number of developments, including the U.S. Supreme Court's ruling on when the clock starts ticking on the filing period for constructive discharge claims; the Department of...more

Colleges and Universities Targeted in Class Action Lawsuits over Operation of Retirement Plans

Multiple class action lawsuits seeking millions of dollars in damages were filed last week against eight nonprofit universities challenging the administration of their 403(b) retirement plans. The lawsuits, which were all...more

Update on the Apparent Demise of the Determination Letter Program

As we previously reported, the IRS had said last year that determination letter program for retirement plans would largely be going away. Rev. Proc. 2016-37 includes information with respect to the future of the determination...more

401(k) Litigation: The Next Frontier

With the proliferation of litigation against 401(k) plans, it should be noted that it focuses on only one thing: cost. Litigation surrounding share classes, proprietary funds, and overall plan expenses is all about plan...more

The effect of more 401(k) bundled provider litigation

There is a proliferation of litigation against plan sponsors and against bundled 401(k) plan providers for offering their own proprietary funds in 401(k) plans for their employees as well as the 401(k) plans they administer...more

We Received an Exchange Subsidy Notice…Now What?

The Affordable Care Act exchanges/marketplaces are required to notify employers of any employees who have been determined eligible for advance payments of the premium tax credit or cost-sharing reductions (i.e., subsidy) and...more

DOL Significantly Increases Certain ERISA Civil Penalties Effective August 2, 2016

The U.S. Department of Labor (DOL) has significantly increased a number of civil monetary penalty amounts (CMPs) that may be assessed by the DOL's Employee Benefits Security Administration for violations of Title I of the...more

When you should step aside and let someone else speak

One of my least favorite days during the year is my birthday because I’ve been accustomed to it being a so-so to a bad day. I took my Criminal Law final on that day during my first year at law school and I was abandoned by my...more

Advisors Advantage - August 2016

Why 401(k) Plan Providers Should Push Automatic Enrollment. It just makes sense. We have a retirement crisis in this country thanks to a Social Security program that has too many retirees to pay to, and the death...more

Upcoming Employee Benefit Plan Deadlines

This client alert follows up on our prior alerts entitled "Employee Benefit Plan Filing Deadlines." The following are the most common applicable filing deadlines (and/or "Heads Up" for coming deadlines) or other important...more

Ontario Takes Action on Pension Funding Reform

In November of last year, as part of its 2015 Economic Outlook and Fiscal Review, the Ontario government announced its plans to review the current solvency funding rules for defined benefit (DB) pension plans. The expedited...more

IRS Clarifies Instructions for Form 5500 Reporting of RMD Failures

Certain employee benefit plans, including qualified retirement plans, must file an annual return/report on Form 5500 with the Department of Labor, which is shared with the IRS. Each year discreet changes are typically made...more

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