BB&K's Isabel Safie Discusses the Implications of IRS’ Definition of Governmental Plan Status
Plan trustees often look to settle ERISA fiduciary breach claims brought against them as a way to put the past behind them. Assuming there is enough fiduciary liability insurance coverage available to pay the proposed...more
Cash balance plans often provide a pay credit and an interest credit in determining a participant’s accrued benefit. The pay credit is often a percentage of compensation. The interest credit is established in the plan and can...more
As eat belt in a car is useless if the driver or passenger isn’t wearing it. A smoke detector is useless if the batteries are dead. Vitamin C won’t prevent a cold and putting paper on your forehead won’t cure hiccups. For a...more
In the recently decided matter of Van Loo, et al. v. Cajun Operating Company, et al., No. 2:2014cv10604 (E.D. Mich. 2014), the U.S. District Court for the Eastern District of Michigan rejected allegations of a fiduciary duty...more
If you don’t feel right and you go to the doctor and you get some grim or fantastic news about your health, isn’t it a good call to get a second opinion? Especially with certain types of cancer, speaking to a different doctor...more
Earlier this year, the IRS published updated guidance on the application of the Supreme Court’s decision in United States v. Windsor to qualified retirement plans. In Windsor, the Court held that the Defense of Marriage Act’s...more
With Thanksgiving done, we look to the holidays and the New Year. While many of us are busy shopping for loved ones, many businesses and individuals have their eye geared to- wards next year. As a retirement plan sponsor, you...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 and excise taxes. To...more
In This Issue:
- Pearls of "Wisdom" for 401(k) Plan Providers.
- Bells and whistles not being used is worse than having no bells and whistles.
- The Fallout from Fee Disclosure continues.
- As a 401(k)...more
As mentioned in a prior Alert, beginning in 2013 employees’ salary reduction contributions to a health flexible spending account (health FSA) may not exceed $2,500 per plan year. This limit is to be indexed for inflation in...more
Most professionals who work in the 401(k) arena would agree that managed accounts are, on balance, a favorable development for 401(k) plan participants. However, such accounts are, in many ways, still in their infancy,...more
I am no genius and I’m sure all of you will agree. I have only been success- ful as an ERISA attorney because of my ambition and an uncanny ability to connect with my audience even though I’m still that shy kid from Canarsie,...more
The Internal Revenue Service has issued Notice 2014-74, updating its safe harbor model notices for use by qualified retirement plans to satisfy the special tax notice requirement under Section 402(f) of the Internal Revenue...more
If I hire a bad contractor for my home or a bad accountant or bad attorney, it’s my cross to bear. Plan sponsors don’t have it that easy. If they choose a plan provider, they will be on the hook for liability because they are...more
In This Issue:
- Stuff That Prospective 401(k) Plan Providers Tell You That's True.
- An Employer's "Recipe" for having a Great Retirement Plan.
- Why An Employer Can And Should Set Up A Retirement Plan...more
When 401(k) retirement plan providers are courting you, your instinct when listen- ing to the sales pitch is that the provider is telling you only what they want you to hear. However, a good chunk of the time, they aren’t...more
Employers must compete in the marketplace for talented employees at every level—both in recruitment and retention. It is thus in employers’ best interests to provide employee benefit plans that are attractive to employees and...more
In This Issue:
- Qualified Plan Administrative and Compliance Deadlines (based on calendar year plan)
- Health and Welfare Benefit Plan Administrative and Compliance Deadlines
- Are Your Plans Subject to...more
In recent talks and appearances, representatives of the U.S. Department of Labor have issued a warning about new areas of focus of DOL audits and enforcement actions. While there are a number of different enforcement...more
Under the Employee Retirement Income Security Act (ERISA), plaintiffs may file suit alleging that the selection of certain retirement investments was imprudent. Such litigation occurs after a retirement plan incurs...more
Every good meal needs a good recipe and every good recipe needs good ingredients. While many products out there have secret ingredients (Coca- Cola), others have secret ingredients that aren’t (that Big Mac special sauce is...more
As 2014 comes to an end, we are pleased to present you with our traditional End of Year Plan Sponsor “To Do” Lists. This year, we are presenting our “To Do” Lists in three separate SW Benefits Updates. Part 1 of the series...more
My wife will admit I am a dutiful husband. For years, I have been forced from sleep to stand online for Black Friday sales. One year, I stood on line at Sports Authority for the 5 am open to buy a treadmill. A treadmill is...more
ERISA litigators need to eat and once they exhausted much of the fee litigation prior to the implementation of fee disclosure, they needed something else to sink their teeth in. Then we got cases regarding using the wrong...more
Being a retirement plan sponsor can be a bit overwhelming and one of the major reasons that retirement plans are mismanaged because there is a lack of management. Retirement plan committees, regardless of the size of the plan...more
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