News & Analysis as of

Defined Contribution Plans

If Timely Notice is Given, the Cost to Correct a 401(k) Exclusion Error May Be Reduced

by Dickinson Wright on

Occasionally, an employer may determine that it did not withhold deferral contributions for a new employee in accordance with the terms of its 401(k) plan. If the plan has an automatic enrollment feature, and the error is...more

2017 Ontario Budget: Highlights for Pension Plan Sponsors and Administrators

by Dentons on

Pension plan sponsors and administrators have much to anticipate with the release of the 2017 Ontario Budget: A Stronger, Healthier Ontario (Budget) on April 27, 2017. The Budget provides updates to several pension reform...more

The new pensions advice allowance: implications for trustees

by Hogan Lovells on

As announced in the 2016 Autumn Statement, pension schemes may (but will not be required to) allow members to withdraw up to £500 from their defined contribution (DC) pension pots to pay for financial advice about retirement....more

Charges and governance requirements for Defined Contribution pensions

by Hogan Lovells on

This note sets out the areas in which restrictions on charges and governance requirements apply to trustees or managers of occupational money purchase schemes. These requirements have been introduced over the last two years...more

Administrative Exhaustion As a Defense to Statutory ERISA Claims?  Not So Much

by Seyfarth Shaw LLP on

Seyfarth Synopsis: The Sixth Circuit becomes the seventh circuit court to not require administrative exhaustion for statutory ERISA claims (as opposed to denial of benefit claims), while two circuit courts still do. In...more

Pending Alabama Tax Legislation (2017 Regular Session) State and Local Tax Alert: Alabama Edition

The House and Senate have each met a total of six legislative days thus far. There are therefore 24 legislative days remaining in the 2017 Regular Session. The House will reconvene on Tuesday, February 28 at 1:00 p.m. The...more

We Have A Mistake In Our Retirement Plan - What Do We Do?

by Kiesewetter Law Firm on

Plan Sponsors often make mistakes, many of which are inadvertent, regarding employees’ defined benefits and contribution plans. Once the Internal Revenue Service (“IRS”) discovers these mistakes, it could audit the plan...more

The ERISA Litigation Newsletter - January 2017

by Proskauer Rose LLP on

Editor’s Overview - In 2016, we saw a considerable uptick in the number and variety of excessive fee lawsuits commenced against plan fiduciaries of defined contribution plans. We begin the year by taking a look at these...more

Employee Benefits Legislation Proposed (But Not Passed) by the Obama Administration

by Jackson Walker on

In February of 2015, the Department of Treasury issued a reported entitled “General Explanation of the Administration’s Fiscal Year 2016 Revenue Proposals” (the “General Explanation”). The General Explanation is several...more

Upcoming Employee Benefit Plan December Deadlines

by Taylor English Duma LLP on

This client alert follows up on our prior alert titled, "Employee Benefit Plan Filing Deadlines." The following are the most common applicable filing deadlines for calendar year plans for December 2016....more

The Rosenbaum Law Firm Review - November 2016

by Ary Rosenbaum on

Things That Won't Help A Retirement Plan Sponsor Limit Their Liability. Yup, not going to help. When I was a teenager, we were told that eating oat bran would lower cholesterol and it didn't. We're told that...more

Plan Fees Have Been Getting Lower

by Ary Rosenbaum on

NEPC, LLC published the results of its 11th Annual NEPC Defined Contribution Plan and Fee Survey. Data shows that Defined Contribution (DC) plan record-keeping and investment management fees continue to decline....more

Benefits Litigation Update – Fall 2016

by Epstein Becker & Green on

A Publication from Epstein Becker Green and The ERISA Industry Committee - Epstein Becker Green and The ERISA Industry Committee (“ERIC”) are pleased to release the current issue of the Benefits Litigation Update...more

Forfeitures can be a compliance headache

by Ary Rosenbaum on

Defined contribution plans such as 401(k) plans have a forfeiture provision if there are contribution in the plan that are not immediately vested. The problem with the forfeiture provision is that they are usually neglected...more

2016 End of Year Plan Sponsor “To Do” List Qualified Retirement Plans (Part 3)

by Snell & Wilmer on

As 2016 comes to an end, we are pleased to present you with our traditional End of Year Plan Sponsor “To Do” Lists. Like last year, we are presenting our “To Do” Lists in three separate Employee Benefits Updates. Part 1 of...more

View From McDermott: Protecting Defined Contribution Plan Retirement Savings During Disability

by McDermott Will & Emery on

As employers have moved away from traditional defined benefit plans toward defined contribution plans as the primary retirement savings vehicle for their employees, much has been written about the risks of shifting the...more

Do You Need to Send an Annual Notice to Plan Participants? If So, You May Need to Do So by December 1, 2016*

by Alston & Bird on

Plan sponsors of defined contribution qualified plans may need to issue one or more annual notices to participants before the end of each plan year. Failure to issue a required annual notice can have significant consequences....more

IRS Releases Benefits and Contribution Limits for 2017

by Robinson & Cole LLP on

The Internal Revenue Service (IRS) recently issued its annual update regarding dollar limitations on contributions and benefits applicable to tax-qualified retirement and welfare plans for 2017. Please see full...more

Target Benefit Plans: A New Proposed Plan Design Option for Federally-Regulated Employers

by Dentons on

On October 19, 2016, the federal government introduced Bill C-27 which, if passed, will permit federally-regulated employers to establish single-employer and multi-employer target benefit plans. The bill proposes to amend...more

Employee Benefits Developments - October 2016

by Hodgson Russ LLP on

The Employee Benefits practice group is pleased to present the Benefits Developments Newsletter for the month of October, 2016. 2017 Benefits Limits Announced - The Internal Revenue Service and Social Security...more

2017 Qualified Plan Limits Released

by Bryan Cave on

The IRS recently released updated limits for retirement plans. Our summary of those limits (along with the limits from the last few years) is below....more

2017 Qualified Plan Cost of Living Increases, 2017 Social Security Taxable Wage Base 2

by Ruder Ware on

The Internal Revenue Service has announced the cost-of-living adjustments for the various qualified retirement plan limits. Some of the limits shown below remain unchanged from last year, but others have increased....more

Brexit: Impact on occupational pension schemes

by DLA Piper on

Following the UK's vote to leave the European Union, we consider the potential implications for employers and trustees of occupational pension schemes....more

Higher ed braces for flood of lawsuits over retirement plans

by Thompson Coburn LLP on

Numerous colleges and universities sponsor retirement plans—both defined benefit (DB) and defined contribution (DC)—to provide retirement income security for their employees. But recently a number of higher education...more

Case Note: Court Rules In Favor Of Fidelity And Holds That Float Income Is Not A Plan Asset

by Jackson Walker on

The First Circuit Court of Appeals has ruled that float income is not a plan asset and therefore is not subject to fiduciary and prohibited transaction provisions of ERISA. The decision was written by former Justice Souter...more

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