News & Analysis as of

Defined Contribution Plans Retirement Plan

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

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

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

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

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

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

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

Did Your Company Fail to Adopt a New Preapproved Defined Contribution Plan by the April 30th Deadline? The IRS Has a Solution for...

by Jackson Lewis P.C. on

Background - Sponsors of preapproved defined contribution retirement plans were generally required to sign new plan documents on or before April 30, 2016 that incorporated changes required by the Pension Protection Act...more

More DB DC Plan Design Flexibility in Maximizing Benefits for Highly Compensated Employees

Given the subject matter involved, this Alert is very technical and specialized. If your company offers both an active pension plan and a 401(k) or profit sharing plan and performs the general test to satisfy the...more

Recent Lawsuit Demonstrates Continuing Need for Plan Fiduciaries to Document Decision-Making Process

Late last year, another lawsuit was brought on behalf of participants in a 401(k) plan alleging breaches of fiduciary duties resulting from allegedly high plan fees. This type of case is not novel; the law firm that brought...more

Advisors Advantage - April 2016

by Ary Rosenbaum on

The Struggles Of Being A Retirement Plan Provider And How To Manage It. What you have to deal with. Being a retirement plan provider is like any other business in the sense that it has to be managed in a way...more

The Rosenbaum Law Firm Review - March 2016

by Ary Rosenbaum on

Things About Plan Providers That Shouldn't Impress Plan Sponsors. Don't get bamboozled. There are certain things in life we really should be impressed by, but we always end up being impressed by the wrong...more

The End of an Era—IRS Issues Additional Guidance on End of Determination Letter Application Program

In 2015, the Internal Revenue Service (IRS) announced changes to its existing determination letter program, namely that the staggered remedial amendment cycle for individually designed retirement plans would end effective...more

IRS Proposes Nondiscrimination Testing Relief for Closed Pension Plans

by McGuireWoods LLP on

In order for its participants to receive favorable tax treatment, a “qualified” retirement plan must satisfy various requirements, including ensuring that it benefits a nondiscriminatory cross-section of employees rather than...more

Last Call for Plan Restatements

by Ary Rosenbaum on

My favorite professor at law school Bernie Corr said it best when he joked that the Bankruptcy Code changes to keep bankruptcy attorneys employed. I’m sure people think that the Internal Revenue Service (IRS) requires...more

IRS Announces Additional Changes in Determination Letter Program

by McDermott Will & Emery on

The Internal Revenue Service (the IRS) recently issued Notice 2016-03 (the Notice) addressing three topics and expanding on its earlier announcement of major changes in the determination letter program for individually...more

Ontario Government Releases Additional ORPP Design Details

On January 26, 2016, the Ontario government released additional design details about the Ontario Retirement Pension Plan (ORPP) as well as a technical bulletin?, which provide additional information about the ORPP that will...more

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