Employee Retirement Income Security Act Retirement Plan

Employee Retirement Income Security Act is a United States federal law enacted in 1974 to set minimum standards for pension and health plans in the private sector and to protect participants in those plans.... more +
Employee Retirement Income Security Act is a United States federal law enacted in 1974 to set minimum standards for pension and health plans in the private sector and to protect participants in those plans.  ERISA requires plans to provide information to participants, establishes a grievance process,  and allows participants to sue for benefits or breach of fiduciary duties.  less -
News & Analysis as of

DOL slightly opens the door for Open MEPs

I was always a fan of “open” multiple employer plans (MEPs) because it allowed smaller companies to get better pricing on plan expenses and choice of investments and providers by aggregating with smaller, similar plans....more

The ERISA Litigation Newsletter - November 2015

Editor's Overview - This month we take a look at how the lower courts have been dealing with claims for retiree health benefits after the U.S. Supreme Court's ruling in M&G Polymers USA, LLC v. Tackett, 135 S. Ct. 926...more

Labor Department Provides Guidance on ERISA Coverage of State-Run Retirement Programs for Private Sector Employers

In recent years, a number of states have explored the idea of establishing state-run retirement plans for private sector employees who do not have access to employer-sponsored retirement plans. The preemption concerns under...more

Communication is everything

I get along with people for the most part because I make the effort. It’s also a lot easier to function in the retirement plan business when you have more friends than enemies. Unfortunately, there has been a number of...more

Advisors Advantage - November 2015

Empathy and Communication by a Retirement Plan Provider Goes A Long Way. It goes way far. They say that game theory is the study of strategic decision making. It is "the study of mathematical models of conflict and...more

Pension Plan Investments: ERISA Fiduciaries May Consider Environmental, Social, and Governance Factors Related to Economic Value

Over the past two decades, the U.S. Department of Labor (DOL) has issued a number of advisory opinions and interpretive bulletins on “economically targeted investments” (ETIs). These investments are generally defined as...more

What Does the Trust Requirement of ERISA Mean?

ERISA requires that plan assets be held in trust so that they are protected from claims of the employer. With pension plans, it is generally easy to determine when assets become plan assets and when they should be held in...more

Recent Seventh Circuit Decision Finds That Multiemployer Pension Withdrawal Liability Can Automatically Transfer to Asset...

In a recent decision that has important implications for purchasers of assets that come with a multiemployer union pension plan, the U.S. Court of Appeals for the Seventh Circuit held in Tsareff v. ManWeb Services, Inc., 794...more

Focus on Revenue Sharing

Everyone has been focused on fees since the implementation of fee disclosure in 2012. It didn’t end retirement plans for everyone, but it put pressure on fees. While the focus on fees have affected those providers that...more

The Rosenbaum Law Firm Review - October 2015

Bundled vs. Unbundled 401(k) Plan Providers: The Choice Is Not Clear. Not an easy choice. In our lives, there are times when we have two important choices. It's Coke vs. Pepsi, Mac vs. PC, Xbox vs. PlayStation...more

Employee Benefits – Do Employers Owe a 401(k) Fiduciary Duty?

Back in July, we discussed how Jed Clampett of Mama’s Fried Pies caused his VP of marketing Elly May to suffer exorbitant taxes due to a deferred bonus that he offered.  This month, Jed finds himself again in the grease with...more

Potential Conflicts Should Be Viewed From All Sides

It’s amazing sometimes how people are blind to conflicts of interest that are as clear as die. In my local hamlet, the Library Board hired a School District board member as their attorney even though there is a transactional...more

Picking Plan Providers: Choose Quality over Popularity

I’m not very popular, never have been and never will be. It’s probably my personality or just not wanting to go with the flow, but I’m not a popular guy. Ask my family, ask my former bosses. While I won’t win popularity...more

Investment Management Update - October 2015

Below is a summary of recent investment management developments that affect registered investment companies, private equity funds, hedge funds, investment advisers, and others in the investment management industry. Schwab...more

Avoid other Plan Providers who just want to sell you something

When I started my national single employer retirement plan practice, I learned that getting clients is something that was going to be dependent on me. Clients and referral sources don’t fall into your lap or grow on trees....more

No fear of a class action lawsuit doesn’t mean there shouldn’t be fear

Plan sponsors will say it all the time: they are too small to be sued in a class action lawsuit. That may be true, but a class action lawsuit isn’t the only thing to fear. Most plans aren’t big enough to have a class action...more

Not all Plans can Establish a Shortened Limitations Period for Filing Lawsuit

I recently blogged about a case in which a plan had established a shorter period of time (one year deadline) for filing a lawsuit, rather than relying on the state statute of limitation (six years) which would otherwise have...more

Is Your Severance Policy an ERISA Plan?

Severance plans are generally covered under ERISA, but it is not always easy to distinguish an ERISA-covered severance plan from a non-ERISA severance policy. There are advantages and disadvantages to being an ERISA-covered...more

Participants in Top Hat Plans Must Exhaust Administrative Remedies

So-called “Top Hat” plans are nonqualified deferred compensation plans for a select group of management or highly compensated employees. These executive compensation arrangements are exempt from many ERISA provisions, but are...more

The Rosenbaum Law Firm Review - September 2015 #2

What Plan Sponsors Don't Know, May Hurt Them. And they don't know a lot. When I worked at a semi-prestigious lawfirm, one of the named partners (whose son was a respectable politician) asked me what my practice...more

Supreme Court Emphasizes Requirements About Selecting and Monitoring Plan Investments

Plan administrators, investment committees and any other plan fiduciary responsible for selectingthe investment options of an employee benefit plan subject to ERISA should take note of the recent U.S. Supreme Court ruling in...more

Don’t Play Hide the Ball with Your Claims Procedure

ERISA does not have a statute of limitations for lawsuits brought by participants to check claim benefits under the plan. Instead, courts borrow from similar state statutes of limitations. In a decision two years ago, the US...more

Changes In The Money Market Fund Rules: The Fiduciary Response

The SEC’s modifications to the money market fund rules won’t become effective for approximately a year, but plan fiduciaries should already be considering what to do about them.2 Almost certainly, they’ll need to make changes...more

For Retirement Plans, it’s more about a process and less about a result

We’ve been conditioned in life that everything is about results. I know from law school the hard way how much that first job relied so much on grades. Businesses are so concerned with the bottom line and we know how sports...more

Investing Wisely: Employers Need to Monitor 401(k) Plan Fees

Costly lawsuits filed by employees against their employers come in several varieties, including lawsuits alleging liability because of an employer’s handling of its employee benefit plans. Earlier this year, the U.S. Supreme...more

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