Plan Documents

News & Analysis as of

Read the plan document

Being an ERISA attorney for a couple of third party administration (TPA) firms when I first started helps you develop a sense of humor because there are too many people I was associated with who had absolutely zero training...more

Court upholds South Carolina company's benefits plan decision

One of the most important components of the employment relationship is the benefits package an employer is able to offer its employees. Employee benefits have to make business sense for the employer because there’s always a...more

Now You Can Be Up to Your QNEC in Forfeitures

On January 18, 2017, the IRS issued proposed regulations allowing amounts held as forfeitures in a 401(k) plan to be used to fund qualified nonelective contributions (QNECs) and qualified matching contributions (QMACs). This...more

Pensions Alert: Are your scheme documents up to date?

With the Pensions Regulator's increasing focus on good scheme governance, the start of the new year is an appropriate time for trustees to consider whether any key scheme documents need to be updated and included in the...more

Cover Letters: The Key to Simplifying ERISA Plan Document Requests

Sponsors of qualified retirement plans and group health plans may receive tens, if not hundreds, of plan document requests every year. Responding to these requests in accordance with the rules set forth under the Employee...more

Guide for 401(k) and 403(b) Plan Administrators

While a 401(k) or 403(b) plan has now been the primary retirement planning vehicle in most companies’ benefits program for a decade or more, the way in which companies approach the administration of such plans has varied...more

The Rosenbaum Law Firm Review - June 2016

The New Fiduciary Rule: What It Means To Plan Sponsors - Bottom line: what does it mean? More than a dozen years ago, there was a medical report that dental plaque could cause heart disease. I thought it was some...more

Just Say Sorry

I worked for someone once who I thought was the biggest pain in the rear end and I think when I got older and started my own business, I finally understood where he was coming from. When I work on my own and something...more

April 30 Deadline for Pre-approved Defined Contribution Plans

This is a follow-up on the IRS’ recent reminder to plan sponsors using pre-approved defined contribution plans (i.e., prototype and volume submitter plans) that they must adopt restated plan documents by the end of this...more

No such thing as assembly line Retirement Plans

Henry T. Ford is considered the father or the pioneer of the modern day assembly line of manufacturing. His development of the Model T and its way of manufacturing is considered one of the great developments in 20th century...more

The Grisly Death of Determination Letters for Individually Designed Plans

The Internal Revenue Service (IRS) announced last year that it would end its staggered five-year remedial amendment cycle system for individually designed retirement plans under the determination letter program due to...more

Advisors Advantage - April 2016

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

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

Employer Stock Roundtable

We had a great client Dorsey Roundtable on March 24, 2016 to discuss employer stock in retirement plans. It’s been a few years now since the 2013 blockbuster opinion from the Supreme Court (back when they had 9 justices) in...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

Five Things to Consider When Approached by a Bankruptcy Claims Trader

When a business files for bankruptcy, it can be a confusing and frustrating time for the debtor’s creditors. If an investment firm reaches out with an offer to purchase a creditor’s claim against the debtor, it may appear to...more

The Force Awakens on 2016

The ball dropped on 2016, but don’t drop the ball on your benefit plan compliance. As part of our annual tradition, we’re pleased to present this year’s Top Ten New Year’s Countdown for the reading pleasure of our fellow...more

You Probably Don’t Need a Year-End Plan Amendment to Reflect the Supreme Court’s Same-Sex Ruling

If you’re worried that the U.S. Supreme Court’s ruling on same-sex marriage last summer might require a year-end amendment to your employee benefit plans,you have the paranoia of an ERISA attorney. You’re also in luck because...more

New FAQs on Preventive Services, Wellness Program Rewards and Mental Health and Substance Use Treatment: McGuireWoods Healthcare...

This is the 54th in a series of WorkCite articles concerning the Patient Protection and Affordable Care Act and its companion statute, the Health Care and Education Reconciliation Act of 2010 (referred to collectively as the...more

Tax and Employee Benefits Alert: Important April 30, 2016 Deadline to Adopt Updated Pre-Approved Defined Contribution Retirement...

All employers who are using a pre-approved form for their 401(k), profit sharing, or other defined contribution plan must sign updated documents on or before April 30, 2016 to preserve the tax-qualified status of the plan. ...more

Potential Penalties Creating Adjustments to Health Care Coverage Plan Offerings

What ACA-related issues have had the most impact on welfare benefit plans and may surface during 2016? JRN: 2015 is the year when the potential to be penalized for not offering employee health care coverage that is both...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

A Summary Plan Description Can be a Plan Document

In a decision issued a couple of years ago, the United States Supreme Court held that a summary plan description that differed from the plan document could not be enforced as the plan document. The Court said that the summary...more

Plaintiffs’ Misdirected Demand for Documents Fails, and Their Claim for ERISA Civil Penalties Is Dismissed: Boyd v. Sysco...

A federal court dismissed the plaintiffs’ claim to recover civil penalties for failure to provide plan documents requested by the plaintiffs. Boyd v. Sysco Corporation, No. 4:13-cv-00599 (D. S. C. September 3, 2015), provides...more

Third Circuit Says ERISA Administrative Appeal Denial Letters Must State Plan-Imposed Time Limits

The Third Circuit recently held that ERISA administrative appeal denial letters must include plan-imposed time limits for commencing a lawsuit challenging the claim denial, and the failure to provide such notice warranted...more

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