News & Analysis as of

Plan Participants

Holland & Knight LLP

Arkansas Court Declines to Dismiss Challenge to ESOP Releveraging Transaction

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The U.S. District Court for the Western District of Arkansas issued its written decision in Shipp v. Central States Manufacturing, Inc. on July 5, 2024, declining to dismiss the case against Central States Manufacturing Inc....more

Bricker Graydon LLP

New Plan Distributions are Becoming Operational

Bricker Graydon LLP on

SECURE 2.0 provided employees better access to liquid assets during a major life crisis. We have previously discussed the domestic abuse victim distribution exemption and the emergency personal expense distribution exemption...more

Kaufman & Canoles

Corporate Transparency Act: ESOP Considerations

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The Corporate Transparency Act (CTA) went into effect January 1, 2024, imposing significant reporting obligations for millions of privately held entities, called Reporting Companies. ...more

Holland & Knight LLP

Plaintiffs Request Court Approval of $8.7M Settlement in ERISA Class Action Cyberattack Lawsuit

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Multi-employer plan participants involved in an Employee Retirement Income Security Act of 1974 (ERISA) class action lawsuit against Horizon Actuarial Services LLC (Horizon), a national retirement services firm, have entered...more

Faegre Drinker Biddle & Reath LLP

The New Fiduciary Rule (20): Requirement to Correct Failures with PTE Conditions (Part 2)

The U.S. Department of Labor has released its package of proposed changes to the regulation defining fiduciary advice and to the exemptions for conflicts and compensation for investment recommendations to retirement plans,...more

Faegre Drinker Biddle & Reath LLP

The New Fiduciary Rule (6): The Fiduciary Definition of Fiduciary

The US Department of Labor has released its package of proposed changes to the regulation defining fiduciary advice and to the exemptions for conflicts and compensation for investment advice to plans, participants (including...more

Poyner Spruill LLP

Year-End Round-Up

Poyner Spruill LLP on

The end of the year is fast approaching. Before calendars fill up too much with parties and PTO, now is a good time to take stock of year-end notice requirements for plan sponsors. As a quick reference, included below are...more

Pullman & Comley - Labor, Employment and...

A New Way to Count Participants in Individual Account Retirement Plans

Employers who sponsor retirement plans for their employees face annual reporting requirements that may involve significant expenses. One of these is the requirement that a plan be audited annually by an independent qualified...more

Foley & Lardner LLP

Does the Supreme Court’s Analysis in Thole v U.S., Bank, N.A. Apply to Welfare Benefit Plans?

Foley & Lardner LLP on

In Thole v. U.S. Bank, N.A., 140 S Ct. 1615 (2020), the Supreme Court, in a five to four decision authored by Justice Kavanaugh, held that participants in an ERISA defined benefit pension plan did not have standing under...more

Dorsey & Whitney LLP

Courts Address Participant Standing to Challenge Fees and Payments Received by Group Health Plan Service Providers

Dorsey & Whitney LLP on

As we recently suggested, ERISA disputes over the fees and expenses charged to employer or union sponsored group health plans may well become the next wave in ERISA litigation. At minimum, the Consolidated Appropriations Act...more

Seyfarth Shaw LLP

Multiple Cyber Incidents Impact Employee Benefit Plans and Participants

Seyfarth Shaw LLP on

By this point, most people in the employee benefits space have heard about the MOVEit and Retirement Clearing House (RCH) cyber incidents, which could directly impact employers’ benefit plans. The MOVEit file transfer...more

Faegre Drinker Biddle & Reath LLP

Final Changes Announced to Forms 5500 and 5500-SF

The Department of Labor (DOL) announced that it has finalized, together with the Internal Revenue Service (IRS) and Pension Benefit Guarantee Corporation (PBGC), the third and final round of revisions to the Form 5500 Annual...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Participants still think it’s free

I once said that I thought I lived in a great community until I joined the Facebook community newsgroups. You just can’t imagine what people think. The same can be said about some of these polls of plan participants, which...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Microsoft wins Blackrock TDF lawsuit

A U.S. District Court judge threw out a case against Microsoft which claimed that the BlackRock LifePath Index Funds suite of target-date funds was an imprudent investment choice for their plan participants....more

Morgan Lewis - ML Benefits

Multiemployer Pension Plans Seeking Special Financial Assistance Can Now Request Relief from Withdrawal Liability Conditions

The Pension Benefit Guaranty Corporation (PBGC) is now allowing multiemployer pension plans that are applying for special financial assistance (SFA) to request relief from the standard withdrawal liability calculation...more

Faegre Drinker Biddle & Reath LLP

The SECURE Act 2.0: The Most Impactful Provisions (#5-Catch-up Contributions for Higher Compensated Must be Roth Contributions)

The President signed the Consolidated Appropriations Act, which included SECURE Act 2.0, on December 29, 2022. SECURE Act 2.0 has over 90 provisions, some major and some minor; some mandatory and some optional; some...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Plan sponsor taken off 403(b) lawsuit, advisor isn’t so lucky

A plan sponsor was spared from a 403(b) lawsuit, but the advisor is still on the hook. Two plaintiffs filed a complaint in Texas federal court against their employer, Legacy Counseling Center, Inc. the plan’s manager,...more

Groom Law Group, Chartered

IRS Proposes Making Remote Notarization Permanent for Retirement Plan Elections & Consents

On December 30, the Department of Treasury (“Treasury”) and the Internal Revenue Service (“IRS”) released a notice of proposed rules relating to the use of an electronic medium for retirement plan participant elections and...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

In 2021, people were deferring more

The Plan Sponsor Council of America’s (PSCA)65th Annual Survey of 401(k) and Profit Sharing Plans showed record savings in retirement plans. In 2021, participant and employer contribution rates combined to produce an...more

Ward and Smith, P.A.

Are Your Retirement Accounts SECURED? Action Steps for Plan Participants and IRA Owners

Ward and Smith, P.A. on

Passed by Congress in late 2019, the SECURE Act contained the most significant changes to qualified retirement plans (QRPs) and IRAs since the Pension Protection Act of 2006. Notably, the SECURE Act eliminated the...more

Littler

Top 5 Changes in the SECURE 2.0 Act for Plan Sponsors and Participants

Littler on

As part of the omnibus spending bill passed in a frenzy before the holiday break, Congress included the Securing a Strong Retirement Act of 2022 (“SECURE 2.0 Act”). This new law contains several changes that will have a...more

Skadden, Arps, Slate, Meagher & Flom LLP

$1.7 Trillion Spending Package Includes Significant Changes to Retirement Plans

On December 29, 2022, President Joe Biden signed into law the Consolidated Appropriations Act of 2023, which includes the SECURE 2.0 Act of 2022 (SECURE 2.0). SECURE 2.0 is an expansion of the Setting Every Community Up for...more

Bradley Arant Boult Cummings LLP

A Checklist for Your Retirement Plan Fiduciary Insurance Renewal

In response to the continued proliferation of lawsuits against retirement plan fiduciaries, fiduciary liability insurers are raising rates, limiting coverage, and expanding their due diligence of fiduciary processes...more

Verrill

401(k) Plan Matching Contributions: To True Up or Not True Up?

Verrill on

As a matter of plan design, for purposes of matching contributions some 401(k) plans provide that a participant’s compensation for the entire plan year is taken into account (regardless of whether the participant makes...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Participants will continue to make bad decisions

As the stock market remains choppy and we trying to figure out whether we are in a recession, it’s important to remember that participants will continue to make bad investment decisions....more

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