Retirement

News & Analysis as of

November and December 2014 Filing and Notice Deadlines for Qualified Retirement and Health and Welfare Plans

Employers and plan sponsors must comply with numerous filing and notice deadlines for their retirement and health and welfare plans. Failure to comply with these deadlines can result in costly penalties and excise taxes. To...more

Many Employee Retirement Plan Dollar Limits Adjusted For 2015

The Internal Revenue Code provides for various dollar limitations on benefits, contributions, and compensation for tax-qualified employee benefit plans. Recently, the Internal Revenue Service announced cost of living...more

Retirement Plan Limitations for 2015

Date: November 3, 2014 The Internal Revenue Service has announced cost of living adjustments affecting dollar limitations for retirement plan contributions and benefits for 2015. Highlights include the following...more

Year End Retirement Plan Compliance

An annual checkup of qualified retirement plan documents is a good preventative measure to ensure compliance with the myriad of rules and regulations governing such plans. As 2014 draws to a close, the next few weeks is the...more

What Is the Difference Between a 401(k) and an IRA?

The terms 401(k) and individual retirement account (IRA) are bandied about quite a bit when discussing retirement planning, but what are the actual differences between the two? The main distinction is that a 401(k) -- named...more

Right to Retire Or Termination: Remediation of Leadership To Foster Compliance

Many historians have long given 476 AD as the date of the fall of the Roman Empire. Further, it was from this date forward that Europe began its long slide into the abyss, which came to be known as the Dark Age. However, this...more

Retirement Plan Sponsors Should Know Their Role as Plan Fiduciaries

I love professional wrestling and I’m not afraid to admit. Yes, I know it’s not real just like I know the Ewings don’t live on Southfork Ranch. Maybe it’s in my blood since both of my grandfathers watch it, but I find the...more

When a Parent Retires, a Child with Disabilities Could Qualify for SSDI

When the parent of an adult with disabilities retires, the child may qualify for federal disability benefits, even if the child has never worked. This benefit, known as the Disabled Adult Child program, allows the...more

Ninth Circuit Joins First Circuit in Finding that the Elimination of a Pension Transfer Option does not Violate ERISA's...

In Anderson v. DHL Retirement Pension Plan, the Ninth Circuit followed the First Circuit in finding that the elimination of the right to transfer an account balance from a defined contribution plan to a defined benefit plan...more

Quit or Retired? It Makes No Difference When It Comes to Paying Final Wages in California

McLean v. State of California, No. C074515 (August 19, 2014): In a recent decision, a California Court of Appeal held that state law requirements for payment of final wages and waiting time penalties payable to employees who...more

Does your Company’s Retirement Plan Need to be Restated?

Between May 1, 2014 and April 30, 2016, all pre-approved defined contribution plans (e.g. most 401(k), profit sharing, money purchase and other qualified plans) must be restated to reflect the provisions of the Pension...more

District Court Certifies Class Challenging ERISA Plan Amendment

The Eastern District of Michigan has certified a class of ERISA plan participants challenging an amendment which, in attempt to address the plan’s underfunded status, reduced their monthly disability payments. The Court...more

Employee Benefits Developments - September 2014

CASES - Post-Retirement Medical Benefits Under Siege. A recent spike in retiree benefit litigation is evidence of a growing interest among employers in strategies designed to contain, reduce, and eliminate the current...more

Post-Retirement Medical Benefits Under Siege

A recent spike in retiree benefit litigation is evidence of a growing interest among employers in strategies designed to contain, reduce, and eliminate the current costs and balance sheet liabilities associated with...more

Derek Jeter Retires: Can He Compete?

For two decades Yankees fans and baseball aficionados everywhere have reveled in Derek Jeter’s statesmanship and poise. Jeter exemplified leadership. Despite having played alongside several teammates embroiled in controversy,...more

Pennsylvania District Court Certifies Class Despite Defendant’s Attempt To “Pick-Off” Class Representatives

A group of registered nurses formerly employed by the Department of Veterans Affairs sued the United States Office of Personnel Management (“OPM”) in a putative class action seeking declaratory and injunctive relief in...more

Plan Prospecting Tools only show you part of a Plan’s problem

As a retirement plan provider, tools like Brightscope, fi360, Fiduciary Benchmarks, and FRA Plan Tools among others, are great resources to prospect prospective clients....more

Illinois Supreme Court Rules that Public Sector Retiree Health Subsidies are Constitutionally Protected Benefits

As covered in more detail in a separate alert, the Illinois Supreme Court ruled in Kanerva v. Weems by a 6-1 margin that state-subsidized retiree health coverage premiums are subject to the pension protection clause of the...more

General Assembly Retirement Review: Rep. Clymer, Haluska and Miller

As we continue our series salute to the members of the legislature who will retire from their seats at the end of this year. This installment begins our look at members who hold chairmanships of committees. With their...more

Department of Labor Opens the Door to Questioning Brokerage Windows Under 401(k) Plans

A request for information ("RFI") by the U.S. Department of Labor ("DOL") was published on August 21, 2014 regarding the use of so-called "brokerage windows" under retirement plans, such as many Section 401(k) plans, that...more

Prompt Payment Requirements That Apply to Employees Who Quit Also Apply to Employees Who Retire

California’s Third District Court of Appeal recently concluded that the final wage payment requirements and waiting time penalties prescribed by Labor Code sections 202 and 203 apply not only to employees who quit, but also...more

Prune those 401(k) Plan Investment Lineups

We are a nation of over abundance and we should be grateful for that. The problem is that over abundance can lead to a life of excess. We are often told that more is more and the problem is that there are many times where...more

An Education Policy Statement is not Magic

Any type of item that keeps you in health is a good thing as long as you use it. So the floss I bought after my last checkup and the exercise equipment that I bought my wife a few years ago that is collecting dust are...more

Minimum Distribution Planning with QLACs

Effective July 2, 2014, newly issued Treasury Regulations define a new type of investment vehicle: the Qualified Longevity Annuity Contract (QLAC). A QLAC is basically a deferred fixed income annuity purchased in an...more

Private Equity Fund Charged by SEC with Violation of the Pay-to-Play Rules for Investment Advisors

The Securities and Exchange Commission ("SEC") recently announced that it had charged TL Ventures, a Philadelphia-area private equity firm (the "Firm") with the first ever case involving a violation of the "pay-to-play...more

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