News & Analysis as of

Recent Employee Benefits Developments

Amending Retirement Plans to Recognize Same-Sex Marriages Plan sponsors need to review retirement plan documents and operations to determine whether changes are needed in response to last year's Supreme Court decision in U.S....more

Update on 401(k) Plan Errors

The Internal Revenue Service (“IRS”) recently updated its informal guidance about 401(k) plan errors. The updated materials contain simple guidance that is helpful for both identifying and correcting mistakes and avoiding...more

Fees are only part of a 401(k) Plan’s problem

10 years before I went on my own and started my own practice, I started The Rosenbaum Law Firm P.C. It was a side venture, kind of an attempt to see if I can start my own practice without actually having to leave my day job....more

The Debate Continues Over The Fiduciary Status of 401(k) Plan Service Providers

In Golden Star Inc. v. MassMutual Life Ins. Co., 2014 WL 2117511 (D. Mass. May 20, 2014), a district court addressed two issues that have become hotly contested in 401(k) plan fee litigation: (1) whether and when a plan...more

Retirement Benefits: Missed Deferral Opportunities

The Issue: When an employer fails to take into consideration all forms of compensation (e.g., commissions, bonuses, etc.) for purposes of employee deferrals to its 401(k) Plan, is that a problem?...more

Death, Taxes and …ERISA Disclosure Regulations?

There are few sure things in life, and although it is probably safe to say that ERISA disclosure regulations would not be considered one of them, there has certainly been a steady stream of new ERISA-related disclosure and...more

New Rules for IRS Relief on Late Form 5500 Filings

Form 8955-SSA Required to Correct Late Form 5500. The IRS recently issued a new rule for late Form 5500 filings on qualified retirement plans (such as 401(k) plans, ESOPs or pension plans) using the Department of Labor’s...more

How The Windsor Decision Applies To Retirement Plans

The Internal Revenue Service recently furnished employers with welcome guidance concerning coverage of same-sex spouses in qualified plans. In a new Notice, the Service discusses how qualified arrangements such as...more

Advisors Advantage

Do you have it? It will determine whether you'll be a big hit or not. When it comes to being a retirement plan provider and selling your services, you have to have it. Those who have it, succeed. Those who don't,...more

ERISA Fiduciary Guidance - Making a "Watch List" Work

For most professionals who sit on 401(k) or 403(b) plan administrative or investment committees, there is a fair amount of routine. The committee probably adopted an investment policy that dates back to the time the plan’s...more

Lifetime Income: Participant Needs, Retiree Risks and Retirement Solutions

The aging of the baby boomers in a defined contribution plan world has revealed a weakness in many 401(k) and 403(b) plans: the plans offer no systematic process for providing lifetime income. (For 403(b) plans funded with...more

The Headache of Plan Loans

They often say that the road to hell is paved with good intentions. I don’t know who said it first (I heard it was originated with St. Bernard, the saint, not the dog), but perhaps they were a 401(k) plan sponsor that had a...more

Oops, I Forgot To Distribute A Safe Harbor Notice For My Company's 401(k) Plan, Now What?

The Internal Revenue Service often publishes correction methods for common errors involving qualified retirement plan administration issues. One of the most common errors is failing to notify eligible employees of their safe...more

IRS Issues Guidance on Recognition of Same-Sex Marriage Under Tax-Qualified Retirement Plans

On April 4, 2014, the Internal Revenue Service issued Notice 2014-19 providing guidance on the application of the U.S. Supreme Court’s decision in United States v. Windsor (“Windsor”) to tax-qualified retirement plans (such...more

Treasury Department Issues Guidance on Application of Same-Sex Marriage Ruling to Retirement Plans

On April 4, 2014, the Department of the Treasury issued its long-awaited supplemental guidance on when and how tax-qualified retirement plans (including 401(k) plans) must comply with Windsor v. United States, in which the...more

The needs of the Plan outweigh the needs of the Plan Provider

A family member once said: “there are a lot of yous (sic) and only one me.” That may not be the nicest and most selfless thing to say, but that’s something retirement plan sponsors should think when it comes to the needs of...more

Retirement Benefits: Which Way Does the Whistle Blow?

The Issue: A terminated employee makes a claim against the employer for damages. The company says it fired him for stealing from the company. He says it was in retaliation for reporting law violations by the employer (that...more

Despite Upholding A $13.4 Million Judgment Against Plan Fiduciaries, The Eighth Circuit Gives Plan Sponsors A Lot To Like In...

On March 19, 2014, a three judge panel of the United States Court of Appeals for the Eighth Circuit issued its decision in Tussey v. ABB, Inc., No. 12-2056 (8th Cir. Mar. 19, 2014). The case came to the Eighth Circuit on an...more

Potential clients and the plan provider ties that bind

How many times as a retirement plan provider that you contact a retirement plan that is paying too much money and getting too little back in plan services? If you’re a registered investment advisor offering 3(38) service and...more

Is There An Elephant In The Room?

401(k) Plan documents can read like Russian novels. They are often long and difficult to understand, so it’s no surprise that administrative errors in operating such plans happen frequently. Common errors include omitting or...more

The Law Firm Review - January 2014

Future Threats That a 401(k) Plan Sponsor Should Be Aware Of. What might be good today, may not be good tomorrow. What was good yesterday might not be a good today. Asbestos was a great fireproof building...more

Future Threats That a 401(k) Plan Sponsor Should Be Aware Of

What was good yesterday might not be a good today. Asbestos was a great fireproof building material until it was found to cause asbestosis and malignant mesothelioma Thalidomide was a great drug for morning sickness until it...more

Supreme Court to Address Presumption of Prudence for ERISA “Stock Drop” Cases

The Supreme Court agreed on December 13, 2013 to review an issue critical to ERISA “stock drop” cases and important more generally for ERISA individual-account plans that invest in employer stock....more

New Opportunities For In-Plan Roth Rollovers

In furtherance of Section 902 of the American Taxpayer Relief Act of 2012 (ATRA), the Internal Revenue Service (IRS) recently issued Notice 2013-74 updating prior IRS guidance regarding so-called “in-plan” Roth conversions...more

IRS Provides New Guidance on In-Plan Roth Rollovers

On December 11, 2013, the IRS issued IRS Notice 2013-74 which provides guidance on in-plan Roth rollovers. An in-plan Roth rollover is a rollover within a Section 401(k), Section 403(b) or governmental Section 457(b) plan to...more

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