News & Analysis as of

Retirement Plan Employee Retirement Income Security Act (ERISA) Beneficiaries

Bricker Graydon LLP

Beneficiary Designations - Plan Sponsor Best Practices

Bricker Graydon LLP on

For most Americans, their retirement plan savings accounts are likely one of their largest and most important assets. And yet many do not give these accounts the attention they deserve when it comes to naming and updating...more

Seward & Kissel LLP

Action Steps for Managers of Private Investment Funds Subject to ERISA Prior to December 1, 2023 to Address the DOL’s Rule...

Seward & Kissel LLP on

If you manage a private investment fund that is subject to Title I of ERISA and is not a feeder fund (an “ERISA Fund”), you should, before December 1, 2023, take the steps described below in order to comply with the DOL’s...more

Verrill

ERISA Section 404(c) Protection: A Refresher for Fiduciaries

Verrill on

The Employee Retirement Income Security Act (“ERISA”) imposes both (i) significant responsibilities on fiduciaries of participant-directed individual account plans, including 401(k) plans, and (ii) personal liability for...more

Verrill

Department of Labor Guidance and Federal Initiatives Counsel a Wait-and-See Approach for 401(k) Plan Fiduciaries Interested in...

Verrill on

On March 10, 2022, the Department of Labor published Compliance Assistance Release 2022-01, 401(k) Plan Investments in “Cryptocurrencies”. The Release strongly discourages the addition of cryptocurrency (and other digital...more

Dickinson Wright

What Do a Newly Married Employee, a Long-term Employee, and a Change of 401(K) Recordkeepers Have in Common? Beneficiary...

Dickinson Wright on

A participant in a 401(k), 403(b), or other account-style retirement plan may name a beneficiary to receive his or her account balance after the participant’s death. A recent case, Moore v. NCR Corp. Plan Admin. Comm. (USDC...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Be a nice family member, get your beneficiary forms in order

I hate death, I hate talking about death, the whole point of living is not dying. Yet, when it comes to setting things rights, I’ve done the best I can in terms of drafting a will and keep beneficiary forms up to date....more

Bass, Berry & Sims PLC

DOL Begins Audit of Retirement Plans for Cybersecurity Shortfalls

Bass, Berry & Sims PLC on

To increase protections for the estimated $9.3 trillion in American retirement assets, the Department of Labor (DOL) has begun a new cybersecurity audit initiative for retirement plans. After providing its first set of...more

K&L Gates LLP

DOL Creates New E-Delivery Safe Harbor for Retirement Plan Disclosures

K&L Gates LLP on

EXECUTIVE SUMMARY - The Department of Labor (DOL) published final regulations that make significant strides in reducing barriers to the electronic delivery of a wide array of retirement plan disclosures. Specifically, the...more

Faegre Drinker Biddle & Reath LLP

New DOL Electronic Disclosure Rules – What You Need to Know

The Department of Labor (DOL) issued final electronic disclosure rules for retirement plans on May 27, 2020 (2020 Safe Harbor). We are already fielding questions about these new rules and have provided answers here to some of...more

McDermott Will & Emery

[Webinar] ESOP Focus: Deliberate Decision-Making | Dynamic Distribution Strategies - April 30th, 2:00 pm - 3:00 pm ET

McDermott Will & Emery on

The decisions you make in response to the global pandemic will have lasting impacts on your business and your workforce. Join members of our ESOP team each Thursday for this webinar series designed to help you navigate and...more

Holland & Knight LLP

An Overview of Employee Benefit Provisions in the Newly Enacted SECURE Act

Holland & Knight LLP on

After being approved by both the U.S. House of Representatives and the Senate, the Setting Every Community Up for Retirement Enhancement Act (the SECURE Act) was signed into law by President Donald Trump on Dec. 20, 2019, as...more

Chambliss, Bahner & Stophel, P.C.

Do Surviving Spouses Have a Right to a 401(k) or an IRA?

When choosing a beneficiary for a retirement plan, it is important to understand how your spouse will be treated under the plan. Surviving spouses are treated differently under 401(k)s and individual retirement accounts...more

Conn Kavanaugh

Important Changes in Retirement Planning

Conn Kavanaugh on

The holiday season is always a busy and eventful time, so you may have missed a new law that can impact how you plan for your retirement assets. On December 20, 2019, as part of a more comprehensive appropriations act, the...more

Eversheds Sutherland (US) LLP

Congress delivers SECURE and more in year-end benefits bonanza

On December 20, 2019, President Trump signed into law the Further Consolidated Appropriations Act, 2020 (the “Appropriations Act”), a comprehensive government funding bill that includes substantial employee benefits-related...more

Seyfarth Shaw LLP

Beware of the “Overshare”: Construe Requests for ERISA Plan Documents Narrowly!

Seyfarth Shaw LLP on

Seyfarth Synopsis: Administrators of ERISA plans frequently receive requests from participants, beneficiaries, and their representatives for plan-related documents. A recent decision from the Court of Appeals for the Fifth...more

Snell & Wilmer

Potential $2.4 Billion and Countless Trees Saved – Department of Labor’s Proposed Rule on Electronic Disclosure for Retirement...

Snell & Wilmer on

The Department of Labor recently issued a proposed rule that allows certain retirement plan disclosures to be posted online, rather than requiring such disclosures to be printed and mailed. The Department of Labor anticipates...more

Verrill

DOL Proposes New Electronic Disclosure Rules for Retirement Plans

Verrill on

At long last, the Department of Labor (DOL) has issued an update to its safe harbor rules governing electronic distributions of retirement plan disclosures. When finalized and adopted, the new safe harbor rules will update...more

Bass, Berry & Sims PLC

DOL Proposed Rule on Electronic Disclosures Could Help Alleviate Costs and Burdens on Employers and ERISA Plan Administrators

Bass, Berry & Sims PLC on

On October 23, 2019, the Department of Labor (DOL) published a proposed rule that, if finalized in its current form, would make it easier for retirement plan administrators to use electronic media to furnish information to...more

Carlton Fields

Court Sheds Light on ERISA’s Fiduciary Exception to Attorney-Client Privilege

Carlton Fields on

A federal district court in Ohio recently attempted to shed some light on when internal communications between an ERISA plan administrator and its in-house counsel are discoverable and when they are protected by the...more

Foley & Lardner LLP

Summary Plan Descriptions: You Gotta Have Them, So Make the Most of Them

Foley & Lardner LLP on

Administrators of plans subject to ERISA (including plans sponsored by for-profit and nonprofit businesses and organizations) must provide participants and beneficiaries with summary plan descriptions (“SPDs”) describing “the...more

Proskauer Rose LLP

ERISA Newsletter - Second Quarter 2018

Proskauer Rose LLP on

As we head into the thick of summer, all eyes are on President Trump's nomination to the U.S. Supreme Court to replace retiring Justice Anthony Kennedy and the impact the new Justice will have on shaping the law for...more

Stinson - Benefits Notes Blog

Time to revisit the Retirement Equity Act? Married Spouse denied $2.7 million ESOP Benefit of Deceased Spouse

On April 3, 2018, The Eighth Circuit Court of Appeals affirmed a summary judgment decision against Susan Wengert who had sued the plan administrative committee of the Majors Plastics ESOP, the personal representative of the...more

Holland & Knight LLP

Seventh Circuit Holds That ERISA Does Not Pre-empt Illinois Slayer Statute

Holland & Knight LLP on

• In Laborers' Pension Fund v. Miscevic, the U.S. Court of Appeals for the Seventh Circuit held that the Illinois slayer statute is one state statute that is not pre-empted by ERISA. A slayer statute is a law that prevents an...more

Stinson - Benefits Notes Blog

Send Out the Search Party: The DOL and Other Agencies Focus on Plan Efforts to Locate Missing Participants (Part 1)

In the past year, the Department of Labor (DOL) has drastically increased audits of retirement plans with participants – or beneficiaries – who cannot be located in conjunction with the distribution of owed benefits. ...more

BCLP

Seventh Circuit Holds that ERISA does not Preempt State “Slayer Statute”

BCLP on

We turn once again to the sad and difficult task that plan administrators face when distributing the benefits of a participant who has been murdered by his or her designated beneficiary. Sad for obvious reasons. Difficult...more

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