News & Analysis as of

Retirement Plan Pensions Employer Contributions

The Wagner Law Group

District Court Grants Motion to Dismiss Forfeiture Complaint

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Last year, we alerted you to the filing of several class action lawsuits alleging that plan fiduciaries violated their duties of prudence and loyalty under Title I of ERISA by using forfeitures to reduce employer...more

Jackson Lewis P.C.

Conflicting Decisions Foreshadow Upcoming Disputes in ERISA 401(K) Forfeiture Class Actions

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Conflicting orders on motions to dismiss from two California courts foreshadow issues for a new theory of ERISA liability. Employers have faced a recent wave of novel ERISA class actions that challenge the reallocation of...more

Littler

Illinois Federal Court Holds that a Pension Rehabilitation Plan Fund Used an Improper High-Contribution Rate in Withdrawal...

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On March 29, 2024, the U.S. District Court for the Northern District of Illinois issued its decision in Central States, Southeast and Southwest Areas Pension Fund v. Event Media, Inc. In a matter of first impression for...more

Patterson Belknap Webb & Tyler LLP

Does Your Retirement Plan Need a 'PLESA'?

Pension-Linked Emergency Savings Accounts (“PLESAs”) are a special retirement plan feature created under SECURE ACT 2.0. PLESAs were first permitted to be made available to participants as of January 1, 2024. PLESAs, which...more

Woodruff Sawyer

Q4 2023 International Benefits Update

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In the final quarter of 2023, South Africa issued guidance on the new two-pot retirement system, Peru launched a new holiday starting in 2024, Singapore doubled its paid paternity leave, and Costa Rica reformed its pension...more

Littler

Canada Entered Last Phase of CPP Enhancements on January 1, 2024

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All Canadian employers other than those in Quebec are required to: Deduct Canada Pension Plan (CPP) contributions from their employees’ pensionable earnings if the employee meets certain conditions; Contribute an...more

Awatif Mohammad Shoqi Advocates & Legal...

Understanding the Key Features of UAE's New Emirati Pension Law

Introduction The General Pension and Social Security Authority (GPSSA) recently introduced a significant change in the pension landscape through Federal Decree-Law No. 57 of 2023 on Pension and Social Security. This legal...more

Seyfarth Shaw LLP

Want to Put More Away in Your 401(k)? Qualified Plan Limits Generally Increase in 2024

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Seyfarth Synopsis: The IRS just announced the 2024 annual limits that will apply to tax-qualified retirement plans. For a third year in a row, the IRS increased the annual limits, allowing participants to save even more in...more

Woodruff Sawyer

Navigating Provident Fund Systems

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Provident funds, or government-administered retirement funds, were introduced as a form of “social protection” to alleviate poverty at the time of retirement. Most social programs at the time did not provide enough to cover...more

Bennett Jones LLP

Correcting Contribution Errors in Respect of Defined Contribution Pension Plans—New Rules Now in Force

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On June 22, 2023, Bill C-47 received royal assent, implementing a variety of amendments to the Income Tax Act (Canada) (ITA) and its regulations (ITA Regulations) tabled as part of the 2023 Federal Budget. As we previously...more

Verrill

Alternatives for Sponsors of Defined Benefit Pension Plans

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For decades, it was common for employers to maintain employer-funded defined benefit pension plans (“DB Plans” or “Plans”) to provide retirement benefits to their employees. In recent years, DB Plans have become increasingly...more

Warner Norcross + Judd

[Webinar] Employee Benefits SECURE Act 2.0 Series - Part 2: Distribution Rule Revisions - April 12th, 12:00 pm - 1:00 pm ET

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Warner’s Employee Benefits Practice Group is pleased to present a webinar series on significant new retirement plan legislation, the SECURE Act 2.0. While we expect implementing the new law to take several years, some...more

Warner Norcross + Judd

[Webinar] Employee Benefits SECURE Act 2.0 Series - Part 1: Changes to Retirement Plan Eligibility and Contributions - March 28th,...

Warner Norcross + Judd on

Warner’s Employee Benefits Practice Group is pleased to present a webinar series on significant new retirement plan legislation, the SECURE Act 2.0. While we expect implementing the new law to take several years, some...more

Fox Rothschild LLP

What Employers That Contribute to Multiemployer Plans Receiving 'Special Financial Assistance' Need to Know

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In a prior alert, we detailed how the Interim Final Rule (IFR) from the Pension Benefit Guaranty Corporation (PBGC) regarding the special financial assistance (SFA) provided under American Rescue Plan Act of 2021 (ARPA) would...more

Hogan Lovells

Anpassung der Beitragsbemessungsgrenzen in der Sozialversicherung in 2023

Hogan Lovells on

Das Bundesministerium für Arbeit und Soziales hat den Referentenentwurf zur Anpassung der Grenzwerte für die Sozialversicherung vorgelegt. Nachdem die Werte im vergangenen Jahr stagnierten, steigen die Werte für 2023 wieder...more

Bennett Jones LLP

Fixing Contribution Errors for Defined Contribution Pension Plans

Bennett Jones LLP on

What You Need to Know About Draft Amendments to the Federal Income Tax Act and Regulations - On February 4, 2022, the Canadian federal government released draft legislation to implement a variety of proposed tax measures,...more

Proskauer - Employee Benefits & Executive...

Ninth Circuit Agrees with Third Circuit that “Highest Contribution Rate” for Withdrawal Liability Payment Calculations Excludes...

On January 31, 2022, the Ninth Circuit affirmed the lower court’s finding that surcharges imposed by the Pension Protection Act (“PPA”) are excluded from the determination of an employer’s “highest contribution rate” for...more

Faegre Drinker Biddle & Reath LLP

PBGC Publishes Final Rule Allowing Simplified Withdrawal Liability Calculations Applicable to Benefit Reductions, Benefit...

On Friday January 8, the Pension Benefit Guaranty Corporation (PBGC) published a final rule that provides multiemployer pension plans with additional methods to help calculate employer withdrawal liability. The rule includes...more

Blake, Cassels & Graydon LLP

Target Benefit Pension Plans: A New Option for Quebec Employers and Employees

On December 11, 2020, Quebec’s National Assembly adopted Bill 68, with certain amendments made to its original text, thereby enacting An Act mainly to allow the establishment of target benefit pension plans (Act). The...more

Blake, Cassels & Graydon LLP

Quebec Moves Forward with New Supplemental Pension Plan

On October 7, 2020, Bill 68, An Act mainly to allow the establishment of target benefit pension plans (Bill 68), was tabled at Quebec’s National Assembly by the province’s Minister of Finance, Éric Girard. Bill 68’s main...more

Bowditch & Dewey

Are Pooled Employer Plans Right for You?

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If you’re a small employer with a 401(k) plan, you might save some money and provide a more professional level of administrative support by joining a Pooled Employer Plan (PEP). Unrelated employers have always been able to...more

Gerald Nowotny - Law Office of Gerald R....

ROCK OF AGES video

Rock of Ages - The Arithmathean Pension Plan is a creative idea on how to use a pooled income fund as a version of non-qualified deferred compensation. Provide a lifetime annuity of tax-free distributions for key employees!...more

Blake, Cassels & Graydon LLP

Les employeurs qui reportent le paiement de cotisations sont soumis à d’autres restrictions

On September 21, 2020, the Ontario government filed O. Reg. 520/20 (Regulation), which, among other things, permits employers of certain pension plans to elect to defer one or more consecutive monthly payments of employer...more

Blake, Cassels & Graydon LLP

Alberta Introduces Additional COVID-19-Related Relief

On June 24, 2020, the Government of Alberta issued Order in Council 190/2020 to amend the Employment Pension Plans Regulation (Regulation) to provide additional forms of relief to administrators of Alberta-registered pension...more

Bennett Jones LLP

New Solvency Special Payments Relief Regulations for Federally Regulated Pension Plans

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Effective May 27, 2020, new Solvency Special Payments Relief Regulations, 2020 issued under the Pension Benefits Standards Act, 1985 provide funding relief to sponsors of federally regulated pension plans with solvency...more

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