With so much happening in the employee benefits world over the last few months, we bring you Benefits Catch-Up, our catch-up contribution to help you keep up with recent developments. Eversheds Sutherland’s US Employee...more
5/14/2025
/ 401k ,
American Airlines ,
Cryptocurrency ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Employer Responsibilities ,
Executive Compensation ,
Fiduciary Duty ,
Health and Welfare Plans ,
Health Insurance ,
Pharmacy Benefit Manager (PBM) ,
Proposed Regulation ,
Retirement ,
Retirement Plan ,
Verizon
On January 10, 2025, the Department of the Treasury and the Internal Revenue Service issued proposed regulations related to two new catch-up contribution provisions under the SECURE 2.0 Act of 2022 (SECURE 2.0): (1) the...more
1/23/2025
/ 401k ,
Benefit Plan Sponsors ,
Employee Benefits ,
Internal Revenue Code (IRC) ,
IRS ,
Proposed Rules ,
Retirement Plan ,
SECURE Act ,
Tax Planning ,
Tax Reform ,
U.S. Treasury
The IRS released long-awaited guidance under the SECURE 2.0 Act on December 20, 2023. Notice 2024-2 (Notice) provides clarification of various provisions, including several optional features that plan sponsors have been...more
1/22/2024
/ 401k ,
403(b) Plans ,
Benefit Plan Sponsors ,
Distribution Rules ,
Employee Benefits ,
EPCRS ,
Incentive Compensation ,
Individual Retirement Account (IRA) ,
New Guidance ,
Pension Plan Amendments ,
Retirement Plan ,
Roth IRA ,
SECURE Act
The IRS has announced a two-year “administrative transition period” for plan sponsors to implement the SECURE 2.0 Act provision requiring higher-income employees to make retirement plan catch-up contributions as Roth...more
8/29/2023
/ 401k ,
403(b) Plans ,
Benefit Plan Sponsors ,
Comment Period ,
Employee Benefits ,
Employee Contributions ,
Individual Retirement Account (IRA) ,
IRS ,
Relief Measures ,
Retirement Plan ,
Roth IRA ,
SECURE Act
The U.S. Department of Labor (DOL) issued Compliance Assistance Release No. 2022-01 on March 10, 2022, cautioning 401(k) plan fiduciaries to “exercise extreme care” before they allow participant investments in cryptocurrency...more
Since 1996, the US Department of Labor granted more than 1,200 individual exemptions from the ERISA prohibited transaction rules.
One of the distinctive features of ERISA is its prohibition, in ERISA section 406 as a...more
1/5/2022
/ 401k ,
403(b) Plans ,
Benefit Plan Sponsors ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Exemptions ,
Fiduciary Duty ,
Individual Retirement Account (IRA) ,
Internal Revenue Code (IRC) ,
Prohibited Transactions ,
Reinsurance ,
Related Parties
As employers prepare their workforces for issues related to COVID-19, they should also take steps to ensure that their benefit plans are prepared. The impact of the virus will put a financial and logistical strain on many...more
3/12/2020
/ 401k ,
Benefit Plan Sponsors ,
Coronavirus/COVID-19 ,
Disability Benefits ,
Employee Benefits ,
Employer Group Health Plans ,
Flexible Savings Accounts (FSAs) ,
Health Insurance Portability and Accountability Act (HIPAA) ,
HSA ,
PHI ,
Summary of Benefits and Coverage
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
1/3/2020
/ 401k ,
403(b) Plans ,
Appropriations Bill ,
Beneficiaries ,
Benefit Plan Sponsors ,
Defined Contribution Plans ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Individual Retirement Account (IRA) ,
Multiemployer Plan ,
Required Minimum Distributions ,
Retirement ,
Retirement Plan ,
Safe Harbors ,
SECURE Act ,
TPAs ,
U.S. Treasury
In Rev. Rul. 2019-19, which was issued on August 14, the Internal Revenue Service (IRS) took another small step in its undertaking to address tax issues raised by missing or unresponsive retirement plan participants. The...more
On June 4, 2019, the US Supreme Court granted the petition for writ of certiorari of the defendant fiduciaries in Retirement Plans Committee of IBM, et al. v. Larry W. Jander, No. 18-1165. The justices will review the Second...more
6/13/2019
/ 401k ,
Benefit Plan Sponsors ,
Breach of Duty ,
Disclosure Requirements ,
Employee Retirement Income Security Act (ERISA) ,
Failure To Disclose ,
FIfth Third Bancorp v Dudenhoeffer ,
Petition for Writ of Certiorari ,
Pleading Standards ,
Retirement Plan ,
Stock Drop Litigation
Eversheds Sutherland is pleased to announce that it has published a paper—“DC Plans in the US and the UK: Lessons From Across the Pond”—which addresses the differences between defined contribution (DC) plans in the US and the...more
2/14/2018
/ 401k ,
Defined Benefit Plans ,
Defined Contribution Plans ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Employer Contributions ,
Investment Controls ,
Pensions ,
Retirement Plan ,
Trustees ,
UK
In an internal memorandum to its examination agents dated February 23, 2017, the Internal Revenue Service (IRS) issued guidance regarding the types of documentation that agents should request in verifying hardship withdrawals...more