The CARES Act provides for special federal tax treatment for “coronavirus-related distributions” from most types of tax-qualified retirement plans and IRAs. The distribution must be made between January 1, 2020 and December...more
The U.S. Supreme Court ruled on February 26, 2020 that ERISA plaintiffs do not gain “actual knowledge” of fiduciary misconduct merely by receiving financial disclosures from the plan. The unanimous opinion in Intel Corp....more
3/3/2020
/ Actual or Constructive Knowledge ,
Appeals ,
Breach of Duty ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Intel Corp. Investment Policy Committee v. Sulyma ,
Material Disclosures ,
Question of Fact ,
Reaffirmation ,
Retirement Plan ,
Retirement Plan Beneficiaries ,
Reversal ,
SCOTUS ,
Split of Authority ,
Statute of Limitations ,
Summary Judgment
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
On April 19, 2019, the Internal Revenue Service (IRS) released Revenue Procedure 2019-19, which updates its Employee Plans Compliance Resolution System (EPCRS). The new EPCRS significantly expands the use of retroactive plan...more
There is some debate about the intended scope of Regulation Best Interest (Regulation BI) as proposed by the Securities and Exchange Commission (SEC) in the case of retirement investors.
Generally, proposed Regulation BI...more
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
With the US poised to decrease regulation and the outcome of Brexit unknown, multinational institutions face a great deal of unpredictability in the regulatory landscape. In this edition of Partnering Perspectives, we look at...more
On November 2, House Republicans released their sweeping tax reform legislation, which contains numerous provisions that will have significant impacts on employee benefits and executive compensation. The bill is expected to...more
The principal regulators of U.S. employee benefits have recently published updates to their guidance plans for the coming months. The updated plans are reflected in the attached chart.
...more
In December 2014, the Treasury Department opened the myRA (my Retirement Account) program to employers and employees. President Obama announced the myRA program in his 2014 State of the Union Address. The program is intended...more
In Rev. Rul. 2014-24, scheduled for publication on September 8, 2014, the Internal Revenue Service (the Service) substantially completed its pending guidance on Rev. Rul. 81-100 group trusts by permanently authorizing the...more
Longevity annuities are contracts that provide life annuity payments typically commencing at age 80 or 85; in many (but not all) cases, that is the only benefit the contract provides. As such, these contracts may offer...more
Until now, those who used the Department of Labor’s Delinquent Filer Voluntary Compliance Program (DFVCP) to obtain relief from penalties for failing to timely file Form 5500 automatically qualified for relief from the...more
On April 3, 2014, the Internal Revenue Service released Revenue Ruling 2014-9 (the Ruling), which provides guidance helpful to the administration of rollovers by tax-qualified retirement plans by...more
On March 12, 2014, the Department of Labor (DOL) published in the Federal Register a proposed amendment to its disclosure requirements for “covered service providers” to retirement plans under ERISA § 408(b)(2) that would...more
On November 26, 2013, the U.S. Department of Labor (DOL) updated its Semi-Annual Regulatory Agenda. This publication takes the form of a Federal Register notice to comply with certain administrative requirements. The DOL’s...more
In Advisory Opinion 2013-03A (July 3, 2013), the Department of Labor opined that revenue sharing and similar amounts carried on the books of a retirement plan service provider as a credit due the plan, if properly structured,...more
On May 7, 2013, the Department of Labor released an advance notice of proposed rulemaking (ANPRM) that seeks commentary on requiring a projection of estimated lifetime income to be included in participant statements from...more
On April 10, 2013, the White House released its Fiscal Year 2014 Budget (the Budget), which includes a number of proposals related to employee benefit plans. Although it is unlikely that all of the proposals will ultimately...more
In Advisory Opinion 2013-01A (February 7, 2013), the Department of Labor (DOL) issued an important advisory opinion addressing the treatment under the Employee Retirement Income Security Act of 1974, as amended (ERISA), of...more
The Internal Revenue Service (IRS) provided some alternative entertainment on New Year’s Eve by releasing the long-awaited updated Employee Plans Compliance Resolution System (EPCRS) revenue procedure on December 31, 2012....more
On December 12, 2012, the Department of Labor (DOL) published in the Federal Register proposed revisions to its abandoned plan regulations and prohibited transaction class exemption, expanding the scope and refining the terms...more