Recently, a client called about a remote employee who was moving from the company’s primary location to a different state, and would continue working for the company. The company had no other employees in the new state and...more
Anyone responsible for the administration of a 401(k) retirement plan probably has a “to-do” list that never ends. For example, as soon as a plan administrator files the Annual Report Form 5500 for the prior year, it is time...more
Individuals responsible for 401(k) retirement or welfare plan decisions know that the plan document is the first place to look for guidance when deciding a difficult administration question, such as whether a participant is...more
Administering a 401(k) plan is a team effort, requiring the expertise of HR staff, the plan’s recordkeeper, and an ERISA attorney. When a company that sponsors a 401(k) or other retirement plan sells the business, a call...more
Like a 401(k) plan, a group health plan must comply with ERISA’s rule that prohibits a plan fiduciary from paying more than a reasonable amount for services provided to the plan. When a group health plan offers insured...more
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
Earlier this month, the U.S. Supreme Court denied a request to review the First Circuit Court of Appeals decision in the Sun Capital Partners III, LP v. New England Teamsters and Trucking Industry Pension Fund case, thereby...more
The Setting Every Community Up for Retirement Enhancement Act (“SECURE Act”), adopted in December 2019, has increased the penalty that the IRS may impose on plan sponsors who do not timely file Form 5500 (Annual Return/Report...more
Having recently helped a client determine if it employed on average more than 50 employees per month in a calendar year and therefore was an applicable large employer (“ALE”) subject to the Affordable Care Act (“ACA”) in the...more
As an advisor to many 401(k) plan sponsors, I have been asked occasionally what advice I would give to a person who is relatively new to retirement plan administration....more
Non-profit entities, including schools and universities, that sponsor 403(b) retirement plans should begin the process of restating their plans to comply with current law. ...more
On November 24, 2017, the Department of Labor (“DOL”) Employee Benefits Security Administration (“EBSA”) formally delayed the applicability date of previously issued final regulations imposing new claims procedures to...more
Occasionally, an employer may determine that it did not withhold deferral contributions for a new employee in accordance with the terms of its 401(k) plan. If the plan has an automatic enrollment feature, and the error is...more
On May 22, 2017, Secretary of Labor Jim Acosta announced that, after having been delayed 60 days, the Department of Labor’s (“DOL”) Conflict of Interest Rule (“Fiduciary Rule”) will largely apply on June 9, 2017. At that...more
A recent court case, Erwood vs Life Insurance Company of North America, is a reminder that plan sponsors must understand the terms of their welfare and retirement benefit plans, and ensure that their staff follows the...more
4/27/2017
/ Benefit Plan Sponsors ,
Conversion Requirements ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Hiring & Firing ,
Insurance Industry ,
Life Insurance ,
Notice Requirements ,
Retirement Plan ,
Service Agreements
If you were eligible in 2016 to make contributions to a Health Savings Account (H.S.A.) and you have not already made the maximum contribution for the year, you have until April 18, 2017 to make your contribution. Unlike...more
Last summer, the Internal Revenue Service (IRS) announced that its periodic review of individually designed retirement plans to determine the plans’ qualified status will end effective January 31, 2017. In January 2016, the...more