Newly issued IRS Proposed Regulations regarding the special eligibility and vesting requirements for long-term, part-time employees provide guidance that 401(k) plan sponsors have been waiting for since these requirements...more
The opportunity to self-correct mistakes in maintaining a retirement plan has been dramatically expanded by the SECURE 2.0 Act of 2022 (“SECURE 2.0”); see our February 10 blog post for details. However, IRS interim guidance...more
The self-correction of retirement plan operational failures under IRS correction principles has been conditioned upon a plan sponsor’s establishment of compliance practices and procedures since the creation of the Employee...more
The SECURE 2.0 Act of 2022 (“SECURE 2.0”) promotes and expands access to retirement plans for American workers in several ways. Among other things, SECURE 2.0 strengthens and expands the special 401(k) plan eligibility...more
2/23/2023
/ 401k ,
403(b) Plans ,
Benefit Plan Sponsors ,
CARES Act ,
Deadlines ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Filing Requirements ,
Part-Time Employees ,
Retirement ,
Retirement Plan ,
SECURE Act
Last month, the IRS extended the deadline for retirement plan sponsors to adopt amendments necessary to comply with the Setting Every Community Up for Retirement Enhancement Act of 2019 (the “SECURE Act”) and the Bipartisan...more
A client recently reviewed a census of participants in its deferred compensation plan and found that the covered group amounted to nearly 15% of its total workforce. Mindful of the need to limit the number of participants in...more
4/13/2022
/ Advisory Opinions ,
Covered Employees ,
Deferred Compensation ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Employer Liability Issues ,
Executive Compensation ,
Fiduciary Duty ,
Fringe Benefits ,
Plan Participants ,
Retirement Plan
Health and Welfare Plans -
Employers that made available COVID-19 relief and benefit enhancements in 2020 – such as the increased carry over limit and extended grace period for health flexible spending accounts – need to...more
This Client Advisory summarizes developments in the law governing employee benefit plans prompted by the COVID-19 pandemic. We explain what these developments mean for plan sponsors and highlight the need to adopt plan...more
8/19/2021
/ 401k ,
403(b) Plans ,
American Rescue Plan Act of 2021 ,
CARES Act ,
COBRA ,
Compensation & Benefits ,
Consolidated Appropriations Act (CAA) ,
Coronavirus/COVID-19 ,
Department of Health and Human Services (HHS) ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Employer Mandates ,
Equal Employment Opportunity Commission (EEOC) ,
Executive Compensation ,
GINA ,
Health and Welfare Plans ,
IRS ,
Medicare ,
New Guidance ,
Paid Leave ,
Pharmacy Benefit Manager (PBM) ,
Reasonable Accommodation ,
Remote Working ,
Retirement Plan ,
Vaccinations
The Acme Rocket Sled Company Retirement Plan Administration Committee recently selected a new investment advisor for the company’s 401(k) plan. During the RFP process, the new advisor observed that the Investment Policy...more
The fiduciary standards of ERISA apply to all employee benefit plans that are subject to Title I of ERISA. The duty of loyalty, the duty of prudence, and the duty to administer a plan in accordance with its written terms...more
This Client Advisory highlights important developments in the law governing employee benefit plans over the past year. It offers insight into what these developments mean for employers and plan sponsors and previews...more
12/18/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Corporate Counsel ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Employer Group Health Plans ,
Executive Compensation ,
Families First Coronavirus Response Act (FFCRA) ,
Filing Deadlines ,
IRS ,
New Rules ,
Paid Leave ,
Retirement Plan ,
SECURE Act
Employers of all sizes in nearly every industry have had to lay off or furlough employees in an attempt to deal with the massive business disruptions caused by the spread of COVID-19. Facing this reality, many employers have...more
The Setting Every Community Up for Retirement Enhancement Act of 2019 (the “SECURE Act”) is the most far reaching new law affecting retirement benefits in more than a decade. This Client Advisory highlights key aspects of the...more
1/9/2020
/ 401k ,
403(b) Plans ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Employer Contributions ,
Form 5500 ,
New Legislation ,
Required Minimum Distributions ,
Retirement ,
Retirement Plan ,
Safe Harbors ,
SECURE Act ,
Small Business
This Client Advisory highlights important developments in the law governing employee benefit plans and executive compensation over the past year. It offers insight into what these developments mean for employers and plan...more
12/18/2019
/ 401k ,
403(b) Plans ,
Affordable Care Act ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Employer Group Health Plans ,
Health Insurance ,
Health Insurance Portability and Accountability Act (HIPAA) ,
HRA ,
IRS ,
New Rules ,
Pensions ,
Proposed Regulation
Tax-exempt employers whose 403(b) plans have failed to comply with the “once in, always in” eligibility rule in the past should be well on their way to compliance by now. IRS Notice 2018-95 granted limited relief from this...more
IRS Notice 2019-09 provides guidance intended to help “applicable tax-exempt employers” determine whether compensation paid to their most highly compensated employees will be subject to the 21 percent excise tax imposed under...more
3/28/2019
/ Controlled Groups ,
Covered Employees ,
Employee Benefits ,
Excise Tax ,
Executive Compensation ,
Golden Parachutes ,
Highly Compensated Employees ,
Interim Guidance ,
Internal Revenue Code (IRC) ,
IRS ,
New Rules ,
Severance Pay ,
Tax Cuts and Jobs Act ,
Tax Exempt Entities ,
Wage and Hour
This Client Advisory highlights important developments in the law governing employee benefit plans and executive compensation over the past year. It offers insight into what these developments mean for employers and plan...more
12/18/2018
/ 401k ,
Affordable Care Act ,
Benefit Plan Sponsors ,
Breach of Duty ,
Burden-Shifting ,
Claim Procedures ,
Deadlines ,
Disability Benefits ,
Employee Benefits ,
Employer Contributions ,
Employer Liability Issues ,
Executive Compensation ,
Fiduciary Duty ,
Filing Requirements ,
Forfeiture ,
Hardship Distributions ,
Health Insurance Portability and Accountability Act (HIPAA) ,
HRA ,
IRA Rollovers ,
IRS ,
PBGC ,
Proposed Regulation ,
Proposed Rules ,
Safe Harbors ,
Student Loans ,
Tax Penalties ,
Wellness Programs
Much has been written about the Department of Labor’s final rule regarding disability benefit claims procedures (the “Final Rule”), which took effect on April 2, 2018. And by now, most employers – and all disability insurance...more
8/8/2018
/ 401k ,
403(b) Plans ,
Affordable Care Act ,
Benefit Plan Sponsors ,
Claim Procedures ,
Corporate Counsel ,
Deferred Compensation ,
Department of Labor (DOL) ,
Disability ,
Disability Benefits ,
Disability Insurance ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Final Rules ,
Plan Administrators
Corporate entities under common control are generally treated as a single employer for purposes of applying the core rules that govern employee benefit plans and executive compensation arrangements. For that reason, a...more
2/20/2018
/ 501(c)(3) ,
Anti-Abuse Rule ,
Bylaws ,
Churches ,
Controlled Groups ,
Defined Benefit Plans ,
Defined Contribution Plans ,
Employee Benefits ,
Equity Plans ,
Executive Compensation ,
IRS ,
IRS Commissioner ,
MEWAs ,
Parent Corporation ,
Pension Funds ,
Plan Administrators ,
Retirement Plan ,
Single Entity Rule ,
Subsidiaries ,
Tax Exempt Entities ,
Treasury Regulations