Whether it is appropriate for institutional investment decision-makers to take into account environmental, social, or governance (“ESG”) factors or invest to promote ESG objectives, has become a divisive political issue and a...more
On June 24, 2022, the United States Supreme Court released Dobbs v. Jackson Women’s Health Organization, which overturned Roe v. Wade. In our Reproductive Healthcare Issues for Employers series, we have discussed the impact...more
One of the most common errors in 401(k) plan administration continues to be a mismatch between a plan’s definition of compensation and the actual compensation taken into account for plan purposes despite this problem being...more
Employers that contribute to multiemployer fringe benefit plans are generally aware of the financial risks associated with these plans. In addition to making regular contributions to these plans required by their collective...more
Employers who sponsor employee benefits plans are used to providing ongoing communication to plan participants. The communications range from legally required disclosures (e.g., summary plan descriptions) to legally required...more
Employers who sponsor employee benefits programs understand the importance of maintaining accurate records of benefit eligibility, elections, claims, payments, and other data. Besides complying with ERISA’s record keeping...more
Most employers sponsoring 401(k) and 403(b) plans are well aware of the large number of lawsuits filed over the past decade or so alleging breach of ERISA fiduciary duty related to plan investment funds and service providers....more
The Setting Every Community Up for Retirement Enhancement Act of 2019 (“SECURE Act”) established a new in-service distribution known as a qualified birth or adoption distribution (“QBOAD”). ...more
As businesses across the country adjust to the financial reality of Coronavirus related shutdowns and restrictions, some employers that sponsor safe harbor formula 401(k) plans are revisiting a money saving strategy last...more
President Trump signed the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) on March 27, 2020, marking the largest economic recovery package in U.S. history. The $2.2 Trillion rescue legislation provides $150...more
The Coronavirus Aid, Relief, and Economic Security (“CARES”) Act became law on March 27, 2020. The Act includes important provisions that impact employer sponsored benefit plans. Consistent with its name, the Act provides...more
On March 25, 2020, the Senate passed the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act, as a follow-up to the Families First Coronavirus Response Act. The Act contains a number of employee benefits related...more
The realities of the Coronavirus (Covid-19) pandemic have quickly and dramatically changed the way we work, shop, seek health care, and interact with each other. ...more
As it has done in past years, the IRS has extended the Affordable Care Act (“ACA”) deadline for health plan sponsors to furnish individuals IRS Forms 1095-B and 1095-C by 30 days (IRS Notice 2019-63). ...more
Every so often an employer sponsoring an ERISA employee benefit plan will receive a written request from a participant or beneficiary (or their legal counsel) to provide plan related documents....more
Employers that completely or partially withdraw from underfunded multiemployer pension funds are well aware that they may owe the fund withdrawal liability—an assessment against the employer of its allocable share of the...more
Most employers are familiar by now of the many lawsuits (more than 100) filed against 401(k) and 403(b) plan sponsors and their employee fiduciaries responsible for selecting the plans’ record keepers and investment line-ups,...more
I have recently had two separate employers tell me that they wanted to stop making safe harbor matching contributions to participants in their 401(k) retirement plans in the middle of a plan year. ...more
On Friday, December 14, 2018, a federal district court in Texas invalidated the entire Affordable Care Act (“ACA”). The decision in the case, Texas v. United States, was issued on the day before the end of the 2019 open...more
In a typical asset sale transaction, the purchaser takes great care to disclaim any responsibility for the seller’s business debts. When the seller is a sponsor of a defined benefit pension plan, this typically includes a...more
As Congress negotiated the legislation that ended up as The Tax Cut and Jobs Act (“Jobs Act”) and the Bipartisan Budget Act of 2018 (“Budget Act”), it considered significant changes to employer based retirement plan rules. ...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
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
Individuals completing their 2016 IRS Form 1040s will recognize the question asking if they, their spouses and dependents had qualifying health care coverage in 2016 (Form 1040 line 61, Form 1040A line 38, Form 1040EZ line...more
Effective January 1, 2017, small employers with fewer than 50 full-time employees will be allowed to offer employees a standalone health reimbursement account (“HRA”) without being subject to an excise tax under a law passed...more