Fiduciaries should be aware of recent developments involving AI, including emerging and recent state law changes, increased state and federal government interest in regulating AI, and the role of AI in ERISA litigation. While...more
1/16/2025
/ Anti-Discrimination Policies ,
Artificial Intelligence ,
Compliance ,
Data Privacy ,
Data Security ,
Department of Health and Human Services (HHS) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Employee Training ,
Equal Employment Opportunity Commission (EEOC) ,
Fiduciary Duty ,
Health and Welfare Plans ,
Healthcare ,
OCR ,
Regulatory Requirements ,
Risk Management
The SECURE 2.0 Act of 2022 (SECURE 2.0) significantly changes the legal and administrative compliance landscape for U.S. retirement plans. Foley & Lardner LLP is authoring a series of articles that take a “deep dive” into key...more
In last month’s 401(k) Compliance Check, we discussed best practices for drafting a 401(k) plan summary plan description (SPD). This month we provide some best practices for plan administrators’ handling of 401(k) plan...more
In last month’s Compliance Check, we discussed how to handle a situation where the 401(k) plan administrator is unable to reach a plan participant, i.e., a “missing participant.” In this month’s Compliance Check, we focus on...more
6/15/2022
/ 401k ,
Audits ,
Compensation ,
Compliance ,
Deferral Standard ,
EPCRS ,
Highly Compensated Employees ,
Internal Revenue Code (IRC) ,
IRS ,
Retirement Plan ,
Safe Harbors ,
Voluntary Correction Program ,
W-2
No one really appreciates laundry, but having a calendar year-end top 10 list may be exactly what plan sponsors and administration committees need in order to prevent operational or document compliance issues being raised by...more
10/21/2021
/ 401k ,
CARES Act ,
Corrective Actions ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
EPCRS ,
IRS ,
QACA ,
Required Minimum Distributions ,
Retirement Plan ,
Safe Harbors ,
SECURE Act ,
Summary Plan Description
Takeaway Message. The Department of Labor (“DOL”) has recently issued model notices and forms that can be used to comply with the new subsidized COBRA requirements created by the American Rescue Plan Act of 2021 (“ARPA” or...more
“Because that’s where the money is,” was the famous quote fictitiously attributed to Willie Sutton when asked why he robbed banks. Given the trillions of dollars held by employee benefit plans, these plans are prime targets...more
On August 8, 2020, President Trump issued an executive order calling for a deferral of the employees’ portion of the payroll tax (the 6.2% Social Security tax only) from September 1, 2020 through December 31, 2020 (the...more
While employers and workers alike have understandably been extremely focused on coronavirus–related matters, the U.S. Department of Labor (DOL) recently (June 23, 2020) decided that employee benefit plan fiduciaries need to...more
On April 10, 2020, the IRS released guidance in the form of an FAQ regarding the ability of employers to delay payment of certain payroll taxes.
Under Section 2302 of the CARES Act, employers can delay payment of the...more
Many corporate clients that currently sponsor employee stock ownership plans (“ESOPs”) are addressing ESOP plan administration matters for the plan year ending December 31, 2019 (or another recent non-calendar plan year-end...more
The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), which was signed by the President on March 27, 2020, includes several provisions affecting taxes.
SEC. 2201. 2020 Recovery Rebates for Individuals...more
3/30/2020
/ Business Closures ,
Business Interruption ,
CARES Act ,
Coronavirus/COVID-19 ,
Federal Loans ,
Financial Stimulus ,
Paycheck Protection Program (PPP) ,
Payroll Taxes ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Small Business ,
Tax Relief ,
Unemployment Insurance
Every week, new federal lawsuits are filed against companies and individuals, alleging that one or more breaches of fiduciary duties have been committed in connection with responsibilities owed to employee benefit plans...more
On April 29, 2019, the Department of Labor issued an opinion letter FLSA2019-6. In fall 2018, several employer groups sought clarification from the DOL on worker classification as employees versus independent contractors. In...more
4/30/2019
/ Department of Labor (DOL) ,
Employer Liability Issues ,
Fair Labor Standards Act (FLSA) ,
Gig Economy ,
Independent Contractors ,
Internal Revenue Code (IRC) ,
IRS ,
Misclassification ,
Multi-Factor Test ,
Opinion Letter ,
Wage and Hour ,
Withholding Requirements