The U.S. Department of Labor (DOL) on April 23, 2024, issued the Retirement Security Rule (the Final Rule), which expands who qualifies as an investment advice fiduciary for purposes of the Employee Retirement Income Security...more
6/14/2024
/ 401k ,
Amended Rule 702 ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary ,
Fiduciary Rule ,
Financial Services Industry ,
Investment Adviser ,
Multi-Factor Test ,
New Rules ,
Prohibited Transactions ,
Retirement Plan
The U.S. Department of Labor (DOL) on Nov. 22, 2022, announced its adoption of amendments to the regulation setting out retirement plan fiduciary duties of prudence and loyalty under the Employee Retirement Income Security...more
12/9/2022
/ Amended Rules ,
Benefit Plan Sponsors ,
Biden Administration ,
Climate Change ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Environmental Social & Governance (ESG) ,
Executive Orders ,
Fiduciary Duty ,
Final Rules ,
Investment Management ,
Retirement Plan
The IRS on Aug. 3, 2022, issued Notice 2022-33, which extends the deadlines for qualified retirement plans, 403(b) plans and governmental retirement plans (including 457(b) plans) to adopt amendments reflecting certain...more
8/16/2022
/ 401k ,
403(b) Plans ,
457(b) Plans ,
CARES Act ,
Filing Deadlines ,
Internal Revenue Code (IRC) ,
IRS ,
Pension Plan Amendments ,
Plan Documents ,
Qualified Retirement Plans ,
Required Minimum Distributions ,
Retirement Plan ,
Safe Harbors ,
SECURE Act ,
Time Extensions
Under the IRS Employee Plans Compliance Resolution System (EPCRS), as set forth in Revenue Procedure 2021-30, a plan that has been notified of an impending audit cannot remedy issues using the Voluntary Correction Program,...more
The U.S. District Court for the District of Massachusetts has dismissed an Employee Retirement Income Security Act (ERISA) class action lawsuit challenging a retirement plan's use of an outdated mortality table in calculating...more
The Employee Benefits Security Administration (EBSA) of the U.S. Department of Labor (DOL) on Feb. 14, 2022, issued a Request for Information (RFI) to gather input regarding the protection of pensions and retirement savings...more
3/8/2022
/ Biden Administration ,
Climate Change ,
Department of Labor (DOL) ,
EBSA ,
Employee Retirement Income Security Act (ERISA) ,
Executive Orders ,
Financial Services Industry ,
Request For Information ,
Retirement Plan ,
Risk Assessment ,
Risk Management
The Internal Revenue Service (IRS) issued expansive proposed regulations (the Proposed Regulations) on Feb. 24, 2022, reflecting the required minimum distribution (RMD) rules as set out in the Setting Every Community Up for...more
The Internal Revenue Service (IRS) released proposed regulations amending Employment Tax Regulations (26 CFR Parts 31 and 35) under section 3405 of the Internal Revenue Code (IRC). The regulations propose new rules for...more
Congress has completed three rounds of legislation in response to the COVID-19 pandemic and resulting economic crisis. The first round, which included an $8.3 billion supplemental appropriation, was signed into law on March...more
Because of the international health crisis caused by the coronavirus (COVID-19), retirement plan sponsors, and the compensation professionals and retirement plan administrators that advise plan sponsors, are in unchartered...more
• Administrators of all employee benefit plans subject to the Employee Retirement Income Security Act of 1974 (ERISA) should ensure their plans' compliance with ERISA's Summary Plan Description (SPD) requirement.
•...more
3/7/2018
/ Benefit Plan Sponsors ,
COBRA ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Employer Group Health Plans ,
Employer Liability Issues ,
Health and Welfare Plans ,
Health Insurance Portability and Accountability Act (HIPAA) ,
Penalties ,
Plan Administrators ,
Retirement Plan ,
Summary Plan Description
• The recent Tax Cuts and Jobs Act of 2017 (the Act), enacted on Dec. 22, 2017, contains a few rules that will impact benefit administrators.
• This client alert focuses on changes made to the tax treatment of plan loan...more
2/22/2018
/ 401k ,
Deadlines ,
Early Retirement Distributions ,
Employee Benefits ,
Excise Tax ,
Executive Compensation ,
Human Resources Professionals ,
Income Taxes ,
Individual Retirement Account (IRA) ,
Internal Revenue Code (IRC) ,
IRA Rollovers ,
IRS ,
Loans ,
New Rules ,
Offsets ,
Plan Administrators ,
Plan Documents ,
Qualified Retirement Plans ,
Retirement Plan ,
Tax Cuts and Jobs Act ,
Tax Reform ,
Tax Returns ,
Termination ,
Trump Administration