News & Analysis as of

401k

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Alliance Bernstein wins proprietary 401(k) fund lawsuit

My daughter works at a local restaurant and I think it doesn’t look good when employees there, order out. I also understand why a mutual fund company puts their mutual funds in a 401(k) plan, even if it makes them look like...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Oh, The Brutal Mistakes That 401(k) Plan Sponsors Make

A 401(k) plan has so many moving parts, that errors do happen. I always say that if you want to find a mistake within a plan, you will eventually find one. However, there is a simple difference between common mistakes and...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Ascensus to buy Mutual of Omaha 401(k) recordkeeping business

Consolidation in the recordkeeping business will continue. Ascensus and Mutual of Omaha have an agreement where Ascensus will acquire Mutual of Omaha’s 401(k) recordkeeping business, according to a March 27 announcement...more

Proskauer - Employee Benefits & Executive...

Massachusetts District Court Grants Motion to Dismiss 401(k) Fiduciary Breach and Prohibited Transaction Claims

A federal district court in Massachusetts dismissed ERISA fiduciary breach and prohibited transaction claims against 401(k) plan fiduciaries, ruling that the prohibited transaction claims were time-barred and the fiduciary...more

Locke Lord LLP

IRS Issues Guidance on Secure 2.0 – What Plan Sponsors Need to Know

Locke Lord LLP on

In late December 2023, approximately one year after Congress enacted the Setting Every Community Up for Retirement Enhancement Act of 2022 (“SECURE 2.0”), the Internal Revenue Service (the “IRS”) released Notice 2024-2 (the...more

Husch Blackwell LLP

Navigating Employer Responsibilities: SECURE 2.0 Act's Impact on Long-Term Part-Time Rules

Husch Blackwell LLP on

The Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) introduced the Long-Term Part-Time (LTPT) rules. These rules aim to address the retirement needs of long-term part-time employees who have...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Nationwide teaming up with Morningstar for managed accounts

Nationwide is teaming up with Morningstar Retirement by offering a new managed account service that merges custom retirement strategies with direct advisor involvement. Financial advisors who work with retirement plan clients...more

Groom Law Group, Chartered

IRS Grants Administrative Delay for Mandatory Roth Catch-Ups

Beginning January 1, 2024, plan sponsors were going to have to provide mandatory Roth catch-up contributions for certain employees. This mandatory Rothification of catch-up contributions comes by way of Section 603 of...more

Patterson Belknap Webb & Tyler LLP

Does Your Retirement Plan Need a 'PLESA'?

Pension-Linked Emergency Savings Accounts (“PLESAs”) are a special retirement plan feature created under SECURE ACT 2.0. PLESAs were first permitted to be made available to participants as of January 1, 2024. PLESAs, which...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

So You Want To Set Up A Retirement Plan?

Buying a new car can be a harrowing experience. It’s probably why I have avoided buying one since 2012. You have so many makes and models to choose from and there are a lot of factors that figure into your choice. Not only...more

Kaufman & Canoles

ESOPs & Employee Benefits Q1 2024 Client Update

Kaufman & Canoles on

On behalf of the ESOPs & Employee Benefits team, we hope you’re enjoying the first days of Spring, when the longer days allow more time to ponder the ever-changing landscape of employee benefits compliance. Please find below...more

Holland & Hart - The Benefits Dial

Go Your Own Way (Or Maybe Not): New Heightened Fiduciary Standards are Coming to Group Health Plans

There has been a shift taking place in ERISA litigation and compliance that could significantly impact group health plan fiduciary requirements. We anticipate group health plan fiduciary standards will evolve along the same...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Dealing With Struggles And Failures As A 401(k) Plan Provider

One of my favorite characters of all time is Rocky Balboa. I remember seeing Rocky III in the movie theaters as a 10-year-old and then renting the first two films on our brand new VHS (which cost $750 and the owner of the...more

Frantz Ward LLP

Secure 2.0’s Retirement Savings Improvements in 2024 and Beyond

Frantz Ward LLP on

In 2022, we took an early look at the Secure 2.0 Act as the draft legislation worked its way through Congress and analyzed the potential impacts that the final bill might have on retirement savings. Secure 2.0 was eventually...more

Verrill

Retirement Plans: What Categories of Employees may be Excluded?

Verrill on

We are often asked about the permissibility of excluding certain categories of employees from participating in an employer’s tax-qualified retirement plan. This post provides a high-level summary of what is and is not...more

Jackson Lewis P.C.

Automatic Enrollment: This Is The Way

Jackson Lewis P.C. on

Thanks to SECURE Act 2.0, newly established 401(k) and 403(b) plans must now have an automatic enrollment. The SECURE Act 2.0 was passed in December 2022 and made sweeping changes to retirement plan regulations....more

Foley & Lardner LLP

Don’t You Forget About Me: Terminating Employees and Benefits to Think About

Foley & Lardner LLP on

No matter the size of your organization, at some point in time employees leave. As we noted previously, it behooves human resources and other departments to provide departing employees with an exit letter that includes...more

Foley & Lardner LLP

To 457(b) or Not to 457(b): Five Rules You Must Follow to Keep Your 457(b) Plan Compliant

Foley & Lardner LLP on

Recruiting and retaining top executives can be challenging for non-governmental tax-exempt organizations such as Code §501(c)(3) organizations, private universities, and certain healthcare organizations (Nonprofits). Not only...more

Kilpatrick

ESG in 401(k) Plans in the Wake of Spence v. American Airlines, Inc.

Kilpatrick on

Whether investment decisions for pension, 401(k), and other plans covered by ERISA should be influenced by environmental, social, and governance (ESG) factors has become a flashpoint and, unlike most ERISA issues, the...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

2023 Account Balances were up

Bank of America’s research found that 401(k) account balances rose 15% to an average of $86,280 in 2023 because of higher contributions and a strong stock market....more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

IRS should clarify the merged MEP/PEP automatic enrollment rule

The rules are the rules and I believe that rules should be consistent and rational. The Internal Revenue Service (IRS) disagrees with that notion when it comes to automatic enrollment and merged plans into MEPs and PEPs....more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Hub launches new PEP

Hub Retirement and Private Wealth, a division of Hub International Ltd., announced the launch of HUB Retirement Select PEP, a pooled employer plan (PEP) designed for theiur clients with less than 100 employees seeking to...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

401(k) Sponsors Say Their Plan is OK, But They Don’t Have Any Idea

When I was dating my wife, she asked me if I had a good credit score and I said I did. I never checked my credit score, but I paid all my bills in full and on time. Of course, when I got a copy of my credit report, my credit...more

Mayer Brown

United States: The Long Read - Lifetime Income Products in CITs on the Rise

Mayer Brown on

As recently noted by the US Department of Labor (“DOL”), since the passage of the Employee Retirement Income Security Act of 1974 (“ERISA”), “the retirement plan landscape has changed significantly, with a shift from defined...more

Mintz

Texas Court Rules ESG Lawsuit Against Employer's 401(k) Plan Can Proceed

Mintz on

Recently, a Texas federal court denied the defendants' motion to dismiss in a lawsuit featuring allegations that an employer's 401(k) plan, which allegedly relied on ESG principles when making investments, violated ERISA. ...more

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