News & Analysis as of

Benefit Plan Sponsors

Advisors Advantage - November 2017

by Ary Rosenbaum on

The Bottom Line For Retirement Plan Providers. More plan assets for your clients is a good thing for many reasons. When I had the idea of starting a National ERISA practice 10 years ago, I knew I would have a tough time...more

DOL Requests Extension of Final Disability Claims Rule To April 1, 2018

by Benesch on

On October 10th the Department of Labor (DOL) proposed to extend by 90 days the applicability date for the Final DOL Claims Procedure Regulations (Rule) from January 1, 2018 to April 1, 2018. At the beginning of this year,...more

Did Vantage Take Advantage?

by Ary Rosenbaum on

Well over a week ago, I got the startling news that the FBI closed down the office of Vantage Benefits, a Dallas based third-party administrator. I didn’t make any comment on it until it was properly reported that their...more

Qualified Retirement Plan Amendments: Year-End Update

by Alston & Bird on

This advisory reminds plan sponsors of deadlines for amending qualified retirement plans and certain year-end legal updates. Plan sponsors who have added optional features to a retirement plan during 2017 (e.g., a plan...more

Massachusetts proposes a MEP and why it’s a bad idea

by Ary Rosenbaum on

After Vermont decided to proceed with sponsoring an open multiple employer plan (MEP), legislation proposed would make Massachusetts the second state to sponsor a 401(k) MEP. Prior to May 2012, we had a decent market for...more

Ninth Circuit Clarifies State Laws Regulating Insurance Do Not Void Discretionary Clauses In Self-Funded ERISA Plans

by Benesch on

The Ninth Circuit recently held discretionary clauses in a self-funded plan were valid and that California Insurance Code § 10110.6, banning discretionary clause relating to insurance, was preempted by ERISA when applied to a...more

2017 End of Year Plan Sponsor “To Do” List (Part 2) Annual Cost of Living Adjustments

by Snell & Wilmer on

As 2017 comes to an end, we are happy to present our traditional End of Year Plan Sponsor “To Do” Lists. This year, we are publishing our “To Do” Lists in four separate Employee Benefits Updates. Part 1 covered year-end...more

What You Should Know When Establishing a 401(k) Plan: A Guide for New Plan Sponsors

by Fenwick & West LLP on

Setting up a new 401(k) plan seems like it should be simple. Many companies offer a 401(k) plan to their employees, and prospective plan sponsors appear to have a substantial variety of vendors to choose from, ranging from...more

Don’t want to call an ERISA attorney? It’ll snowball

by Ary Rosenbaum on

The snowball effect is a term for a process that starts from something that is small and builds upon itself, becoming larger and also perhaps potentially dangerous or disastrous. The idea is that an avalanche can be started...more

IRS issues cost of living adjustments to retirement plan limits

by Dentons on

The IRS has just issued the cost of living adjustments for various retirement plan limitations that will take effect either on January 1, 2018, or for the 2018 plan year. These 2018 plan limitations are important to both plan...more

Well here is where an advisory firm gets in trouble

by Ary Rosenbaum on

A good chunk of my work as an ERISA attorney is working with financial advisory firms in managing their retirement plan practice especially with 401(k) plans. I have many registered investment advisory clients around the...more

Oregon Retirement Program Faces Court Challenge

by Benesch on

The ERISA Industry Committee (ERIC) has filed a lawsuit challenging the enforceability of the OregonSaves Retirement Program (OregonSaves). The ERISA Industry Committee v. Read, No. 3:17-cv-1605 (D. Or. Oct. 12, 2017)....more

Advisors Need To Offer Education

by Ary Rosenbaum on

Advisors ask me all the time of the role of education in participant directed 401(k) plans and it’s an important question. Participant directed 401(k) plans that are governed under ERISA §404(c) offer the plan sponsors...more

Find those “missing” plan participants

by Ary Rosenbaum on

Missing plan participants are usually only an issue when a retirement plan decides to terminate and wants to avoid dragging out the process and having to file another Form 5500....more

IRS Announces Employee Benefit Plan Limits for 2018

by McDermott Will & Emery on

The Internal Revenue Service (IRS) recently announced the cost-of-living adjustments to the applicable dollar limits for various employer-sponsored retirement and welfare plans for 2018. Although some of the dollar limits...more

Benefit and Contribution Limits for 2018

by Williams Mullen on

The Commissioner of Internal Revenue announced the 2018 dollar limitations for benefits and contributions that apply to retirement plans. Some limits have increased while others remained the same....more

IRS Issues Updated Mortality Tables for 2018 – Impact on Pension Plan Sponsors

by McDermott Will & Emery on

The IRS recently issued new mortality tables for 2018, which will likely increase pension funding liabilities for many plan sponsors. Plan sponsors should consider options to delay the use of the new mortality tables for...more

New PBGC-Plan Sponsor Pilot Mediation Project for Early Warning Program and Termination Liability Cases

The Pension Benefit Guaranty Corporation (the “PBGC”) launched a new Pilot Mediation Project to facilitate negotiations with (i) plan sponsors involved in corporate transactions under the purview of the PBGC’s Early Warning...more

Plan Fee Litigation: Protecting Fiduciaries

by Burns & Levinson LLP on

Targeting Educational Institutions - Since August, 2016, sixteen institutions of higher education with large retirement plans have become targets of federal lawsuits for breach of fiduciary duty under ERISA. To date, the...more

President Trump acts to make changes to the Affordable Care Act

by Dentons on

President Trump acts to make changes to the Affordable Care Act - Acting on his promise, communicated in a tweet earlier this week, that "since Congress can't get its act together on HealthCare, I will be using the power...more

Plan Providers and Plan Sponsors Can Still Lose By Winning

by Ary Rosenbaum on

The news comes trickling in for 401(k) plan providers and plan sponsors beating back class action lawsuits. Many plan providers win their case as defendants because the plan participants fail to convince a judge that the...more

Client Alert: Congress Provides More Hurricane Relief for Employees and Employers

On September 29, 2017, President Trump signed the Disaster Tax Relief and Airport and Airway Extension Act of 2017 (the “Act”). In addition to extending the funding for the Federal Aviation Administration, the Act contained...more

Spending Quality Time with Your Pension Plan Actuary

by Winstead PC on

The Internal Revenue Service updated its mortality tables under final regulations which are generally applicable on January 1, 2018 and did not delay the implementation of the mortality tables because the update was mandated...more

Illinois Secure Choice Savings Program Act

by Miller Canfield on

The Illinois Secure Choice Savings Program Act (“Act”) [820 ILCS 80/1 through 80/95] was effective June 1, 2015. The Act requires most employers in Illinois to offer a retirement program or provide employees a payroll...more

Grow your client’s plan assets

by Ary Rosenbaum on

If you’re a financial advisor, more assets under management equal more money. It’s pretty simple to me. So that means a financial advisor working in the 401(k) plan space should do their best to making sure that their Plans...more

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