News & Analysis as of

Benefit Plan Sponsors

New Disability Benefit Claims Procedures Become Effective April 1, 2018

by Williams Mullen on

The Department of Labor announced earlier this month that regulations on claims and appeals for employer-provided disability benefits will go into effect on April 1, 2018. The announcement comes following a delay in the...more

Revised VCP Fees – Simple Isn’t Always Better

by Bryan Cave on

The Internal Revenue Service (“IRS”) has described its recent changes to its Voluntary Correction Program (“VCP”) user fees as “simplification.” This simplification is achieved by significantly changing the way user fees are...more

April 1, 2018 Applicability Date for Final Regulations on Claims Procedures for Plans Providing Disability Benefits

by Epstein Becker & Green on

The Department of Labor (“DOL”) has just announced its decision that the final regulations on claims procedures for plans providing disability benefits will be applicable for claims filed after April 1, 2018. On November 24,...more

Plan Sponsors and Service Providers Must be Aware of Changes Made to Rules Pertaining to Puerto Rico Qualified Retirement Plans

by Littler on

Recent changes to Puerto Rico’s tax treatment of certain retirement plans have taken effect. Act No. 106 of August 23, 2017 (“Act 106”) amended Section 1081.01 of the Puerto Rico Internal Revenue Code as amended, (the “PR...more

4 Steps for Compliance with the New Disability Claims Procedures

by Bryan Cave on

Did you read our post “Work Now, Party Later,” advising you to do just that in response to the new Department of Labor rule governing disability claims procedures? If so—party on! If not, we hope you enjoyed your holiday...more

Class action lawsuit isn’t the only fear

by Ary Rosenbaum on

Plan sponsors will say it all the time: they are too small to be sued in a class action lawsuit. That may be true, but a class action lawsuit isn’t the only thing to fear....more

ERISA Newsletter - Fourth Quarter 2017

by Proskauer Rose LLP on

Editor's Overview - For over two decades, federal law has required covered health plans and insurers to ensure that certain mental health benefits are in parity with offered medical/surgical benefits. The meaning of...more

Advisors Advantage - January 2017

by Ary Rosenbaum on

Plan Providers Should Encourage Participants To Rollover Assets. In so many ways, it makes sense. There are so many issues in advising retirement plan sponsors in your role as a retirement plan provider that you may...more

Pensions Ombudsman Round-Up December 2017 (UK)

by DLA Piper on

Welcome to DLA Piper’s Pensions Ombudsman Round-Up publication in which we report on recent determinations made by the Pensions Ombudsman (“PO”) and Deputy Pensions Ombudsman (“DPO”). In this edition we look at a selection...more

The Rosenbaum Law Firm Review - January 2017

by Ary Rosenbaum on

Whether A Plan Sponsor Should Hire An ERISA §3(16) Administrator. It's not for every plan. Running a business is a complicated activity. You have to be an expert in your field, service, or specialty. In order to get...more

Tax Reform Results in Only Minor Changes for Retirement Plans

by McDermott Will & Emery on

The Tax Cuts and Jobs Act made significant changes to the tax code and will have a significant impact on businesses and individual taxpayers. However, although initial proposals included potentially significant changes to...more

Annual IRS Revenue Procedure Includes Surprising Change to User Fees

On January 2, 2018, the IRS published its annual bulletin that updates procedures for requesting rulings, determinations, and other guidance from the IRS. As in past years, the bulletin includes new user fees for...more

Cybersecurity Risks to Employee Benefit Plans - Are You Prepared?

by Foley & Lardner LLP on

Unless you’ve been living on a remote mountaintop or inside a cave for the past 10 years, chances are good you’ve either been affected by a cybersecurity breach or know someone who has. Among many other businesses, recent...more

’Tis the Season to Answer Employer Shared Responsibility Payment Letters From the IRS

The deadline to respond is nearing for employers that received the first wave of Letter 226J mailings proposing to assess them with Employer Shared Responsibility Payments (ESRPs) for 2015 under Section 4980H of the Internal...more

IRS Publishes 2017 Required Amendments List

by Snell & Wilmer on

In our 2017 End of Year Plan Sponsor “To Do” List (Part 4) Qualified Plans, we suggested that sponsors of all qualified retirement plans should be on the lookout for the Internal Revenue Service’s (“IRS”) 2017 Required...more

Plans should get rid of those forfeitures

by Ary Rosenbaum on

Forfeitures that occur when people terminate service from retirement plans is usually a problem when the plan sponsor and their providers forget about them. Whether forfeitures are used to pay expenses, reduce employer...more

HUB enters the retirement plan space and it makes sense

by Ary Rosenbaum on

CVS just announced they are buying Aetna and a sign of further consolidation in the health care industry. We see consolidation in the retirement plan business so it’s not shocking to see a leading insurance broker decided to...more

Pension Scheme Trustees and the GDPR

by DLA Piper on

With less than six months to go until the General Data Protection Regulation (GDPR) comes into force on 25 May 2018, trustees of occupational pension schemes need to ensure that they are on track with their preparations to...more

Congressional Tax Reform Efforts May Impact Retirement Plan Sponsors

by McDermott Will & Emery on

On Saturday, the Senate passed its version of the Tax Cuts and Jobs Act. The process of reconciling the House and Senate versions of the bill has already begun in earnest. Currently, the retirement-plan-related changes...more

The Problem With Multiple Loans

by Ary Rosenbaum on

When drafting new 401(k) plans, I always recommend allowing for a loan provision. I know there are quite a few plan providers who don’t want any provisions that allow “leakage” of retirement assets, but I believe that when...more

US Department of Labor Extends Transition Period for Fiduciary Rule Exemption

by Shearman & Sterling LLP on

The US Department of Labor issued a notice extending the transition period for the Best Interest Contract exemption (the “BIC”), and other exemptions, from the prohibited transaction provisions of the Fiduciary Rule for an...more

Advisors Advantage - December 2017

by Ary Rosenbaum on

How A Plan Provider Should Handle Employees. Some tips from a former plan provider disgruntled employee. I always say that the main reason that I don't want to have employees is that I was an employee once too. An...more

The DOL’s Fiduciary Rule: An Update And Practical Advice

by Carlton Fields on

This updates our August 15 blog entry, which targeted employers who sponsor retirement or welfare plans and are concerned about their fiduciary liabilities for properly selecting service providers....more

Plan Sponsors Should Take Action during the New Fiduciary Rule Transition Relief Period

On November 29, the Department of Labor (DOL) announced an extension to July 1, 2019, of the previously established deadline for transition relief from many provisions of the new fiduciary rule applicable to investment...more

The Rosenbaum Law Firm Review - December 2017

by Ary Rosenbaum on

Plan Features And Services Aren't A Fit For Every Plan Sponsor. There is nothing out there that is a fit for everything. Did you ever buy a car and the dealer was trying to sell you things you didn't really need like...more

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