The U.S. Department of Labor (DOL) issued a revised Voluntary Fiduciary Compliance Program (VFCP), a long-awaited update by many in the industry. The most significant change is the introduction of a self-correction component,...more
One of the many elements of business ownership and management is attracting and retaining productive employees. Offering the right mix of employee benefits tailored to your employee population can play an important role in...more
New Vanguard data shows that 72% of plan sponsors allowed for immediate eligibility of retirement saving deferrals in 2021, which is an increase over the 58% in 2012, according to own research. Although not every Vanguard...more
While the past 11 years, 401(k) plan sponsors have been concerned with cost since mandatory fee disclosure, I think there is one diagnostic that they should focus on and rarely do. The diagnostic is the deferral rate of...more
Life goes fast. Feels about 10 years ago that I started as an ERISA attorney in practice and that was almost 25 years ago. It’s 2023 and before you know it, it will be 2024. ...more
There is a gender gap with 401(k) deferrals and auto-enrollment might be the way to curb that. In 401(k) plans without automatic enrollment, men lag behind women in participation rates at all income levels, most notably below...more
While working as an ERISA attorney with a national practice (cough, cough), it’s clear to me that the biggest compliance issue that my plan sponsors clients to have these days is the late deposit of deferrals....more
To help employers properly administer their 401(k) plans, in 2022, Foley & Lardner LLP is authoring a series of monthly “401(k) Compliance Check” newsletters. This article discusses the IRS limits on 401(k) plan contributions...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
Bradley is proud to share the following information collected from the live polls presented at its weekly COVID-19 Compliance Roundtables. The polling covers hot topics, including forbearances, deferrals, HUD loss mitigation...more
In mid May 2020, we highlighted that the Fannie Mae and Freddie Mac (GSEs) COVID-19 payment deferral programs put mortgage servicers at risk of violating some of the Consumer Financial Protection Bureau’s (CFPB) Mortgage...more
Bradley is proud to share the following information collected from the live polls presented at its weekly COVID-19 Compliance Roundtables. This report is intended to show industry trends, not facts, and does not necessarily...more
Unexpectedly, on March 26, 2020, U.S. Customs and Border Protection (CBP) issued a Cargo Systems Messaging Service (CSMS) message announcing that it will no longer accept requests from importers to defer payment of duties on...more
The National Labor Relations Board in recent weeks has continued to overturn Board decisions from President Obama’s administration. In United Parcel Service, Inc., the current Republican-controlled Board returned to a...more
Arbitration is a strongly favored federal policy and generally can be relied on to resolve even statutory discrimination claims. This is not a novel concept in federal jurisprudence from the Supreme Court of the United States...more
The National Labor Relations Board recently overturned a decision issued in 2014 and returned to its time-honored standard for post-arbitral deferral in unfair labor practice cases alleging discipline or discharge in...more
On December 23, the National Labor Relations Board reversed its 2014 decision in Babcock & Wilcox Construction Co, Inc., and reinstated the legal standard for deferring to the arbitration process that had existed prior to the...more
As I’m sure you heard, the Internal Revenue Service released their 2020 Cost of Limit Adjustment limits for qualified plans and individual retirement accounts. The salary deferral limit for participants in 401(k), 403(b),...more
The road to hell is paved with good intentions and that’s how I feel when it comes sometimes to what a 401(k) plan sponsor does. Yet, there is an error that too many 401(k) plan sponsors do that the Department of Labor (DOL)...more
Six U.S. federal agencies in late April and May revised and re-proposed rules that were originally proposed in 2011, to govern the incentive compensation practices at financial institutions with consolidated assets of at...more
The National Labor Relations Board (“Board” or “NLRB”) has long limited its involvement in disputes between employers and unions concerning labor agreements that provide for binding arbitration where the disputes involve...more
Following the decision of the National Labor Relations Board in Babcock & Wilcox Construction Co., 361 NLRB No. 132 (December 14, 2014), the NLRB General Counsel has issued Memorandum GC 15-02 (February 10, 2015), which...more
In a significant recent decision, the National Labor Relations Board (NLRB or Board) again abandoned long-standing, accepted Board precedent. In Babcock & Wilcox Construction Co., 361 NLRB No. 132 (Dec. 15, 2014), the Board...more
NEWS & ANALYSIS - NLRB changes longstanding rule for deferral to arbitration awards - The National Labor Relations Board has had a busy December with four major new developments. We have already reported on two of the...more
The foundation of the relationship between an employer and a union is the collective bargaining agreement negotiated by the parties. Central to those agreements are dispute resolution processes that allow for expedited...more