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Defined Benefit Plans Retirement Plan Employee Retirement Income Security Act (ERISA)

Warner Norcross + Judd

50 Years of ERISA: Reflecting on the Past, Present and Future of Employee Benefits

Warner Norcross + Judd on

As we celebrate the 50th anniversary of the Employee Retirement Income Security Act of 1974 (ERISA), it is important to reflect on the impact this legislation has had on private sector employee benefit plans such as...more

Eversheds Sutherland (US) LLP

DOL Final Rule 4.0 - Correcting the historical record

From the 2010 outset of its project to extend ERISA fiduciary status broadly to financial intermediaries, including insurance agents, the US Department of Labor (DOL) has consistently relied on the evolution of the private...more

Williams Mullen

PODCAST: Williams Mullen's Benefits Companion - What the J&J Case Means for Plan Administrators

Williams Mullen on

On this episode of Williams Mullen's Benefits Companion, host Brydon DeWitt discusses a recent ERISA class action case, Lewandowski v. Johnson & Johnson et al., that is a wake-up call for plan fiduciaries managing health and...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

401(k) Plan Sponsors Need To Sweat The Small Stuff

They say that you shouldn’t sweat the small stuff. As a kid from Brooklyn, I do sweat the small stuff. When they say that you shouldn’t sweat the small stuff, they mean that you should not focus your energy on things that...more

Foley & Lardner LLP

Does the Supreme Court’s Analysis in Thole v U.S., Bank, N.A. Apply to Welfare Benefit Plans?

Foley & Lardner LLP on

In Thole v. U.S. Bank, N.A., 140 S Ct. 1615 (2020), the Supreme Court, in a five to four decision authored by Justice Kavanaugh, held that participants in an ERISA defined benefit pension plan did not have standing under...more

Faegre Drinker Biddle & Reath LLP

Final Changes Announced to Forms 5500 and 5500-SF

The Department of Labor (DOL) announced that it has finalized, together with the Internal Revenue Service (IRS) and Pension Benefit Guarantee Corporation (PBGC), the third and final round of revisions to the Form 5500 Annual...more

Jackson Lewis P.C.

SECURE 2.0 Series Part 4: Good News for Sponsors of Pension Plans

Jackson Lewis P.C. on

The SECURE 2.0 Act of 2022 (SECURE 2.0) provides welcome relief to private sector single employer sponsors of defined benefit pension plans (Pension Plan(s)). Effective for plan years beginning on and after January 1, 2024,...more

Proskauer - Employee Benefits & Executive...

SECURE 2.0 Delivers New Rules for Correcting Retirement Plan Errors

As part of our ongoing series on SECURE 2.0, this post discusses three significant changes to corrections of common retirement plan errors: (1) New rules for correcting overpayments, (2) expansion of the Self-Correction...more

Holland & Knight LLP

Circuit Courts of Appeal Uphold Dismissal of 401(k) Fee Challenges Post-Hughes

Holland & Knight LLP on

Following the U.S. Supreme Court's decision in Hughes v. Northwestern University, courts around the country continue to articulate the pleading requirements for a breach of duty of prudence claim under the Employee Retirement...more

Pietragallo Gordon Alfano Bosick & Raspanti,...

ERISA: A Journey from a Promise of Protection to a Retirement Crisis

The closure of the Studebaker-Packard Corporation car manufacturing plant in 1963 was a major catalyst leading into the enactment of the Employee Retirement Income Savings Act of 1974 (“ERISA.”) ...more

Morgan Lewis - ML Benefits

Sponsors of Traditional Defined Benefit Plans with Lump Sum Distribution Option Should Prepare for Challenging Year-End

Many traditional defined benefit plans, such as final average pay plans, offer a lump sum distribution as an optional form of benefit. The amount of the lump sum distribution is sensitive to the applicable interest rate...more

Holland & Knight LLP

Court Holds That ERISA Does Not Require Actuarial Equivalence Factors to Be "Reasonable"

Holland & Knight LLP on

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

Williams Mullen

New Lifetime Income Illustrations Required This Year

Williams Mullen on

The Setting Every Community Up for Retirement Act (the “SECURE Act”), passed at the end of 2019, adds a participant disclosure requirement that addresses a long-held concern of lawmakers that many participants are not...more

Woods Rogers

QDRO’s From The Plan Administrator’s Perspective

Woods Rogers on

A qualified domestic relations order (“QDRO”) is a state domestic relations order that assigns to an alternate payee (such as a former spouse or a child) the right to receive all or a portion of benefits payable to a plan...more

Holland & Hart - The Benefits Dial

Write This Down … Participants Have to Follow the Plan’s Beneficiary Designation Procedures

The principles governing how ERISA plans determine a participant’s beneficiary haven’t changed much since the country singer George Strait sang “Write this down” in 1999. In short, the participant has to write it down … on...more

Jackson Lewis P.C.

2022 Cost of Living Adjustments for Retirement Plans

Jackson Lewis P.C. on

The Internal Revenue Service recently announced its cost-of-living adjustments applicable to dollar limitations on benefits and contributions for retirement plans generally effective for Tax Year 2022 (see IRS Notice...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Cutting Edge is usually Over The Edge

After 23 years in the retirement plan business, one thing that stands out is that plan providers are on the cutting edge are usually over the edge....more

Laner Muchin, Ltd.

DOL Issues Implementation FAQs Regarding the Lifetime Income Illustrations for Defined Contribution Plans

Laner Muchin, Ltd. on

The Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) amended the Employee Retirement Security Act of 1974 (ERISA) to add two lifetime income illustrations, furnished at least annually, to plan...more

Stinson LLP

DOL Issues FAQs on SECURE Act Lifetime Income Illustrations and Interim Final Rule

Stinson LLP on

On July 26, 2021 the Department of Labor’s (DOL) Employee Benefits Security Administration issued a set of four frequently asked questions (FAQs) that address the implementation of Section 203 of the Setting Every Community...more

Holland & Hart - The Benefits Dial

Time Has Come Today…For Form 5500 Season

Days are getting longer, temperatures are getting warmer, plants are looking greener, schools are letting out, Brood X cicadas are emerging…it can only mean one thing…5500 season is approaching. However, unlike the...more

Groom Law Group, Chartered

Summary of Provisions in the Securing a Strong Retirement Act of 2021

Securing a Strong Retirement Act of 2021 as marked up by the House Ways and Means Committee on May 5, 2021....more

Jackson Lewis P.C.

About That Pension Check… A Miscalculation Case With Broader Implications

Jackson Lewis P.C. on

The Ninth Circuit Court of Appeals recently addressed several issues of first impression in Bafford v. Northrop Grumman (9th Cir. April 15, 2021), a lawsuit involving retirees who received vastly overstated pension benefit...more

Goodwin

DOL Will Not Enforce Its Own ESG Rule, But Fiduciaries Should Not Ignore It

Goodwin on

The Department of Labor (DOL) recently announced that it will not enforce its own rule on investment duties under ERISA. The rule makes it more difficult for investment fiduciaries to consider environmental, social,...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

Dealing With Missing Participants in Terminating Puerto Rico 401(k) Plans

For a host of legal and practical reasons, the only feasible alternative for disposing of the accounts of missing participants in a terminating 401(k) or other defined contribution retirement plan qualified only in Puerto...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Experience could mean many things

I always talk about how plan sponsors need to work with experienced financial advisors, third party administration (TPA) firms, and ERISA attorneys on their plan needs. Like with reasonable fees, I believe that the term...more

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