News & Analysis as of

Employee Benefits Comment Period

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

Maine DOL Issues Proposed Rules for Paid Family and Medical Leave Program

The Maine Department of Labor published proposed rules for Maine’s new Paid Family and Medical Leave (PFML) Program on May 20, 2024, providing initial clarification for employers regarding covered employees, contribution...more

Cadwalader, Wickersham & Taft LLP

DOL Issues New Proposed Fiduciary Rule

On Tuesday, October 31, 2023, the U.S. Department of Labor (the "DOL") issued a new proposed rule pertaining to the definition of “fiduciary” under ERISA and Section 4975 of the Code. If adopted, the proposed rule would...more

McDermott Will & Emery

The Proposed MHPAEA Regulations: A Comment on the Comments

McDermott Will & Emery on

In our last post, we considered some of the comment letters submitted in response to proposed regulations under the Mental Health Parity and Addiction Equity Act (MHPAEA) issued by the US Departments of Labor, Health and...more

Troutman Pepper

DOL Proposed Rule: New Definition of "Investment Advice Fiduciary"

Troutman Pepper on

On October 31, the Department of Labor (DOL) released a proposed rule (the Proposed Rule) aiming to redefine and expand who qualifies as an “investment advice fiduciary” under the Employee Retirement Income Security Act of...more

McDermott Will & Emery

Discerning Congressional Purpose from the Proposed MHPAEA Regulations Comment Letters

McDermott Will & Emery on

We continue our investigation of proposed regulations under the Mental Health Parity and Addiction Equity Act (MHPAEA) issued by the US Departments of Labor, Health and Human Services and the Treasury (the Departments)...more

Groom Law Group, Chartered

Final Regulations Update Pension Plan Mortality Tables and Proposed Regulations Address COVID Impact on Substitute Tables

The IRS recently published final regulations regarding new mortality tables to be used for most qualified defined benefit plans. 88 Fed. Reg. 72,357 (Oct. 20, 2023). The new tables are effective for plan years starting in...more

Fisher Phillips

There’s Relief in Sight: IRS Announces 2-Year Transition Period for Mandatory Roth Catch-Up Contributions

Fisher Phillips on

In welcome news to employers, recordkeepers, and payroll providers, the IRS announced last week that it is giving more time to comply with mandatory Roth catch-up contributions under the SECURE Act 2.0. As you may know,...more

Bradley Arant Boult Cummings LLP

IRS Announces Transition Period for Roth Catch-Up Contributions

The Internal Revenue Service (IRS) has announced a two-year administrative transition period that delays until 2026 the new rule that catch-up contributions made by certain higher‑income participants in 401(k), 403(b), and...more

Eversheds Sutherland (US) LLP

More time to catch up: IRS announces two year delay of Roth catch-up requirement

The IRS has announced a two-year “administrative transition period” for plan sponsors to implement the SECURE 2.0 Act provision requiring higher-income employees to make retirement plan catch-up contributions as Roth...more

Morgan Lewis - ML Benefits

New IRS Q&A Regarding EPCRS Expansion Answers Some – But Not All – Questions

The Internal Revenue Service (IRS) released Notice 2023-43 (Notice) on May 25, which provided guidance regarding the expansion of the IRS’s Employee Plans Compliance Resolution System (EPCRS) mandated by Section 305 of the...more

Locke Lord LLP

IRS Proposes Regulations on Using Forfeitures in Qualified Retirement Plans

Locke Lord LLP on

Introduction - On February 27, 2023, the Department of the Treasury (“Treasury”) and Internal Revenue Service (“IRS”) issued proposed regulations (the “Proposed Regulations”) relating to forfeitures in tax-qualified...more

Groom Law Group, Chartered

IRS Proposed Regulation Addresses Rules Relating to Plan Forfeitures

Historically, the topic of forfeitures has raised many questions for qualified plan administrators- specifically, how and when they can be used.  But there has been little formal guidance from the Department of Treasury and...more

Groom Law Group, Chartered

DOL Reopens Comment Period for Voluntary Fiduciary Correction Program Changes

The Department of Labor (“DOL”) recently announced (88 Fed. Reg. 9408, Feb. 14, 2023) that it will reopen the public comment period on proposed amendments to DOL’s Voluntary Fiduciary Correction Program (“VFCP”) and its...more

Kilpatrick

IRS to Allow Remote Notarizations for Retirement Plan Withdrawals on a Permanent Basis

Kilpatrick on

As part of its response to the COVID-19 pandemic, the IRS issued temporary relief that allowed for remote notarizations of spousal consents and other participant elections for retirement plan withdrawals under certain...more

Seyfarth Shaw LLP

PBGC Addresses Withdrawal Liability Assumptions For First Time In New Proposed Rule

Seyfarth Shaw LLP on

Seyfarth Synopsis: On October 14, 2022, the Pension Benefit Guaranty Corporation (“PBGC”) published its proposed rule under ERISA Section 4213 (the “Proposed Rule”), which sets forth for the first time the agency’s guidance...more

Fox Rothschild LLP

PBGC Proposes Rule Change for Withdrawal Liability Discount Rates

Fox Rothschild LLP on

In an apparent effort to resolve uncertainty caused by court rulings, the Pension Benefit Guaranty Corporation has proposed that actuaries of multiemployer pension plans should be allowed to use any interest rate for...more

Littler

PBGC Issues Proposed Rule on Withdrawal Liability Actuarial Interest Rate Assumptions

Littler on

On October 14, 2022, the Pension Benefit Guaranty Corporation (PBGC), the federal agency that insures and regulates private-sector defined benefit pension plans under Title IV of the Employee Retirement Income Security Act of...more

Eversheds Sutherland (US) LLP

DOL’s proposed QPAM amendments may amount to an effective revocation of the exemption

In the guise of clarifications relating to criminal convictions and misconduct, the Department of Labor (DOL) has proposed major amendments to Prohibited Transaction Exemption (PTE) 84-14, also known as the QPAM exemption...more

Goodwin

U.S. Department of Labor Issues Proposed Amendment to QPAM Exemption

Goodwin on

On July 26, 2022, the U.S. Department of Labor (the “Department”) issued a proposal to amend prohibited transaction class exemption 84-14 (the “QPAM Exemption”) under ERISA. The QPAM Exemption currently allows a plan’s...more

Littler

PBGC Institutes Major Changes in its Special Financial Assistance Final Rule

Littler on

On July 7, 2022, the Pension Benefit Guaranty Corporation (PBGC), the independent federal corporation that insures private-sector defined benefit plans under Title IV of the Employee Retirement Income Security Act of 1974...more

Blake, Cassels & Graydon LLP

CAPSA Releases New Guidelines

On June 9, 2022, the Canadian Association of Pension Supervisory Authorities (CAPSA) released draft guidelines on Cyber Risk for Pension Plans, Environmental, Social and Governance Considerations in Pension Plan Management...more

Fisher Phillips

Treasury Proposes Rule to Fix Family Glitch for ACA Marketplace Coverage

Fisher Phillips on

The Department of Treasury recently issued proposed regulations to alter the rules for how individuals can get a premium tax credit (PTC) to help pay for Marketplace health coverage starting in 2023. The new rules would base...more

Proskauer - Employee Benefits & Executive...

DOL’s Latest ESG Proposal: The More Things Change, the More They Stay the Same

On October 14, 2021, the U.S. Department of Labor’s Employee Benefits Security Administration (the “DOL”) published in the Federal Register a new proposed regulation (the “Proposed Rules”) on fiduciary responsibility in...more

Latham & Watkins LLP

US Department of Labor Puts ESG Investing Back on the Menu

Latham & Watkins LLP on

A new proposal would amend changes made to ERISA less than a year ago that have proved to be detrimental to ESG investing. In a sweeping reversal of Trump-era policies, the US Department of Labor (DOL) has issued a...more

Faegre Drinker Biddle & Reath LLP

Internal Revenue Service Extends Temporary Relief from the Physical Presence Requirement by One Year

The IRS recently issued Notice 2021-40, providing a one-year extension through June 30, 2022, of the temporary relief from the physical presence requirement for certain plan elections (including spousal consents) required to...more

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