News & Analysis as of

Employer Contributions Employee Retirement Income Security Act (ERISA)

The Wagner Law Group

District Court Grants Motion to Dismiss Forfeiture Complaint

The Wagner Law Group on

Last year, we alerted you to the filing of several class action lawsuits alleging that plan fiduciaries violated their duties of prudence and loyalty under Title I of ERISA by using forfeitures to reduce employer...more

The Wagner Law Group

Forfeiture Cases – Update

The Wagner Law Group on

Last year, we alerted you to the filing of several class action lawsuits alleging that plan fiduciaries violated their duties of prudence and loyalty under Title I of ERISA by applying forfeitures to reduce employer...more

Verrill

Novel 401(k) Plan Lawsuits Over the Use of Forfeitures—Swinging for the Fences or Plausible Claims?

Verrill on

In our December 7, 2023 post, we noted five class action lawsuits, all filed by the same law firm within two months, in which 401(k) plan participants allege plan fiduciaries violated ERISA by using plan forfeitures to offset...more

Jackson Lewis P.C.

Conflicting Decisions Foreshadow Upcoming Disputes in ERISA 401(K) Forfeiture Class Actions

Jackson Lewis P.C. on

Conflicting orders on motions to dismiss from two California courts foreshadow issues for a new theory of ERISA liability. Employers have faced a recent wave of novel ERISA class actions that challenge the reallocation of...more

Bricker Graydon LLP

Too Little, Too Late? Plan Contribution Timing Requirements and How to Correct Delays

Bricker Graydon LLP on

One of the most basic duties of a defined contribution plan sponsor is to ensure that that there is no delay and participants’ salary deferral elections are correctly and timely deposited into the retirement plan. Not only is...more

Littler

Illinois Federal Court Holds that a Pension Rehabilitation Plan Fund Used an Improper High-Contribution Rate in Withdrawal...

Littler on

On March 29, 2024, the U.S. District Court for the Northern District of Illinois issued its decision in Central States, Southeast and Southwest Areas Pension Fund v. Event Media, Inc. In a matter of first impression for...more

Proskauer - Employee Benefits & Executive...

Seventh Circuit Holds Withdrawal Liability Cannot Be Based on Extra-Contractual Contributions

In Bulk Transp. v. Teamsters Union No. 142 Pension Fund, No. 23-1563, 2024 WL 1230236 (7th Cir. Mar. 22, 2024), the Seventh Circuit held that the contributions used to calculate an employer’s withdrawal liability may include...more

Jackson Lewis P.C.

Seventh Circuit Orders Pension Fund to Return Withdrawal Liability to Employer

Jackson Lewis P.C. on

An employer can contest a withdrawal liability assessment and ultimately prevail. That is the moral of Bulk Transport Corp. v. Teamsters Union No. 142 Pension Fund, No. 23-1563 (7th Cir. Mar. 22, 2024). Withdrawal...more

Holland & Hart - The Benefits Dial

Oceans Rise, Empires Fall, It’s Much Harder When It’s All Your Call … SECURE 2.0—What Comes Next?

We have now had a couple of months to review and digest SECURE 2.0 (and its roughly 90 provisions impacting retirement plans). If plan sponsors haven’t done so already, it is time to roll up their sleeves and put a triage...more

Holland & Hart - The Benefits Dial

One Way or Another … Forfeitures Will Have to Be Administered Under Your Retirement Plan, and the IRS Just Proposed New...

On February 27, 2023, the Treasury issued proposed regulations intended to simplify and clarify the rules relating to forfeitures within qualified retirement plans. Defined Benefit Plans - Similar to defined...more

Epstein Becker & Green

#WorkforceWednesday: SECURE Act 2.0 - What 401(k) Plan Sponsors Need to Know - Employment Law This Week®

The SECURE 2.0 Act of 2022 ("SECURE Act 2.0") is a sweeping piece of retirement legislation with complex new provisions. This week, we highlight a few of the SECURE Act 2.0's key changes for employer-sponsored 401(k) plans. ...more

Jackson Lewis P.C.

SECURE 2.0 Series Part 7: Matching Contributions Based on Student Debt Repayments and Financial Incentives

Jackson Lewis P.C. on

Additional Tools for Employers to Encourage Retirement Savings- Matching Contributions on Student Debt Payments- One of the most eagerly anticipated provisions of the “SECURE 2.0” legislation is the ability for...more

Bradley Arant Boult Cummings LLP

SECURE 2.0: Retirement Plan Changes for 2023

The SECURE 2.0 Act of 2022 was enacted at the end of last year as part of the Consolidated Appropriations Act of 2023. The act sets forth a number of changes affecting retirement plans that go into effect over several years....more

Proskauer - Employee Benefits & Executive...

Two More District Courts Reject ERISA Fee and Performance Claims as Insufficient

Two recent district court decisions add to the growing number of courts granting motions to dismiss putative ERISA class actions challenging defined contribution plan fees and investment performance. These decisions from the...more

Goodwin

Benefit Plan Considerations for Employers in a Market Downturn

Goodwin on

​​​​​​​When markets are unpredictable, employers may be required to make business decisions that can have unanticipated effects on their retirement and health and welfare benefit plans. Employers should keep the following...more

Faegre Drinker Biddle & Reath LLP

ERISA Litigation Roundup: Dammed if You Do, Damned if You Don’t

A string of ERISA lawsuits has emerged in recent weeks against companies who offer BlackRock Target-Date Funds (“TDFs”) as 401k investment options to their employees. The lawsuits allege the companies, in their capacities as...more

Fenwick & West LLP

Eligible California Employers with 5 or More Employees Must Comply with CalSavers Retirement Savings Trust Act by June 30, 2022

Fenwick & West LLP on

California law requires that employers doing business in California that do not offer a 401(k) plan must register under the CalSavers Retirement Program (the “CalSavers Program” or “Program”) and provide employee census...more

McDermott Will & Emery

Proposed IRS RMD Regulations Present Challenges, Risks for 403(b) Plans

McDermott Will & Emery on

The Internal Revenue Service (IRS) is strategically working to execute the statutory changes that were outlined by the Setting Every Community Up for Retirement Enhancement Act (SECURE Act) of 2019. However, the IRS’s efforts...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Pay on that bonus

Bonuses are something I don’t know much about since the only bonus I got was $300 three months after I started as an ERISA attorney. What I do know about bonuses is my role as an ERISA attorney and I have to say from...more

Faegre Drinker Biddle & Reath LLP

PBGC Publishes Final Rule Allowing Simplified Withdrawal Liability Calculations Applicable to Benefit Reductions, Benefit...

On Friday January 8, the Pension Benefit Guaranty Corporation (PBGC) published a final rule that provides multiemployer pension plans with additional methods to help calculate employer withdrawal liability. The rule includes...more

Jackson Lewis P.C.

Manufacturers And Multiemployer Pensions — The Importance Of Monitoring Withdrawal Liability

Jackson Lewis P.C. on

Approximately a quarter of the workforce covered by a traditional pension plan is in a multiemployer plan, according to the U.S. Bureau of Labor Statistics. Many manufacturers that participate in such plans are unaware their...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Don’t be cheap on retirement plans

I always talk about my open-door policy with financial advisors and third party advisors where I will help these plan providers out without me actively seeking their business. I kind of have that liberty because it’s my law...more

Dentons

Retirement Plan Amendments During COVID-19

Dentons on

As employers consider the financial impact of COVID-19, some are considering eliminating employer contributions to 401(k) and 403(b) plans. Notice 2020-52 addresses many employer concerns regarding mid-year amendments to safe...more

Stinson - Benefits Notes Blog

Give Retirement Options to Workers Act

The Give Retirement Options to Workers Act (Grow Act) was introduced by representatives Phil Roe (R-Tenn.) and Donald Norcross (D-N.J.) on February 14, 2018. According to reports, provisions of the Grow Act were included in...more

Akin Gump Strauss Hauer & Feld LLP

Employee Benefits and Executive Compensation Aspects of the CARES Act

In response to the coronavirus pandemic, Congress recently passed the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). President Donald Trump signed the CARES Act into law on March 27, 2020. Below is a...more

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