News & Analysis as of

Retirement Plan Benefit Plan Sponsors Compliance

Bass, Berry & Sims PLC

Welfare Plan Class Action Litigation Underscores Importance of Minding Your Fiduciary Duties

Bass, Berry & Sims PLC on

As mentioned in our recent blog post, the recently filed class action lawsuit against Johnson & Johnson (Lewandowski v. Johnson & Johnson et. al., D.N.J., No. 1:24-cv-00671 (Feb. 5, 2024)) over alleged excessive prescription...more

Kaufman & Canoles

ESOPs & Employee Benefits Q1 2024 Client Update

Kaufman & Canoles on

On behalf of the ESOPs & Employee Benefits team, we hope you’re enjoying the first days of Spring, when the longer days allow more time to ponder the ever-changing landscape of employee benefits compliance. Please find below...more

Bricker Graydon LLP

Can I Use the DOL Calculator for Earnings on Error Corrections?

Bricker Graydon LLP on

A question that almost always arises when we consult on correcting retirement plan errors is, “Can we use the DOL (Department of Labor) calculator to determine earnings?” Compared to the alternatives, the DOL calculator...more

Foley & Lardner LLP

Webinar Key Takeaways: Feeling Insecure About SECURE 2.0? A Discussion for Retirement Plan Sponsors

Foley & Lardner LLP on

SECURE 2.0 significantly changed the legal and administrative compliance landscape for retirement plans. Foley recently hosted a webinar where Leigh Riley, Kathleen Bardunias, and Kelsey O’Gorman discussed key provisions of...more

Davis Wright Tremaine LLP

Prudent Plan Governance Essential in Defense Against Fiduciary Breach

Although retirement plan excessive fee cases remain an ongoing concern for plan sponsors, the recent jury trial victory for Yale in Vellali, et. al. v. Yale University, et. al. provides hope for plans with strong, prudent...more

BCLP

NOW is the Time to Review and Correct Retirement Plan Compliance: IRS Notice 2023-43

BCLP on

There has never been a better time for plan sponsors to prioritize reviewing and self-correcting eligible plan failures. SECURE 2.0, attached to the 2022 year-end Consolidated Appropriations Act, expands retirement savings...more

Snell & Wilmer

2022 End of Year Plan Sponsor “To Do” List (Part 3) Qualified Retirement Plans

Snell & Wilmer on

As 2022 comes to an end, we are pleased to present our traditional End of Year Plan Sponsor “To Do” Lists. This year, we present our “To Do” Lists in four separate SW Benefits Updates. Part 1 covered health and welfare plan...more

Williams Mullen

Retirement Plan Sponsors Should Note Two Deadlines in July

Williams Mullen on

This Alert is a quick reminder for retirement plan sponsors to be aware of two deadlines at the end of this month. Restated Adoption Agreements for Pre-Approved Plans - Employers using pre-approved plan documents for...more

BCLP

Alert: New IRS Retirement Plan Compliance Program

BCLP on

Dear Plan Sponsor - Have you received a letter from the IRS with respect to your retirement plan? If so (or if not, but you want to be prepared in the event you do receive “the letter”), read on....more

Holland & Knight LLP

IRS Announces Retirement Plan Compliance Pilot Program

Holland & Knight LLP on

Under the IRS Employee Plans Compliance Resolution System (EPCRS), as set forth in Revenue Procedure 2021-30, a plan that has been notified of an impending audit cannot remedy issues using the Voluntary Correction Program,...more

Woods Rogers

IRS Announces Another Compliance (Audit) Pilot Program. Oh joy!

Woods Rogers on

In the June 3, 2022, issue of the IRS Employee Plans News, the IRS Employee Plans group announced it is piloting a pre-examination retirement plan compliance program beginning in June 2022. Under this program, the IRS will...more

Foley & Lardner LLP

401(k) Compliance Check #5: Keeping 401(k) Participants Out of the Lost and Found Box

Foley & Lardner LLP on

In last month’s 401(k) Compliance Check, we discussed the variety of typical notices that a 401(k) plan must send to plan participants. In this month’s Compliance Check, we focus on the issue of how to handle a situation...more

Woods Rogers

2021 Year-End Compliance Issues and Amendments for Retirement Plans

Woods Rogers on

As the end of 2021 approaches, despite the current focus on proposed legislative infrastructure, spending, and tax packages, retirement plan sponsors should take time before year-end to review deadlines for required 2021 plan...more

Verrill

Retirement Plan Administrators: Are You Ready to Comply with the New Lifetime Income Disclosure Requirement for Benefit...

Verrill on

Lifetime Income Disclosure Requirement. The Setting Every Community Up for Retirement Enhancement Act of 2019 (the “SECURE Act”), enacted December 20, 2019, added a new annual disclosure requirement for benefit statements to...more

Faegre Drinker Biddle & Reath LLP

Fee Disclosure Rules Will Soon Apply to Group Health Plans

Buried in the year-end Consolidated Appropriations Act (CAA) is a provision that requires group health plan brokers and consultants to make comprehensive fee disclosures similar to those that apply to retirement plans. As...more

Best Best & Krieger LLP

Using a Plan Administration Expense Account as Part of An Agency’s 457(b) or 401(a) Plan

Not surprisingly, many cities and special districts no longer have monies available in their budgets to spend on things such as legal fees to analyze and correct plan administration problems and compliance issues. When it is...more

Groom Law Group, Chartered

SECURE Act Testing Relief for Closed/Frozen Defined Benefit Plans

In recent years, many defined benefit (“DB”) pension plan sponsors have taken action to limit ongoing coverage and benefit accruals of their DB plans.  Over time these plans may have difficulty continuing to satisfy the...more

Proskauer - Employee Benefits & Executive...

Protecting Your Qualified Retirement Plan Now that the IRS Determination Program is (Mostly) Closed

A lot has been written over the last few months about what to do now that the IRS has closed its determination letter program for ongoing individually designed tax-qualified retirement plans....more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The Law Firm Review - February 2014

The Plan Checklist That Every Retirement Plan Sponsor Needs. Question that plan sponsors should have answers for. While they don't have a book called Retirement Plan Sponsorship for Dummies, they should....more

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