News & Analysis as of

Retirement Plan Benefit Plan Sponsors Former Employee

Bricker Graydon LLP

Knock Knock, Is Anyone Home? Do You Know Where Your “Missing” Retirement Plan Participants Are?

Bricker Graydon LLP on

In the laundry list of retirement plan administrative and operational requirements, plan sponsors may sometimes overlook their obligations with respect to terminated vested employees. Even though these individuals have left...more

Fisher Phillips

Proposed Regulations Impact Retirement Plans for Certain Part-Time Employees: FAQs for Employers

Fisher Phillips on

Employers that sponsor 401(k) or 403(b) plans should be aware of eligibility and participation rules for their long-term, part-time (LTPT) employees. Historically, such plans could exclude employees who worked fewer than...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The problem with former employees

I always say that the reason I don’t have employees is I was an employee once too. My joke about employee-employer relations is that no employer ever thinks they pay their employees too little and no employee thinks they get...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The former employee has an axe to grind

Someone I know was let go during COVID in April 2020. Thankfully, they were reemployed rather quickly since they had an outstanding job offer that they didn’t reject....more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Despite what the survey says, let them roll

I was an employee once and that’s why I don’t have employees. If I did have employees and they left my employment, I’d like all strings to be cut. Some larger plans disagree....more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Hell hath no fury than a former employee scorned

I always say that the reason I don’t have employees is I was once an employee too. I was never totally happy with pay and benefits and I don’t know if I ever could be totally satisfied where I worked. I was a good employee,...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The former employees can be a huge problem

In terms of issues over retirement plans for the past 22 years, the two most treacherous investigations that I went through with the Department of Labor (DOL) over the plans sponsored by clients, simply started by a complaint...more

Faegre Drinker Biddle & Reath LLP

Rehiring Employees by March 31, 2021 Could Prevent Partial Plan Terminations

The Consolidated Appropriations Act, 2021, enacted on December 27, 2020 (the CAA), includes limited relief pertaining to the partial termination of a qualified retirement plan that may have been inadvertently triggered by...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The Partial Termination headache

With COVID and massive layoffs, we certainly have a partial termination problem to consider. If an employer has a turnover rate of 20% or more, that counts as a partial termination, and employers have to fully vest employees...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The Rosenbaum Law Firm Review - November 2020

When people ask my wife what I do for a living, she says she doesn’t know. Half the time I think she’s joking and half the time I think she’s serious that she doesn’t know what an ERISA attorney does. The same thing goes with...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Abbott Case Proves Cyber Theft Is A Serious Matter

With everything 401(k) related being online, cyber security is important for plan sponsors, plan providers, and plan participants. A former employee of Abbott Laboratories sued the company and its record keeper, Alight...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The Rosenbaum Law Firm Review - March 2019

How 401(k) Plan Sponsors Should Deal With Plan Enrollment/Education Meetings. These meetings shouldn't be forgotten. Plan sponsors are constantly inundated by articles and plan providers talking about issues dealing...more

Bass, Berry & Sims PLC

Chris Lazarini Analyzes ERISA Claims Against Advisor Firm in Putative Class Action

Bass, Berry & Sims PLC on

Bass, Berry & Sims attorney Chris Lazarini analyzed the putative class active brought against T. Rowe Price Group by current and former employees alleging the firm breached its fiduciary duty by favoring its own financial...more

Burr & Forman

RMDs: Another Concern for 403(b) Plans

Burr & Forman on

Section 403(b) of the Internal Revenue Code of 1986, as amended (the “Code”) authorizes a type of retirement plan that can be sponsored by certain tax exempt organizations (e.g., a Code Section 501(c)(3) organization,...more

Proskauer - Employee Benefits & Executive...

Third Circuit Deepens Circuit Split Over Test for “Top Hat” Status Under ERISA

A Third Circuit decision, Sikora v. UPMC, 876 F.3d 110 (3d Cir. 2017), deepens a circuit split over whether a participant’s bargaining power is relevant to determining whether a plan qualifies for “top hat” status under...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The Rosenbaum Law Firm Review - June 2017

Free Advice For 401(k) Plan Sponsors. Yes, it's free. They always say there is no such thing as a free lunch because most of the time, free has strings attached. Even when it comes to retirement plans, that free plan...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Let Former Employees Roll Their Money Out

One of the rules I live by is that I believe that you should never let someone who dislikes you be in a position where they can hurt you. Let’s just say that I worked for someone who should have taken that advice. That is why...more

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