Retirement Plans Archives | Page 24 of 71

Adding Value to Your Organization: Benefits Best Practices to Avoid Common Mistakes

by McDermott Will & Emery and Jacob Mattinson | Jul 20, 2017 | Employee Benefits, Executive Compensation, Health and Welfare Plans, Retirement Plans

In a recent webinar, Jake Mattinson and Sarah Raaii discussed the practices that benefits professionals can adopt to add value to their organizations and avoid common mistakes. Jake and Sarah discussed recommended practices for ERISA benefit claims and inquiries, how to review plan compensation definitions and payroll codes, best practices for corrections using the Voluntary Fiduciary Correction Program (VFCP), and the importance of document retention. The webinar is part of the larger Benefits Emerging Leaders Working Group, a group that meets to discuss key benefit issues and trends and provides networking opportunities aimed at connecting tomorrow’s benefit leaders with a broad network of professionals.

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M&A Webinar Series Part II: The Due Diligence Process

by Andrew Liazos | Jul 13, 2017 | Employee Benefits, Executive Compensation, Health and Welfare Plans, Retirement Plans

There are many different types of mergers and acquisitions (M&A) transactions, making it very important to understand the overall deal structure and process. Andrew C. Liazos presented “Mergers and Acquisitions Webinar Series Part 2: The Due Diligence Process” for the CLE Program as part of the ABA Joint Committee on Employee Benefits and the American College of Employee Benefits Counsel. He discussed the overall architecture of a deal, including the parties involved, what drives the deal structure, where to get data, price negotiations and more. The presentation focused on specific M&A areas including pension, other retirement and executive benefits.

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ESOPs and Artisan Distilling

by Marc Sorini | Jul 6, 2017 | Employee Benefits, Employee Stock Ownership Plans (ESOPs), Retirement Plans

Employee Stock Ownership Plans (ESOPs) are becoming a popular—and tax effective—way for companies to manage succession planning. When structured properly an ESOP can provide huge financial benefits to companies and their employees alike. There have been several craft brewers who have taken advantage of the ESOP structure in the past year, and we expect this trend to pique the interest of craft distilleries. In this article, originally published in Artisan Spirit, Marc E. Sorini and Emily Rickard explore at a very high level some of the issues involved with starting and maintaining a craft distillery ESOP.

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The Quandary of Publicly-Traded Employer Stock in a 401(k) Plan

by McDermott Will & Schulte | Jun 20, 2017 | Benefit Controversies, Employee Benefits, Employee Stock Ownership Plans (ESOPs), Fiduciary and Investment Issues, Retirement Plans

Offering employer stock in a 401(k) plan investment lineup can seem like a win-win situation. It can enable employees to become company owners—real, skin-in-the-game, participants in their employer’s economic future—through a simple deferral election. The U.S. Supreme Court has even recognized the value of employer stock funds, confirming that Congress sought to encourage their creation through provisions and standards contained in the Employee Retirement Income Security Act of 1974 (“ERISA”).

However, in the wake of a series of high-profile employee lawsuits seeking recovery against Enron, Lehman Brothers, and other employers for losses from 401(k) investments in employer stock, such funds can—almost as easily—seem a recipe for disaster. This article examines the quandary that employer stock funds pose for plan sponsors, who must navigate ERISA’s careful balance of (1) ensuring fair and prompt enforcement of employee rights under employer-provided retirement plans while (2) encouraging employer creation of these plans.

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Originally published in Bloomberg Law, May 25, 2017

Supreme Court Rules in Favor of Church-Affiliated Hospitals in Church Plan Litigation

by Joseph K. Urwitz and Mary K. Samsa | Jun 8, 2017 | Employee Benefits, Retirement Plans

In a major victory for church-affiliated hospitals, the US Supreme Court overturned three appellate court rulings and decided unanimously that church-affiliated hospitals can maintain their pension plans as “church plans” exempt from the Employee Retirement Income Security Act of 1974, as amended (ERISA), regardless of whether a church actually established the plan. Impacted health systems, and especially their management, should evaluate how best to document and demonstrate their common religious bonds and convictions with the church.

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Partial Victories to Two Universities in Their Motions to Dismiss Code Section 403(b) Fee Litigation

by McDermott Will & Emery and Joseph K. Urwitz | May 30, 2017 | Employee Benefits, Fiduciary and Investment Issues, Retirement Plans

Multiple large, class action lawsuits have been filed against prominent higher education institutions claiming fiduciary breaches under their Code Section 403(b) plans as a result of insufficient oversight of plan investments, which allegedly caused excessive fees to be paid by participants. Last week, district courts in Georgia and North Carolina, respectively, ruled on defendants’ motions under Henderson v. Emory University and Clark v. Duke University. Although the defendants in these cases has some success in eliminating certain causes of action, other causes of actions involving the payment of excessive fees and use of multiple record-keepers will continue through litigation.

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New IRS Guidance Allows Plan Sponsors to Use Forfeitures for Safe Harbor Contributions, QNECs and QMACs

by Lisa Loesel and Sarah L. Engle | May 18, 2017 | Employee Benefits, Retirement Plans

Earlier this year, the IRS released proposed regulations which permit employers to use forfeitures to fund safe harbor contributions, QNECs and QMACs.

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Upcoming Employee Benefits Innovators Roundtable Series!

by McDermott Will & Emery | May 4, 2017 | Benefit Controversies, Employee Benefits, Employee Stock Ownership Plans (ESOPs), Employment, Executive Compensation, Fiduciary and Investment Issues, Health and Welfare Plans, Labor, Privacy and Data Security, Retirement Plans

McDermott will be holding its annual Employee Benefits Innovators Roundtable Series this month. The roundtables offer experienced benefits professionals an opportunity to discuss cutting-edge, topical employer-driven benefit programs with their peers and members of McDermott’s employee benefits team. We are meeting in four locations this year. Join us in one of the following cities:

May 9 | Silicon Valley, California

May 11 | Los Angeles, California

May 22 | Chicago, Illinois

May 24 | New York, New York

The topics for our roundtable series sessions will include:

The Future of Employee Benefits Under the Trump Administration
Should Your Plan Cover All Drugs? (FDA-Approved/Unapproved, Off-Label, Marijuana, etc.)
ERISA Retirement Plan Fee Litigation – Learning From Recent Class Actions
Paying Off Student Loans as an Employee Benefit
Equal Privacy and Cybersecurity – Now Part of Your Plan’s Independent Audit
Human Rights Campaign (HRC) Equality Index – Opposite-Sex Domestic Partner Benefit

For more information about how to register for one of our roundtables, please contact Erin Nelson.

State-Run Retirement Plans – What Labor Allowed

by Andrew Liazos | May 2, 2017 | Employee Benefits, Retirement Plans

With approximately 68 million US employees without access to a retirement savings plan through an employer, there has been increased movement by states to sponsor retirement type arrangements for private sector employees. Partner Andrew Liazos presented “State-Run Retirement Plans – What Labor Allowed” discussing insights and strategies for retirement, health and executive compensation plans. He addresses the various state retirement plan approaches, such as auto enrollment IRAs, state marketplaces, prototype plans and Medical Expenditure Panel Surveys.

View full presentation.