Retirement Plans Archives - EMPLOYEE BENEFITS BLOG

COVID-19 Ate My Homework – Recent Extensions and Relief for Retirement Plans

By Diane Morgenthaler, Allison Wilkerson and Erin Steele on May 18, 2020
Posted In Benefit Controversies, Employee Benefits, Employment, Fiduciary and Investment Issues, Retirement Plans

In recognition of the difficulties faced by retirement plan sponsors, participants and beneficiaries due to the COVID-19 pandemic, new guidance extends the deadlines for notices and disclosures required by Title I of ERISA and extends deadlines for retirement plan participants and beneficiaries to submit benefit claims and benefit appeals. The new guidance also provides some welcome fiduciary relief for electronic disclosures, incomplete plan loan or distribution documentation, as well as delayed participant contributions and loan repayments. Access the full article.

Finally SECURE: Opportunities in the 2019 SECURE Act for Plan Sponsors

By Jeffrey Holdvogt, Judith Wethall, Lisa Loesel and Sarah L. Engle on Jan 9, 2020
Posted In Employee Benefits, Employment, Health and Welfare Plans, Retirement Plans

The SECURE Act—the most significant piece of retirement plan legislation in more than a decade—is now law. Plan sponsors should immediately start considering how changes included in the SECURE Act could impact their retirement and health and welfare plans in 2020 and beyond. Access the full article.

Smarter and Not Harder: The New IRS Hardship Distribution Regulations

By Jeffrey Holdvogt and Maggie McTigue on Nov 19, 2019
Posted In Employee Benefits, Retirement Plans

The Treasury Department and the IRS recently finalized new hardship distribution rules applicable to defined contribution plans. Plan sponsors should prepare for operational changes to comply with the new regulations, including some beginning January 1, 2020. Access the full article.

Ninth Circuit Considers Rehearing in ERISA Arbitration Case

By Richard J. Pearl and Ted Becker on Nov 5, 2019
Posted In Benefit Controversies, Fiduciary and Investment Issues, Retirement Plans

The Ninth Circuit signaled that it might rehear Dorman v. The Charles Schwab Corp., where earlier this year it held that a mandatory arbitration provision required arbitration of an ERISA fiduciary-breach claim. Access the full article.

DOL Issues New Proposed Rule for Electronic Disclosures of Retirement Plan Notices

By Erin Steele, Alan D. Nesburg, PC and Jacob Mattinson on Oct 31, 2019
Posted In Employee Benefits, Retirement Plans

The Department of Labor (DOL) issued a proposed rule that, if finalized, would expand its existing guidance and liberalize rules for electronic disclosure of retirement plan notices under ERISA. The proposed rule, which sets forth a notice and access safe harbor, would permit electronic disclosure as the default method of delivery while permitting participants to opt out and continue to receive paper disclosures. Access the full article.

Federal District Court Dismisses Pension Actuarial-Equivalence Lawsuit

By Lisa Loesel and Richard J. Pearl on Oct 17, 2019
Posted In Benefit Controversies, Retirement Plans

In the string of pension-plan related, actuarial equivalence lawsuits, the court in DeBuske, et al. v. PepsiCo, Inc., et al. recently handed down the first decision favorable to plan sponsors. The DeBuske court’s narrow decision may, however, have limited impact going forward. Access the full article.

Employment, Benefits and Compensation Forum: Control Your Own Headlines

By McDermott Will & Emery on Sep 24, 2019
Posted In Employee Benefits, Employment, Health and Welfare Plans, Labor, Retirement Plans

In today’s high-stakes environment, in-house counsel and HR professionals are often on the frontlines, responding to headlines that threaten business and reputational objectives. Join McDermott Will & Emery’s Employment and Employee Benefits practice groups at a half-day forum in our Chicago office on Oct. 10. This forward-looking program is designed to drive conversation around emerging trends to help employers craft their own narrative, instead of being held captive by it. See full event details and register here.

Federal Court Certifies Class in Multiple-Plan ERISA Challenge to Health-Plan and Retirement-Plan Fees

By Richard J. Pearl on Sep 10, 2019
Posted In Benefit Controversies, Employee Benefits, Fiduciary and Investment Issues, Health and Welfare Plans, Retirement Plans

A Texas federal court certified a class in case brought by participants in one plan, and allowed those participants to represent participants in unaffiliated plans. The claims alleged that the defendants, who marketed and provided services to all of the plans, breached fiduciary duties by imposing excessive fees. See Chavez, et al. v. Plan Benefits Services, Inc., et al., No. AU-17-CA-00659-SS, United States District Court for Western District of Texas (Aug. 30, 2019). Access the full article.

4 Ways to Manage Retirement Plan Data in New Era of Cybersecurity

By Mark E. Schreiber on Jul 9, 2019
Posted In Employee Benefits, Privacy and Data Security, Retirement Plans

IBM estimated last year that data breaches cost companies $148 per stolen record. Given that, not surprisingly, many employers have grown increasingly concerned about the potential impact of such breaches, including breaches that may affect employer-sponsored benefit plans. Courts have not yet formally addressed whether ERISA requires benefit plan fiduciaries to manage cybersecurity risks. However, a federal district court recently rejected a motion to dismiss filed by defendants seeking to avoid liability for fraudulent distributions from a plan caused by cyber criminals. There, the court held that the defendants were plan fiduciaries and that the plaintiffs had pled facts sufficient to allege that the defendants breached their fiduciary duties. Although this decision only relates to a motion to dismiss, the case underscores the potential for plaintiffs to assert, even in the absence of clear guidance, that plan fiduciaries are not doing enough to protect...

It Could Happen to You: Tips for Acing a Benefit Plan Audit

By Brian Tiemann on Jul 2, 2019
Posted In Employee Benefits, Employee Stock Ownership Plans (ESOPs), Fiduciary and Investment Issues, Health and Welfare Plans, Retirement Plans

Over the past several years, the IRS and DOL have significantly increased the number of benefit plans audits conducted each year. As a result, it is important for plan sponsors to understand the types of issues that often arise in connection with such audits. At the recent PSCA 2019 National Conference, Brian Tiemann explained what plan sponsors should expect if their benefit plan is selected for audited. More specifically, Brian discussed the ways audits are typically triggered and how to respond when a plan is audited. In addition, Brian outlined some of the most common retirement and health and welfare compliance issues identified in plan audits. He also discussed how plan sponsors can prepare for audits and even address potential compliance issues before they occur. View the full presentation.

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