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Is Your Nonprofit Slashing Benefits to Offset Federal Funding Cuts?

On February 6, 2025, the Trump administration (the Administration) issued an executive order (the Review Order) directing the heads of Federal executive departments and agencies (Agencies) to review all funding the Agencies...more

Diving Into SECURE 2.0: Changes Affecting Non-Profit and Governmental Employers

The SECURE 2.0 Act of 2022 (SECURE 2.0) significantly changes the legal and administrative compliance landscape for U.S. retirement plans. Foley & Lardner LLP is authoring a series of articles that take a “deep dive” into key...more

Diving Into SECURE 2.0: New Changes Ease Plan Sponsor Administrative Burdens

...In a 1986 press conference, President Ronald Reagan infamously quipped: “the nine most terrifying words in the English language are: ‘I’m from the government, and I’m here to help.’” While legislation affecting retirement...more

401(k) Compliance Check #12: Don’t Borrow Trouble – Correcting Retirement Plan Loan Errors

In last month’s 401(k) Compliance Check, we discussed the importance of developing (and maintaining) best practices for handling beneficiary designations. This month, we discuss one of the most common problems faced by 401(k)...more

Considering an Early Retirement Program? Make Sure You Plan Ahead

Recently, we examined the wisdom and legality of mandating retirement for older workers. The gist of that analysis was “don’t do it” except in limited circumstances — and certainly don’t do it without talking to your legal...more

“Click Here?” Fiduciaries: Is Your Retirement Plan’s Website/Portal User-Friendly?

These days, nearly everything – and everyone – is online, including retirement plan participants. Participants can use their plan’s websites or online portal to do just about anything – enroll (or disenroll), make or change...more

Hey, Retirement Plan Sponsors: Want a Happy New Year? Use Your 2020 ‘Downtime’ to Do a Retirement Plan ‘Checkup’

Every year about this time, when the holiday season is just beginning and the new year is around the corner, all good qualified retirement plan sponsors (and plan administrators) ask: “Have we adopted all the IRS-required...more

Summary Plan Descriptions: You Gotta Have Them, So Make the Most of Them

Administrators of plans subject to ERISA (including plans sponsored by for-profit and nonprofit businesses and organizations) must provide participants and beneficiaries with summary plan descriptions (“SPDs”) describing “the...more

Proposed Hardship Withdrawal Regulations Provide Useful Guidance

While not exactly a Thanksgiving “miracle,” many retirement plan sponsors were no doubt thankful for the IRS’ recent issuance of proposed regulations (the “Proposed Regs”) addressing changes to the Code §401(k) and 403(b)...more

Complying with Hardship Withdrawal Rules Makes Retirement Plan Administration Easy (Well, Easier, Anyway)

In a February 2018 article, my colleague Kathleen Dreyfus Bardunias encouraged retirement plan sponsors to implement annual “operational checkups” in order to ensure their plans were administered in compliance with the plan’s...more

Cybersecurity Risks to Employee Benefit Plans - Are You Prepared?

Unless you’ve been living on a remote mountaintop or inside a cave for the past 10 years, chances are good you’ve either been affected by a cybersecurity breach or know someone who has. Among many other businesses, recent...more

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