Betsy Olson on Benefit Plan Sponsors

DOL Lost & Found Database for Retirement Savings Goes Live

If you have ever found $10 in the pocket of a coat that you have not worn for some time, you are familiar with the delight of finding lost money that belongs to you. The Department of Labor’s new Retirement Savings Lost &...more

1/15/2025 / Benefit Plan Sponsors , Compliance , Data Collection , Department of Labor (DOL) , Employee Benefits , Employee Retirement Income Security Act (ERISA) , Fiduciary Duty , Internal Revenue Code (IRC) , Retirement Plan , SECURE Act

IRS Proposed Regulations for Plan Forfeitures

Today, employees are more likely than ever to seek new employment opportunities and change jobs. These employees may leave a company before becoming fully vested in their qualified retirement plan benefits – which may result...more

7/1/2024 / Benefit Plan Sponsors , Department of Labor (DOL) , Employee Benefits , Employee Retirement Income Security Act (ERISA) , Internal Revenue Code (IRC) , IRS , Proposed Regulation , Retirement Plan

Revised IRS Correction Procedures (EPCRS) Include Helpful Changes

On July 16, 2021, the Internal Revenue Service (“IRS”) published an updated version of its correction procedures for qualified retirement plans, Revenue Procedure 2021-30, the Employee Plans Compliance Resolution System...more

9/15/2021 / Benefit Plan Sponsors , Employee Benefits , EPCRS , Internal Revenue Code (IRC) , IRS , Policies and Procedures , Retirement Plan , Revenue Procedures , Self-Correction Programs , Voluntary Correction Program

Department of Labor Guidance Addresses Cybersecurity Risk Mitigation

On April 14, 2021, the Department of Labor (“DOL”) issued three documents that provide cybersecurity guidance for plan sponsors, fiduciaries, recordkeepers, and plan participants. Cybersecurity has become an increasingly...more

4/22/2021 / Benefit Plan Sponsors , Best Practices , Cybersecurity , Data Security , Department of Labor (DOL) , Digital Service Providers , Fiduciary , Plan Participants , Retirement Plan , Risk Mitigation

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

1/28/2021 / Benefit Plan Sponsors , Brokers , Compliance , Consolidated Appropriations Act (CAA) , Consultants , Department of Labor (DOL) , Employee Benefits , Employee Retirement Income Security Act (ERISA) , Employer Group Health Plans , Fee Disclosure , Health and Welfare Plans , Reporting Requirements , Required Documentation , Retirement Plan

Reminder for 401(k) Plan Sponsors: Long-Term, Part-Time Employee Eligibility Requirements Take Effect in 2021 under the SECURE Act

The Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 changed a number of requirements for retirement plans in 2020 and beyond. Certain changes under the SECURE Act already are in effect in 2020,...more

8/10/2020 / 401k , Benefit Plan Sponsors , Employee Benefits , Part-Time Employees , Required Minimum Distributions , Retirement Plan , SECURE Act

CARES Act Required Minimum Distribution Rules: Helping Your Clients Deal with the Issues

This post outlines CARES Act provisions that affect your plan sponsor clients, plan participants and IRA clients, so you can help them navigate the new rules. This post addresses the rules on required minimum distributions...more

5/17/2020 / 401k , 403(b) Plans , 457(b) Plans , Benefit Plan Sponsors , CARES Act , Coronavirus/COVID-19 , Defined Contribution Plans , Individual Retirement Account (IRA) , Required Minimum Distributions

Benefit Plan FAQs on COVID-19 Part 5

Hardship Distributions During the COVID-19 Outbreak As the COVID-19 outbreak continues, retirement plan sponsors will likely receive questions from employees about ways in which they can access funds in their retirement...more

3/24/2020 / 401k , Benefit Plan Sponsors , Coronavirus/COVID-19 , FEMA , Hardship Distributions , Individual Retirement Account (IRA) , Public Health Emergency , Retirement Plan

Betsy Olson

Faegre Drinker Biddle & Reath LLP

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