On June 19, 2020, the Internal Revenue Service (“IRS”) issued Notice 2020-50, which provides clarity to plan administrators and participants on coronavirus-related loans and distributions following the passage of the...more
In Thole v. U.S. Bank, the Supreme Court held that defined benefit plan participants who are receiving their full pension benefit lack constitutional standing to bring a lawsuit alleging that the plan fiduciaries breached...more
6/8/2020
/ Article III ,
Breach of Duty ,
Defined Benefit Plans ,
Duty of Loyalty ,
Duty of Prudence ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Injury-in-Fact ,
Investment Adviser ,
Mismanagement ,
Pensions ,
Plan Participants ,
Retirement Plan ,
SCOTUS ,
Standing ,
Thole v U.S. Bank
On June 3, the Internal Revenue Service (“IRS”) issued Notice 2020-42 to provide temporary relief for certain participant elections required to be witnessed in the “physical presence” of a plan representative or notary...more
On June 3, 2020, the Department of Labor (“Department”) issued an Information Letter that, for the first time, provides the Department’s views on the use of private equity investments within 401(k) and other defined...more
6/6/2020
/ 401k ,
Defined Contribution Plans ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Information Letters ,
Investment ,
Investment Management ,
Private Equity ,
Retirement Plan
IRS Notice 2020-35 is a follow-on to Notice 2020-23 that provided for a wide range of pension filings and actions that were otherwise due between April 1 and July 14, 2020 that were extended until July 15, 2020. ...more
6/1/2020
/ 403(b) Plans ,
Coronavirus/COVID-19 ,
Defined Benefit Plans ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
EPCRS ,
Excise Tax ,
Filing Deadlines ,
Form 5500 ,
IRS ,
Pensions ,
Retirement Plan
Recently, plaintiffs’ firms have filed a flurry of class action lawsuits against employers, alleging violations of COBRA’s election notice requirements and seeking statutory and other penalties. ...more
Recent announcements from the IRS indicate the potential for increased audits of section 403(b) and 457(b) plans, specifically relating to catch-up contributions under such plans. ...more
Plan sponsors, service providers and plan participants have been eagerly awaiting guidance on the new Coronavirus Relief Distribution (CRD) and loan provisions that were added by Section 2202 of the CARES Act. Limited...more
On April 28th, the Employee Benefits Security Administration (“EBSA”) of the Department of Labor (“DOL”), together with the Department of the Treasury, issued helpful guidance for retirement plans that extends certain...more
Brief Takeaway -
As a result of the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), plan sponsors and service providers across the country are bracing for a flurry of participant activity with respect to...more
4/16/2020
/ Breach of Duty ,
CARES Act ,
Coronavirus/COVID-19 ,
Cyber Threats ,
Defined Benefit Plans ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Fraud ,
Relief Measures ,
Retirement Plan
Effective March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) brings immediate changes and relief to 401(k) plans, similar to natural disaster relief issued in the past. ...more
On March 27, 2020, the District of Massachusetts issued a decision finding that Fidelity breached its fiduciary duties to its own 401(k) Plan by failing to monitor investments and administrative expenses. ...more
The IRS issuance of Notice 2020-17 is important first step into providing COVID-19 specific relief under Code section 7508A, which permits (but does not require) Treasury to postpone various deadlines under the Code for...more
The last two weeks have seen dramatic changes for communities and businesses as COVID-19 has spread to all parts of the world. Significant disruptions for businesses and individuals have become necessary as we work together...more
On February 4, 2020, the Pension Benefit Guaranty Corporation (“PBGC”) issued final regulations (the “Final Rule”) covering reportable events, annual reporting under ERISA section 4010, plan termination filings, and PBGC...more
2/26/2020
/ Benefit Plan Sponsors ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Final Rules ,
PBGC ,
Pensions ,
Plan Administrators ,
Premiums ,
Regulatory Requirements ,
Reportable Events ,
Reporting Requirements ,
Retirement ,
Rulemaking Process ,
Safe Harbors
In recent years, many defined benefit (“DB”) pension plan sponsors have taken action to limit ongoing coverage and benefit accruals of their DB plans. Over time these plans may have difficulty continuing to satisfy the...more
1/13/2020
/ Benefit Plan Sponsors ,
Best Practices ,
Compensation & Benefits ,
Compliance ,
Defined Benefit Plans ,
Defined Contribution Plans ,
Employee Benefits ,
Employer Liability Issues ,
IRS ,
Minimum Participation Rules ,
New Rules ,
Non-Discrimination Rules ,
Pension Reform ,
Plan Administrators ,
Retirement Plan ,
Retirement Plan Providers ,
SECURE Act ,
U.S. Treasury