Acknowledging uncommon market conditions, the Pension Benefit Guaranty Corporation (PBGC) announced Technical Update Number 23-1 (the Update), which provides a one-time waiver of certain reporting requirements for some...more
On September 26, 2022, the Internal Revenue Service (IRS) extended the amendment deadline for non-governmental qualified retirement plans, plans covered under Section 403(b) of the Internal Revenue Code (Code) and individual...more
A recent US Court of Appeals for the Seventh Circuit case supplies answers to many questions left open in 401(k) fee litigation cases after the US Supreme Court’s ruling earlier this year in Hughes v. Northwestern University....more
2022 INFLATION-ADJUSTED PENALTIES ANNOUNCED BY THE DEPARTMENT OF LABOR -
The Federal Civil Penalties Inflation Adjustment Act of 2015 directs the US Department of Labor (DOL) to make annual inflation adjustments to...more
4/5/2022
/ Civil Monetary Penalty ,
Department of Labor (DOL) ,
Disclosure Requirements ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Employees ,
Employer Liability Issues ,
Failure-to-File ,
Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015 ,
Filing Requirements ,
Health and Welfare Plans ,
Multiemployer Plan ,
Retirement Plan
The Federal Civil Penalties Inflation Adjustment Act of 2015 directs the US Department of Labor (DOL) to make annual inflation adjustments to specified Employee Retirement Income Security Act (ERISA) violations. The increased...more
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...more
5/18/2020
/ Coronavirus/COVID-19 ,
Corporate Counsel ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Extensions ,
Filing Deadlines ,
IRS ,
New Guidance ,
Retirement Plan ,
Title I ,
U.S. Treasury
For 2020, legislation enacted in December of 2019 dramatically increases penalties imposed by the Internal Revenue Code (the Code) for late filing of certain employee benefit plan notices and reports. In addition, a final...more
1/31/2020
/ Benefit Plan Sponsors ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Inflation Adjustments ,
Internal Revenue Code (IRC) ,
New Legislation ,
Notice Requirements ,
Penalties ,
Reporting Requirements ,
SECURE Act ,
Tax Revenues
Several large employers are disputing how much money the New York Times owes a union multiemployer pension fund. Recently, six companies—including US Foods Inc. and United Natural Foods Inc.—filed an amicus brief supporting...more
In certain cases of a facility sale, restructuring or cessation, recently released information by the Pension Benefit Guaranty Corporation (PBGC) leaves many unanswered questions about plan sponsor liability for...more
The Department of Labor announced increased penalties for employee benefit plans under ERISA. The increases generally apply to penalties that involve employee benefit reporting and disclosure failings if the penalty is...more
A 401(k) plan has a qualified cash or deferred arrangement that is part of a profit sharing plan or stock bonus plan. Under the Internal Revenue Code Section 401(k)(2), an employee may elect to make contributions to the plan,...more
Under the Federal Civil Monetary Penalties Inflation Adjustment Act Improvements Act of 2015 (2015 Inflation Adjustment Act), the US Department of Labor (DOL) increased the penalties for specified violations of the Employee...more