On April 17, 2025, the U.S. Supreme Court issued a unanimous opinion in Cunningham v Cornell University, addressing the pleading standard applicable to prohibited transaction claims under the Employee Retirement Income...more
4/23/2025
/ Benefit Plan Sponsors ,
Cunningham v Cornell University ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
ERISA Litigation ,
Fiduciary ,
Fiduciary Duty ,
Litigation Strategies ,
Motion to Dismiss ,
Pleading Standards ,
Prohibited Transactions ,
Retirement Plan ,
SCOTUS
The IRS issued Proposed Regulations last month which provide helpful clarity for employers on how to implement and comply with two new SECURE 2.0 provisions relating to catch-up contributions....more
2/14/2025
/ 401k ,
Benefit Plan Sponsors ,
Employee Benefits ,
Employee Contributions ,
Fiduciary Duty ,
Internal Revenue Code (IRC) ,
IRS ,
Proposed Regulation ,
Retirement Plan ,
Roth IRA ,
SECURE Act
Whether, and the extent to which, a plan fiduciary can consider nonpecuniary environmental, social and governance (“ESG”) objectives in selecting plan investments has been a hot-button issue for many years, with the view on...more
1/16/2025
/ 401k ,
American Airlines ,
Benefit Plan Sponsors ,
BlackRock ,
Breach of Duty ,
Class Action ,
Corporate Governance ,
Duty of Loyalty ,
Employee Benefits ,
Environmental Social & Governance (ESG) ,
Fiduciary Duty ,
Investment ,
Investment Management ,
Retirement Plan ,
Retirement Plan Providers ,
Securities Litigation
On Nov. 1, 2024, the IRS published its annual cost of living adjustments for various retirement plan limits. These increases are more modest than recent years, a reflection that inflation is slowing....more
Earlier this week, the IRS released Notice 2024-77, which provides much-anticipated guidance related to the handling of so-called “inadvertent benefit overpayments” from qualified retirement plans under the SECURE 2.0 Act. ...more
The IRS recently issued Notice 2024-73, which provides much-needed guidance on long-term, part-time (“LTPT”) employees in ERISA-governed 403(b) retirement plans. Following passage of the SECURE 2.0 Act, an employee is...more
10/16/2024
/ 401k ,
403(b) Plans ,
Compensation & Benefits ,
Effective Date ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
IRS ,
New Guidance ,
Part-Time Employees ,
Proposed Regulation ,
Retirement Plan ,
SECURE Act ,
Time Extensions
The Internal Revenue Code generally discourages retirement plan participants from requesting distributions from their retirement plan funds prior to age 59 ½ by imposing an additional 10% tax on those distributions. However,...more
The Department of Labor ("DOL") recently issued a regulatory package that includes a final rule updating ERISA's definition of an investment advice fiduciary and amending certain related prohibited transaction exemptions...more
The IRS recently issued Notice 2024-02— dubbed the “Grab Bag Notice”— which addresses multiple provisions in SECURE 2.0. The guidance is 81 pages long, comes in the form of frequently asked questions and answers, and speaks...more
1/26/2024
/ 401k ,
Benefit Plan Sponsors ,
CARES Act ,
Distribution Rules ,
Employee Benefits ,
IRS ,
Pension Plan Amendments ,
Retirement Plan ,
Safe Harbors ,
SECURE Act ,
Tax Credits
The SECURE 2.0 Act includes a substantial expansion of the Employee Plans Compliance Resolution System (EPCRS), the IRS umbrella program for correction of retirement plan defects. It also requires EPCRS to be updated to...more