The US Department of Labor recently issued Field Assistance Bulletin (FAB) 2025-01, a temporary enforcement policy regarding the transfer of small retirement plan benefits to state unclaimed property funds. This development...more
In many situations, practitioners recommend establishing a fiduciary committee to oversee ERISA-covered employee benefit plans. There are several reasons for this, including providing a well-defined process for...more
Recently, we have become aware of what appears to be a new approach in the US Department of Labor’s (DOL’s) Form 5500 Annual Report (Form 5500) penalty program, including increased penalties and faster enforcement actions....more
The US Department of Labor (DOL) issued a press release on September 6, 2024 reminding ERISA plan fiduciaries that it considers cybersecurity to be an area of “great concern” and emphasizing that it continues to investigate...more
The US Department of Labor and Internal Revenue Service have issued coordinated guidance on the pension-linked emergency savings account (PLESA), a new in-plan emergency savings account feature created by the SECURE 2.0 Act...more
The SECURE 2.0 Act of 2022 makes far-ranging changes to the US employer-retirement plan system. This LawFlash—one in a series—more closely examines the act’s provisions that expand and encourage retirement plan participation....more
The focus of the US Department of Labor (DOL) on missing participants and uncashed checks (discussed in our LawFlash DOL Guidance on Missing Participants Is No Longer Missing) recently began expanding into the area of...more
As noted in our recent blog post, the US Department of Labor (DOL) has repeatedly signaled that it would be turning its focus toward the intersection of cybersecurity practices and ERISA’s fiduciary duties. ...more
There has been an increasing focus in recent years on the intersection of ERISA’s fiduciary duties and the issues of cybersecurity and data (including participant data) protection. Beyond the potential for pecuniary and...more
The US Department of Labor (DOL) provided three long-awaited pieces of sub-regulatory guidance on January 12 on the issues of missing participants and uncashed checks. This is an area that has been the subject of a focused...more
The US Department of Labor issued an Interim Final Rule on August 18 to implement “lifetime income illustrations,” which must be provided to defined contribution plan participants pursuant to the Setting Every Community Up...more
The US Department of Labor (DOL) announced publication of a final rule expanding the electronic disclosure options available for retirement plan communications on May 21. ...more
In response to the coronavirus (COVID-19) pandemic, the US Department of Labor’s Employee Benefits Security Administration (DOL) issued EBSA Disaster Relief Notice 2020-01 (EBSA Notice 2020-01) on April 28, providing deadline...more
5/6/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Deadlines ,
Department of Labor (DOL) ,
Disclosure Requirements ,
EBSA ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Regulatory Requirements ,
Relief Measures ,
Retirement Plan
The $100,000 limit on coronavirus-related distributions (CVRD) under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) is both an individual limit and a plan limit....more
With broad bipartisan support, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act or Act), signed into law by the president on March 27, provides a $2 trillion economic stimulus and contains numerous and...more
4/7/2020
/ CARES Act ,
Compensation & Benefits ,
Coronavirus/COVID-19 ,
Defined Benefit Plans ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Employer Group Health Plans ,
Federal Loans ,
Financial Stimulus ,
Health Insurance ,
Payroll Taxes ,
Relief Measures ,
Required Minimum Distributions ,
Retirement Plan ,
Tax Relief
For years, there has been a persistent trend toward outsourcing retirement plan recordkeeping and other administrative responsibilities. Although historically more prevalent for defined contribution plans, this outsourcing...more
The US Department of Labor recently issued a proposed rule to supplement the Department’s existing electronic disclosure regulations and ease the burden of compliance with many of ERISA’s retirement plan disclosure...more