The recent federal district court decision in Faulk Company, Inc. v. Xavier Becerra, et al., No. 24-cv-00609-P (N.D. Tex. 2025) significantly alters the primary mechanism used by the U.S. Department of Health and Human...more
6/23/2025
/ Affordable Care Act ,
Appeals ,
Compensation & Benefits ,
Corporate Counsel ,
Department of Health and Human Services (HHS) ,
Employee Benefits ,
Employer Liability Issues ,
Enforcement ,
Health Insurance ,
IRS ,
Judicial Authority ,
Regulatory Requirements ,
Shared Responsibility Rule ,
Statutory Interpretation ,
Tax Liability
The IRS has announced the 2026 cost-of-living adjustments to the applicable dollar limits for health savings accounts (HSAs), high-deductible health plans (HDHPs), and excepted benefit health reimbursement arrangements...more
5/9/2025
/ Affordable Care Act ,
Compensation & Benefits ,
Cost-of-Living Adjustment (COLA) ,
Employee Benefits ,
HDHP ,
Health Insurance ,
Healthcare ,
HRA ,
HSA ,
Internal Revenue Code (IRC) ,
IRS ,
New Guidance ,
Revenue Procedures ,
Taxation
Certain transactions between employee benefit plans and “parties in interest” are prohibited under the Employee Retirement Income Security Act of 1974, as amended (ERISA). ...more
5/7/2025
/ 401k ,
Compensation & Benefits ,
Cunningham v Cornell University ,
Employee Benefits ,
ERISA Litigation ,
Excessive Fees ,
Fiduciary Duty ,
Litigation Strategies ,
Prohibited Transactions ,
Real Party in Interest ,
Retirement Plan ,
SCOTUS ,
Third-Party Service Provider ,
TPAs
Many employer-sponsored defined contributions plans, including 401(k) profit sharing plans and money purchase pension plans include a vesting schedule – a period over which a plan participant earns a nonforfeitable right to...more
2/3/2025
/ 401k ,
Benefit Plan Sponsors ,
Breach of Duty ,
Compensation & Benefits ,
Corporate Counsel ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Employer Contributions ,
Employment Litigation ,
ERISA Litigation ,
Fiduciary Duty ,
Financial Services Industry ,
Pensions ,
Plan Administrators ,
Profit Sharing ,
Prohibited Transactions ,
Retirement Plan
The Secure 2.0 Act of 2022 authorizes numerous new provisions that employers can choose to include or exclude in the retirement plans they sponsor. Recently, retirement plan vendors (vendors) have been sending communications...more
8/2/2024
/ Benefit Plan Sponsors ,
Compensation & Benefits ,
Deadlines ,
Employee Benefits ,
Financial Services Industry ,
Hospitality Industry ,
Investment Management ,
Opt-In ,
Opt-Outs ,
Restaurant Industry ,
Retirement ,
Retirement Plan ,
SECURE Act
The Internal Revenue Service and the Social Security Administration have announced the cost of living adjustments (COLA) applicable to dollar limitations for retirement plans and the Social Security wage base for 2024. Many...more
2/12/2024
/ 401k ,
403(b) Plans ,
457(b) Plans ,
Compensation & Benefits ,
Contribution Limits ,
Cost-of-Living Adjustment (COLA) ,
Employee Benefits ,
Internal Revenue Code (IRC) ,
IRS ,
Retirement Plan ,
Tax Planning
On December 20, 2023, the Internal Revenue Service (IRS) issued Notice 2024-2 to “provide guidance on discreet issues” concerning the implementation of specific provisions of the SECURE 2.0 Act of 2022 (SECURE 2.0)....more
1/12/2024
/ 403(b) Plans ,
457(b) Plans ,
Compensation & Benefits ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
IRS ,
Qualified Retirement Plans ,
Regulatory Requirements ,
Retirement ,
Retirement Plan ,
SECURE Act ,
Tax Planning
Student loan debt is a significant source of financial stress for borrowers, who face a hefty new line item in their budgets since the pause on student loan repayment ended in October 2023. Recent surveys show that student...more
1/10/2024
/ 401k ,
403(b) Plans ,
457(b) Plans ,
Compensation & Benefits ,
Employee Benefits ,
Employees ,
Employer Contributions ,
Loan Repayment Issues ,
Retirement Plan ,
SECURE Act ,
Student Loans
Section 401(k) Plans, Section 403(b) Plans and governmental Section 457(b) Plans generally permit employees to defer compensation on a pre-tax basis. These plans may also provide the opportunity for employees to defer...more
8/25/2023
/ 401k ,
403(b) Plans ,
457(b) Plans ,
Compensation & Benefits ,
Deferred Compensation ,
Employee Benefits ,
Employee Contributions ,
Employees ,
Individual Retirement Account (IRA) ,
Regulatory Agenda ,
Regulatory Reform ,
Retirement Plan ,
Roth IRA ,
SECURE Act ,
Tax Liability
In a June 7, 2023 press release, State of Connecticut Comptroller Sean Scanlon applauded the passage of House Bill No. 6930, which aspires to develop best practices for governance structures of municipal retirement plans....more
7/17/2023
/ Compensation & Benefits ,
Connecticut ,
Employee Benefits ,
Financial Services Industry ,
Investment ,
Municipalities ,
Public Acts ,
Regulatory Requirements ,
Reporting Requirements ,
Retirement ,
Retirement Plan
The SECURE 2.0 Act of 2022 (SECURE 2.0), enacted on December 29, 2022 as part of the Consolidated Appropriations Act of 2023, will impact retirement plan operations for years to come. Some provisions were effective as of the...more
Section 457(b) Plans provided by Tax-Exempt employers for their highly compensated employees and/or a select group of management employees (“Tax-Exempt 457(b) Plans”) are subject to required minimum distribution rules under...more
12/2/2022
/ 457(b) Plans ,
Charter Schools ,
Compensation & Benefits ,
Deadlines ,
Employee Benefits ,
Highly Compensated Employees ,
Internal Revenue Code (IRC) ,
IRS ,
Private Schools ,
Required Minimum Distributions ,
Retirement Plan ,
SECURE Act ,
Tax Exempt Entities
Section 457(b) Plans provided by Tax-Exempt employers for their highly compensated employees and/or a select group of management employees (“Tax-Exempt 457(b) Plans”) are subject to required minimum distribution rules under...more
Retirement plans and individual retirement accounts (IRAs) are subject to required minimum distribution rules under Internal Revenue Codes Section 401(a)(9). The SECURE Act amended the required minimum distribution rules...more
The Internal Revenue Service and the Social Security Administration have announced the cost of living adjustments (COLA) applicable to dollar limitations for retirement plans and the Social Security wage base for 2022. Many...more
4/14/2022
/ 401k ,
403(b) Plans ,
457(b) Plans ,
Compensation & Benefits ,
Cost-of-Living Adjustment (COLA) ,
Defined Benefit Plans ,
Defined Contribution Plans ,
Employee Benefits ,
Highly Compensated Employees ,
IRS ,
New Guidance ,
Regulatory Standards ,
Retirement Plan ,
Social Security Administration (SSA) ,
Social Security Income
- Create a Plan Document...
- Do not rely solely on special acts, ordinances, or collective bargaining agreements...
- Reflect collectively bargained provisions...
- Update contemporaneously to reflect changes in...more
12/4/2019
/ Best Practices ,
Claim Procedures ,
Collective Bargaining Agreements (CBA) ,
Compensation & Benefits ,
Employee Benefits ,
Municipalities ,
Pensions ,
Plan Documents ,
Public Employees ,
Public Employers ,
Retirement Plan ,
State and Local Government