Historically, the IRS' Employee Plans Compliance Resolution System (EPCRS) has provided employers structured options for correcting retirement plan failures. Under this framework, certain operational errors qualified for...more
The U.S. Department of Labor (DOL) on Nov. 22, 2022, announced its adoption of amendments to the regulation setting out retirement plan fiduciary duties of prudence and loyalty under the Employee Retirement Income Security...more
12/9/2022
/ Amended Rules ,
Benefit Plan Sponsors ,
Biden Administration ,
Climate Change ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Environmental Social & Governance (ESG) ,
Executive Orders ,
Fiduciary Duty ,
Final Rules ,
Investment Management ,
Retirement Plan
Under the IRS Employee Plans Compliance Resolution System (EPCRS), as set forth in Revenue Procedure 2021-30, a plan that has been notified of an impending audit cannot remedy issues using the Voluntary Correction Program,...more
The U.S. District Court for the District of Massachusetts has dismissed an Employee Retirement Income Security Act (ERISA) class action lawsuit challenging a retirement plan's use of an outdated mortality table in calculating...more
The recently signed American Rescue Plan Act (ARPA) will have a major impact during the next six months on employers' obligations and considerations in administering COBRA health insurance benefits. Subtitle F of ARPA –...more
3/31/2021
/ American Rescue Plan Act of 2021 ,
Benefit Plan Sponsors ,
Biden Administration ,
COBRA ,
Coronavirus/COVID-19 ,
Department of Labor (DOL) ,
Employee Benefits ,
Employer Group Health Plans ,
Health Insurance ,
IRS ,
Notice Requirements ,
Premium Subsidies ,
Relief Measures ,
Tax Credits
Expanding your international business into the United States is an exciting but sometimes daunting venture when it comes to the myriad rules and regulations at play governing employees and benefits. This alert endeavors to...more
The Internal Revenue Service (IRS) issued Notice 2020-29 and Notice 2020-33 on May 12, 2020, to provide relief from the COVID-19 pandemic (COVID-19) for taxpayers participating in Section 125 cafeteria plans. The provisions...more
In an opinion issued in Smith v. Rockwell Automation, Inc., et al., No. 19-C-0505 (E.D. Wis.) on Feb. 10, 2020, U.S. District Judge Lynn Adelman denied Rockwell Automation's motion to dismiss a putative class action complaint...more
• Now that the IRS has issued additional guidance on the practical considerations of the election to defer compensation allowed by Section 83(i) of the Internal Revenue Code of 1986, as amended, it has become clearer that...more
• Administrators of all employee benefit plans subject to the Employee Retirement Income Security Act of 1974 (ERISA) should ensure their plans' compliance with ERISA's Summary Plan Description (SPD) requirement.
•...more
3/7/2018
/ Benefit Plan Sponsors ,
COBRA ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Employer Group Health Plans ,
Employer Liability Issues ,
Health and Welfare Plans ,
Health Insurance Portability and Accountability Act (HIPAA) ,
Penalties ,
Plan Administrators ,
Retirement Plan ,
Summary Plan Description
• The recent Tax Cuts and Jobs Act of 2017 (the Act), enacted on Dec. 22, 2017, contains a few rules that will impact benefit administrators.
• This client alert focuses on changes made to the tax treatment of plan loan...more
2/22/2018
/ 401k ,
Deadlines ,
Early Retirement Distributions ,
Employee Benefits ,
Excise Tax ,
Executive Compensation ,
Human Resources Professionals ,
Income Taxes ,
Individual Retirement Account (IRA) ,
Internal Revenue Code (IRC) ,
IRA Rollovers ,
IRS ,
Loans ,
New Rules ,
Offsets ,
Plan Administrators ,
Plan Documents ,
Qualified Retirement Plans ,
Retirement Plan ,
Tax Cuts and Jobs Act ,
Tax Reform ,
Tax Returns ,
Termination ,
Trump Administration