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Benefit Plan Sponsors › Department of Labor (DOL) › Forfeiture

Bond Schoeneck & King PLLC

401(k) Forfeiture Litigation: Implications for Plan Sponsors

Bond Schoeneck & King PLLC on

Background - In a wave of class-action litigation beginning around 2023, plaintiffs have alleged violations of fiduciary duties under the Employee Retirement Income Security Act (ERISA) and prohibited transaction rules in...more

Shipman & Goodwin LLP

Plan Forfeiture Litigation: A Trend to Watch

Shipman & Goodwin LLP on

The most recent wave of ERISA litigation is focused on the use of plan forfeitures in 401(k) plans, with the newest case, Armenta v. WillScot Mobile Mini Holdings Corp. being filed just last week. Although, for years, many...more

The Wagner Law Group

Forfeiture Accounts Hold More Than Nonvested Employer Contributions

The Wagner Law Group on

The Wagner Law Group continues to monitor the ongoing flood of “forfeiture” litigation. This alert is our seventh reporting on and analyzing the nature of the claims raised by plaintiffs, the defenses asserted against them,...more

Kaufman & Canoles

ESOPs, Benefits & Compensation Q2 2024 Client Update

Kaufman & Canoles on

On behalf of the ESOPs, Benefits & Compensation team, we hope your Summer is off to a great start. In the time of family vacations and out-of-office replies, the pace of employee benefits changes—both large and small—remains...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The Rosenbaum Law Firm Review - January 2018

Ary Rosenbaum - The Rosenbaum Law Firm P.C. on

Whether A Plan Sponsor Should Hire An ERISA §3(16) Administrator. It's not for every plan. Running a business is a complicated activity. You have to be an expert in your field, service, or specialty. In order to get your...more

Dickinson Wright

Best Practices for 401(k) Plan Administration Includes Using Forfeiture Accounts by Year-End

Dickinson Wright on

Since at least 2010, the IRS has publicly stated that forfeitures must be used by the end of the plan year in which the forfeiture occurred, or as soon as possible thereafter. Some IRS pre-approved prototype or volume...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Forfeitures can be a compliance headache

Ary Rosenbaum - The Rosenbaum Law Firm P.C. on

Defined contribution plans such as 401(k) plans have a forfeiture provision if there are contribution in the plan that are not immediately vested. The problem with the forfeiture provision is that they are usually neglected...more

McCarter & English, LLP

Pension Plan Sponsors Beware: The Department of Labor Is Investigating Plans That Fail to Locate and Pay Benefits to Terminated...

McCarter & English, LLP on

A Department of Labor (“DOL”) official recently disclosed a new DOL investigation initiative focusing on the adequacy of defined benefit plan procedures to locate and pay out benefits to terminated vested participants. The...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Have Plans get rid of those forfeitures

Ary Rosenbaum - The Rosenbaum Law Firm P.C. on

Forfeitures that occur when people terminate service from retirement plans is usually a problem when the plan sponsor and their providers forget about them. Whether forfeitures are used to pay expenses, reduce employer...more

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