News & Analysis as of

Benefit Plan Sponsors › Recordkeeping Requirements › Employee Benefits

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The DOL Lost and Found Database may finally eliminate that Social Security notice nonsense

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

We always tell plan sponsors to keep ERISA records for 7 years. In this day and age of scanning and PDFs, should mean you don’t need to throw anything out if it’s saved online. The reason I hate for plan sponsors to throw...more

Jackson Lewis P.C.

Exciting Update: Self-Correction for Delinquent Contributions Now Possible Under the DOL’s VFCP

Jackson Lewis P.C. on

On January 14, 2025, the Employee Benefits Security Administration (EBSA) within the Department of Labor (DOL) updated its Voluntary Fiduciary Compliance Program (VFCP). The VFCP allows plan officials to correct certain...more

Alston & Bird

Major Changes Coming to the Qualified Professional Asset Manager Exemption

Alston & Bird on

Our Employee Benefits & Executive Compensation and Investment Funds Teams break down the increased compliance requirements – and compliance costs – qualified professional asset managers (QPAMs) face under the Department of...more

Proskauer - Employee Benefits & Executive...

Ninth Circuit: Changes to a Services Agreement Require Consideration of Indirect Compensation

Proskauer - Employee Benefits & Executive... on

A recent Ninth Circuit decision has generated considerable controversy amongst employee benefits practitioners by holding that plan fiduciaries engaged in prohibited transactions when they amended the plan’s existing...more

Faegre Drinker Biddle & Reath LLP

Lessons Learned from Recent Fiduciary Victories

Faegre Drinker Biddle & Reath LLP on

There is nothing a plan sponsor or ERISA fiduciary can do to prevent allegations of fiduciary breach; however, there are many things they can do to be prepared to rebut such claims. Unfortunately, because of “headline news,”...more

Verrill

Supreme Court will Hear Northwestern University 403(b) Plan Excessive Fee Case

Verrill on

The United States Supreme Court will weigh in on the spate of recent lawsuits filed against colleges and universities related to the schools’ retirement plans. The Court has granted a request for review from participants in...more

Tucker Arensberg, P.C.

New Rule For Tracking Part-Time Hours for 401(k) Plans

Tucker Arensberg, P.C. on

Beginning this year, employers that sponsor 401(k) plans must satisfy a new requirement. 401(k) plans must allow certain part-time employees to make voluntary 401(k) contributions....more

Ogletree, Deakins, Nash, Smoak & Stewart,...

401(k) Plan Sponsors - Do You Need to Start Tracking Hours for Your Part-Time Employees?

Ogletree, Deakins, Nash, Smoak & Stewart,... on

At the end of 2019, President Donald Trump signed into law the Setting Every Community Up for Retirement Enhancement (SECURE) Act, which included a number of changes to employer-sponsored retirement plans. One change involved...more

Best Best & Krieger LLP

Using a Plan Administration Expense Account as Part of An Agency’s 457(b) or 401(a) Plan

Best Best & Krieger LLP on

Not surprisingly, many cities and special districts no longer have monies available in their budgets to spend on things such as legal fees to analyze and correct plan administration problems and compliance issues. When it is...more

Best Best & Krieger LLP

The Differences Between Bundled and Unbundled Retirement Plan Servicing Arrangements

Best Best & Krieger LLP on

When it comes to retirement plan servicing arrangements for most public agencies, there are basically two flavors: bundled and unbundled. It is important for public plan sponsors and plan fiduciaries to understand the...more

Faegre Drinker Biddle & Reath LLP

Best Practices for Plan Sponsors #12

Faegre Drinker Biddle & Reath LLP on

Lessons Learned from Litigation (#4)—The Johns Hopkins Case - This is the twelfth in a series of articles about Best Practices for Plan Sponsors. To be clear, “best practices” are not the same as legal requirements....more

Verrill

Stronger Than its Weakest Links: NYU Survives 403(b) Fee Lawsuit

Verrill on

The first breach of fiduciary duty claim to survive to trial alleged that the NYU Retirement Plan Committee failed to consolidate recordkeeping services, failed to property manage the RFP process, failed to allow potential...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Keep Those Beneficiary Information On File and Updated

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

As a plan sponsor, it should be obvious that you need to keep all beneficiary forms on file and make sure they’re updated. However, surprisingly, I have found many plan sponsors that are deficient when it comes to this form...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The Plan Checklist That Every Retirement Plan Sponsor Needs

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

While they don’t have a book called Retirement Plan Sponsorship for Dummies, they should. So in the interim, here is a checklist that plan sponsors should review that can help them develop good practices and avoid unnecessary...more

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