News & Analysis as of

Benefit Plan Sponsors › Recordkeeping Requirements › Employee Retirement Income Security Act (ERISA)

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

Holland & Hart - The Benefits Dial

Just Because I’m Missing, Doesn’t Mean I’m Lost: Should Plan Sponsors Provide Data for the DOL’s Missing Participant Database?

Holland & Hart - The Benefits Dial on

“Missing participants” have long been a thorn in the side of plan sponsors and administrators, as they are owed a retirement benefit, but are unable to be found or unresponsive to plan communications. As a partial solution,...more

Proskauer - Employee Benefits & Executive...

DOL Unveils Final Amendment to QPAM Exemption

Proskauer - Employee Benefits & Executive... on

On April 3, 2024, the U.S. Department of Labor (the “DOL”) published in the federal register a final amendment to Prohibited Transaction Class Exemption 84-14 (the “QPAM Exemption”) that makes considerable changes to the...more

Holland & Knight LLP

Tenth Circuit Dismisses Claims Related to High-Cost Funds, High Recordkeeping Fees

Holland & Knight LLP on

The U.S. Court of Appeals for the Tenth Circuit issued its decision in Matney v. Barrick Gold of North America, et al. on Sept. 6, 2023, finding that participants in an employer-sponsored defined contribution retirement plan...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

Dorsey & Whitney LLP

Managed Accounts in 401(k) Plans: Their Value and Their Dangers

Dorsey & Whitney LLP on

A “managed account” is a discretionary portfolio management service that makes investment decisions for individual participants within the confines of a 401(k) plan and its fund options. This service is fundamentally...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

Holland & Hart - The Benefits Dial

In the Darkness at the Edge of Town…Cybersecurity Guidance for Plan Participants, Record-Keepers, and Plan Sponsors From The EBSA

Holland & Hart - The Benefits Dial on

On April 14, 2021, the Employee Benefits Security Administration (“EBSA”) published guidance for plan sponsors, plan fiduciaries, record-keepers, and plan participants on best practices for maintaining cybersecurity. This is...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Free record keeping and you

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

Several of the large bundled providers are offering free recordkeeping for parts of next year if plan sponsors switch over to them. It might be a gimmick, but it’s clever marketing. When they are large in the 401(k) business...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

Faegre Drinker Biddle & Reath LLP

Best Practices for Plan Sponsors #11

Faegre Drinker Biddle & Reath LLP on

This is the eleventh in a series of articles about Best Practices for Plan Sponsors. To be clear, “best practices” are not the same as legal requirements. Instead, they are about better ways to manage retirement plans. In...more

Fisher Phillips

June 2017: The Top 15 Labor And Employment Law Stories

Fisher Phillips on

It’s hard to keep up with all the recent changes to labor and employment law. While it always seems to evolve at a rapid pace, the last few months have seen an unprecedented number of changes. June 2017 was no different, with...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

Epstein Becker & Green

U.S. Department of Labor Provides a Reminder to Plan Sponsors and Committees of Certain Fiduciary Responsibilities

Epstein Becker & Green on

Some mutual funds (and possibly other funds) that are made available by a 401k plan for investment by its participants may make payments to the plan's record-keeper (and perhaps other service providers) for certain services...more

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