News & Analysis as of

Employer Contributions Pensions Employee Benefits

Ice Miller

Avoiding Impermissible CODAs in Governmental Pension Plan Reform and Enhancement

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One topic that frequently arises is whether a qualified governmental plan, under Internal Revenue Code (Code) Section 401(a), may allow an employee the election on whether to contribute at different pretax employee...more

Foley & Lardner LLP

Taming the Tariffs: Employee Benefit Issues for Employers During Times of Economic Uncertainty – Reducing or Suspending Qualified...

Foley & Lardner LLP on

Many companies are scrambling to quickly assess how to reduce the business impact of the upheaval to U.S. manufacturing and trading with the recent onslaught of tariffs threatened or imposed by the United States and the...more

Pullman & Comley - Labor, Employment and...

Retirement Plan Update – Forfeitures are New Focus of Fiduciary Breach Litigation

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

Bennett Jones LLP

Federal Government Proposes Changes to 30 Percent Rule to Spur Pension Investment Within Canada

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Canada’s federal government announced it intends to remove the “30 percent rule” for investments by domestic pension funds in Canadian entities. The change is part of the Fall Economic Statement that was released on December...more

Littler

Illinois Federal Court Holds that a Pension Rehabilitation Plan Fund Used an Improper High-Contribution Rate in Withdrawal...

Littler on

On March 29, 2024, the U.S. District Court for the Northern District of Illinois issued its decision in Central States, Southeast and Southwest Areas Pension Fund v. Event Media, Inc. In a matter of first impression for...more

Patterson Belknap Webb & Tyler LLP

Does Your Retirement Plan Need a 'PLESA'?

Pension-Linked Emergency Savings Accounts (“PLESAs”) are a special retirement plan feature created under SECURE ACT 2.0. PLESAs were first permitted to be made available to participants as of January 1, 2024. PLESAs, which...more

Fisher Phillips

Workplace Law Update: 10 Essential Items on Your April To-Do List

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It’s hard to keep up with all the recent changes to labor and employment law, especially since the law always seems to evolve at a rapid pace. In order to ensure you stay on top of the latest changes and have an action plan...more

Fisher Phillips

Union Pension Fund Can’t Have It Both Ways: Federal Appeals Court Orders Fund to Repay Employer $2 Million

Fisher Phillips on

In a classic man-bites-dog turnaround, a federal appeals court ordered a Teamsters pension fund to return approximately $2 million in withdrawal liability payments to an employer that had stopped contributing in 2005. The...more

Woodruff Sawyer

Q4 2023 International Benefits Update

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In the final quarter of 2023, South Africa issued guidance on the new two-pot retirement system, Peru launched a new holiday starting in 2024, Singapore doubled its paid paternity leave, and Costa Rica reformed its pension...more

Littler

Canada Entered Last Phase of CPP Enhancements on January 1, 2024

Littler on

All Canadian employers other than those in Quebec are required to: Deduct Canada Pension Plan (CPP) contributions from their employees’ pensionable earnings if the employee meets certain conditions; Contribute an...more

Awatif Mohammad Shoqi Advocates & Legal...

Understanding the Key Features of UAE's New Emirati Pension Law

Introduction The General Pension and Social Security Authority (GPSSA) recently introduced a significant change in the pension landscape through Federal Decree-Law No. 57 of 2023 on Pension and Social Security. This legal...more

Seyfarth Shaw LLP

Want to Put More Away in Your 401(k)? Qualified Plan Limits Generally Increase in 2024

Seyfarth Shaw LLP on

Seyfarth Synopsis: The IRS just announced the 2024 annual limits that will apply to tax-qualified retirement plans. For a third year in a row, the IRS increased the annual limits, allowing participants to save even more in...more

Woodruff Sawyer

Navigating Provident Fund Systems

Woodruff Sawyer on

Provident funds, or government-administered retirement funds, were introduced as a form of “social protection” to alleviate poverty at the time of retirement. Most social programs at the time did not provide enough to cover...more

Bennett Jones LLP

Correcting Contribution Errors in Respect of Defined Contribution Pension Plans—New Rules Now in Force

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On June 22, 2023, Bill C-47 received royal assent, implementing a variety of amendments to the Income Tax Act (Canada) (ITA) and its regulations (ITA Regulations) tabled as part of the 2023 Federal Budget. As we previously...more

Verrill

Alternatives for Sponsors of Defined Benefit Pension Plans

Verrill on

For decades, it was common for employers to maintain employer-funded defined benefit pension plans (“DB Plans” or “Plans”) to provide retirement benefits to their employees. In recent years, DB Plans have become increasingly...more

Warner Norcross + Judd

[Webinar] Employee Benefits SECURE Act 2.0 Series - Part 2: Distribution Rule Revisions - April 12th, 12:00 pm - 1:00 pm ET

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Warner’s Employee Benefits Practice Group is pleased to present a webinar series on significant new retirement plan legislation, the SECURE Act 2.0. While we expect implementing the new law to take several years, some...more

Warner Norcross + Judd

[Webinar] Employee Benefits SECURE Act 2.0 Series - Part 1: Changes to Retirement Plan Eligibility and Contributions - March 28th,...

Warner Norcross + Judd on

Warner’s Employee Benefits Practice Group is pleased to present a webinar series on significant new retirement plan legislation, the SECURE Act 2.0. While we expect implementing the new law to take several years, some...more

Fox Rothschild LLP

What Employers That Contribute to Multiemployer Plans Receiving 'Special Financial Assistance' Need to Know

Fox Rothschild LLP on

In a prior alert, we detailed how the Interim Final Rule (IFR) from the Pension Benefit Guaranty Corporation (PBGC) regarding the special financial assistance (SFA) provided under American Rescue Plan Act of 2021 (ARPA) would...more

Hogan Lovells

Anpassung der Beitragsbemessungsgrenzen in der Sozialversicherung in 2023

Hogan Lovells on

Das Bundesministerium für Arbeit und Soziales hat den Referentenentwurf zur Anpassung der Grenzwerte für die Sozialversicherung vorgelegt. Nachdem die Werte im vergangenen Jahr stagnierten, steigen die Werte für 2023 wieder...more

Bennett Jones LLP

Fixing Contribution Errors for Defined Contribution Pension Plans

Bennett Jones LLP on

What You Need to Know About Draft Amendments to the Federal Income Tax Act and Regulations - On February 4, 2022, the Canadian federal government released draft legislation to implement a variety of proposed tax measures,...more

Proskauer - Employee Benefits & Executive...

Ninth Circuit Agrees with Third Circuit that “Highest Contribution Rate” for Withdrawal Liability Payment Calculations Excludes...

On January 31, 2022, the Ninth Circuit affirmed the lower court’s finding that surcharges imposed by the Pension Protection Act (“PPA”) are excluded from the determination of an employer’s “highest contribution rate” for...more

Roetzel & Andress

Stay In Or Get Out? Employers Should Evaluate Their Options Under The PBGC’s New Withdrawal Liability Guidance

Roetzel & Andress on

For employers who contribute to financially-troubled multiemployer pension plans (multiemployer plans), a lot has changed in the last six months. In March, Congress passed the American Rescue Plan Act of 2021 (ARP) which...more

Jackson Lewis P.C.

Butch Lewis Brings No Good News for Contributing Employers

Jackson Lewis P.C. on

In the clamor that surrounded the current administration’s adoption of the American Rescue Act of 2021 (ARPA), quietly tucked in as Subtitle H is the Butch Lewis Emergency Pension Plan Relief Act of 2021 (Butch Lewis). Butch...more

Faegre Drinker Biddle & Reath LLP

PBGC Publishes Final Rule Allowing Simplified Withdrawal Liability Calculations Applicable to Benefit Reductions, Benefit...

On Friday January 8, the Pension Benefit Guaranty Corporation (PBGC) published a final rule that provides multiemployer pension plans with additional methods to help calculate employer withdrawal liability. The rule includes...more

Blake, Cassels & Graydon LLP

Target Benefit Pension Plans: A New Option for Quebec Employers and Employees

On December 11, 2020, Quebec’s National Assembly adopted Bill 68, with certain amendments made to its original text, thereby enacting An Act mainly to allow the establishment of target benefit pension plans (Act). The...more

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