PODCAST: Williams Mullen's Benefits Companion - ERISA Forfeiture Litigation
ERISA is filled with traps for the unwary. Some are complex, hiding in layers of regulatory nuance. Others are deceptively simple—like plan forfeitures. Yes, I’m talking about those dollars left behind when participants fail...more
Forfeiture clauses are one tactic. They provide a meaningful disincentive for employees to engage in competitive behavior. Noncompetes are under siege on multiple fronts. Originally published in Legal Dive - September...more
On February 27, 2023, the IRS and the Department of Treasury published proposed regulations regarding the use of forfeitures in qualified retirement plans. If finalized, the proposed rule will be effective for plan years...more
The IRS recently issued Proposed Regulations that clarify and update existing rules governing how and when forfeitures must be used in qualified defined contribution (e.g., 401(k)) and defined benefit retirement plans. ...more
Historically, the topic of forfeitures has raised many questions for qualified plan administrators- specifically, how and when they can be used. But there has been little formal guidance from the Department of Treasury and...more
The Colorado Department of Labor and Employment (CDLE) has proposed amendments to its Wage Protection Act Rules (Proposed WPA Rules) that include a prohibition against forfeiture of vacation pay under the Colorado Wage Claim...more
This Client Advisory highlights important developments in the law governing employee benefit plans and executive compensation over the past year. It offers insight into what these developments mean for employers and plan...more