News & Analysis as of

Plan Administrators Recordkeeping Requirements

Morris, Manning & Martin, LLP

There May Still Be Work for Retirement Plans After the Check is in the Mail

A recent complaint (Dylan Handy v. Paychex, Inc.) highlights the potential for plan administrators, and their delegates, to continue monitoring distributions after being made. In this particular situation, the participant...more

Best Best & Krieger LLP

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

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

Faegre Drinker Biddle & Reath LLP

SECURE Act and Guaranteed Income (Part 3)

The introduction to my last two posts, SECURE Act Part 1 and SECURE Act Part 2, explained: There are two parts of the SECURE Act that I believe will have the greatest impact on my clients: plan sponsors and plan service...more

Faegre Drinker Biddle & Reath LLP

Best Practices for Plan Sponsors #8

Best Practices: Lessons Learned from Litigation—the Anthem Case - I am writing two series of articles that together are called “The Bests.” One is about Best Practices for Plan Sponsors, while the other is about the Best...more

Snell & Wilmer

A Quick Reminder: Three Best Practices for Beneficiary Designations

Snell & Wilmer on

Three best practices for plan administration that often fall by the wayside include: (1) regularly reminding participants to review and update their beneficiary designations; (2) checking recordkeeping practices to avoid loss...more

Verrill

ERISA Preemption of State Slayer Statutes: Does it Matter?

Verrill on

Over the last decade, courts around the country have been asked to decide whether ERISA preempts state slayer statutes – state laws that prohibit a murderer from collecting benefits as the beneficiary of the victim’s estate...more

Proskauer - Employee Benefits & Executive...

The Time is Right to Contact Recordkeepers About Hardship Substantiation

If your 401(k) plan recordkeeper has not talked to your company lately about hardship distributions, it may be time to reach out to the recordkeeper. The short story is that the IRS recently issued an internal memorandum...more

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

ERISA Preemption Made Easy? Supreme Court Sends Vermont All-Payer Database Back to the Drawing Board

On the first day of decisions since the unexpected passing of Justice Scalia, the Supreme Court of the United States ventured into the thorny area of preemption under the Employee Retirement Income Security Act (ERISA) and...more

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