News & Analysis as of

Retirement Plan Beneficiaries Employee Retirement Income Security Act (ERISA)

Haynes Boone

Money (It’s What Everyone Wants)

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As an old song covered by the Beatles goes, “the best things in life are free, but you can’t keep em for the birds and bees, now give me money, that’s what I want.”...more

Alston & Bird

Department of Labor’s Temporary Policy Allows Voluntary Escheatment of Certain Retirement Benefits

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In this article, the authors delve into the Department of Labor’s temporary ERISA enforcement policy for unclaimed retirement benefit payments of $1,000 or less. The Department of Labor (DOL) has announced a temporary...more

Foley & Lardner LLP

Benefits Basics - When an Employee Dies: A Resource Guide for HR & Benefits Professionals

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As a member of your company’s human resources or employee benefits department, one of the most difficult calls you may receive is from a colleague or an employee’s family member notifying you of the death of an employee. This...more

Keating Muething & Klekamp PLL

Benefits Monthly Minute - February 2025

The February Monthly Minute highlights a new online ACA reporting alternative, the DOL’s temporary policy regarding escheatment of small retirement benefits owed to missing participants, and new guidance clarifying the gag...more

Keating Muething & Klekamp PLL

Benefits Monthly Minute - January 2025

The January Monthly Minute highlights a recent Texas court decision holding ESG investing violated ERISA and a new development in the J&J prescription drug case that found plaintiff lacked standing to sue, and also digs into...more

Bricker Graydon LLP

Beneficiary Designations - Plan Sponsor Best Practices

Bricker Graydon LLP on

For most Americans, their retirement plan savings accounts are likely one of their largest and most important assets. And yet many do not give these accounts the attention they deserve when it comes to naming and updating...more

Seward & Kissel LLP

Action Steps for Managers of Private Investment Funds Subject to ERISA Prior to December 1, 2023 to Address the DOL’s Rule...

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If you manage a private investment fund that is subject to Title I of ERISA and is not a feeder fund (an “ERISA Fund”), you should, before December 1, 2023, take the steps described below in order to comply with the DOL’s...more

Verrill

ERISA Section 404(c) Protection: A Refresher for Fiduciaries

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The Employee Retirement Income Security Act (“ERISA”) imposes both (i) significant responsibilities on fiduciaries of participant-directed individual account plans, including 401(k) plans, and (ii) personal liability for...more

Verrill

Department of Labor Guidance and Federal Initiatives Counsel a Wait-and-See Approach for 401(k) Plan Fiduciaries Interested in...

Verrill on

On March 10, 2022, the Department of Labor published Compliance Assistance Release 2022-01, 401(k) Plan Investments in “Cryptocurrencies”. The Release strongly discourages the addition of cryptocurrency (and other digital...more

Dickinson Wright

What Do a Newly Married Employee, a Long-term Employee, and a Change of 401(K) Recordkeepers Have in Common? Beneficiary...

Dickinson Wright on

A participant in a 401(k), 403(b), or other account-style retirement plan may name a beneficiary to receive his or her account balance after the participant’s death. A recent case, Moore v. NCR Corp. Plan Admin. Comm. (USDC...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Be a nice family member, get your beneficiary forms in order

I hate death, I hate talking about death, the whole point of living is not dying. Yet, when it comes to setting things rights, I’ve done the best I can in terms of drafting a will and keep beneficiary forms up to date....more

Bass, Berry & Sims PLC

DOL Begins Audit of Retirement Plans for Cybersecurity Shortfalls

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To increase protections for the estimated $9.3 trillion in American retirement assets, the Department of Labor (DOL) has begun a new cybersecurity audit initiative for retirement plans. After providing its first set of...more

K&L Gates LLP

DOL Creates New E-Delivery Safe Harbor for Retirement Plan Disclosures

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EXECUTIVE SUMMARY - The Department of Labor (DOL) published final regulations that make significant strides in reducing barriers to the electronic delivery of a wide array of retirement plan disclosures. Specifically, the...more

Faegre Drinker Biddle & Reath LLP

New DOL Electronic Disclosure Rules – What You Need to Know

The Department of Labor (DOL) issued final electronic disclosure rules for retirement plans on May 27, 2020 (2020 Safe Harbor). We are already fielding questions about these new rules and have provided answers here to some of...more

McDermott Will & Schulte

[Webinar] ESOP Focus: Deliberate Decision-Making | Dynamic Distribution Strategies - April 30th, 2:00 pm - 3:00 pm ET

The decisions you make in response to the global pandemic will have lasting impacts on your business and your workforce. Join members of our ESOP team each Thursday for this webinar series designed to help you navigate and...more

Holland & Knight LLP

An Overview of Employee Benefit Provisions in the Newly Enacted SECURE Act

Holland & Knight LLP on

After being approved by both the U.S. House of Representatives and the Senate, the Setting Every Community Up for Retirement Enhancement Act (the SECURE Act) was signed into law by President Donald Trump on Dec. 20, 2019, as...more

Chambliss, Bahner & Stophel, P.C.

Do Surviving Spouses Have a Right to a 401(k) or an IRA?

When choosing a beneficiary for a retirement plan, it is important to understand how your spouse will be treated under the plan. Surviving spouses are treated differently under 401(k)s and individual retirement accounts...more

Conn Kavanaugh

Important Changes in Retirement Planning

Conn Kavanaugh on

The holiday season is always a busy and eventful time, so you may have missed a new law that can impact how you plan for your retirement assets. On December 20, 2019, as part of a more comprehensive appropriations act, the...more

Eversheds Sutherland (US) LLP

Congress delivers SECURE and more in year-end benefits bonanza

On December 20, 2019, President Trump signed into law the Further Consolidated Appropriations Act, 2020 (the “Appropriations Act”), a comprehensive government funding bill that includes substantial employee benefits-related...more

Seyfarth Shaw LLP

Beware of the “Overshare”: Construe Requests for ERISA Plan Documents Narrowly!

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Seyfarth Synopsis: Administrators of ERISA plans frequently receive requests from participants, beneficiaries, and their representatives for plan-related documents. A recent decision from the Court of Appeals for the Fifth...more

Snell & Wilmer

Potential $2.4 Billion and Countless Trees Saved – Department of Labor’s Proposed Rule on Electronic Disclosure for Retirement...

Snell & Wilmer on

The Department of Labor recently issued a proposed rule that allows certain retirement plan disclosures to be posted online, rather than requiring such disclosures to be printed and mailed. The Department of Labor anticipates...more

Verrill

DOL Proposes New Electronic Disclosure Rules for Retirement Plans

Verrill on

At long last, the Department of Labor (DOL) has issued an update to its safe harbor rules governing electronic distributions of retirement plan disclosures. When finalized and adopted, the new safe harbor rules will update...more

Bass, Berry & Sims PLC

DOL Proposed Rule on Electronic Disclosures Could Help Alleviate Costs and Burdens on Employers and ERISA Plan Administrators

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On October 23, 2019, the Department of Labor (DOL) published a proposed rule that, if finalized in its current form, would make it easier for retirement plan administrators to use electronic media to furnish information to...more

Carlton Fields

Court Sheds Light on ERISA’s Fiduciary Exception to Attorney-Client Privilege

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A federal district court in Ohio recently attempted to shed some light on when internal communications between an ERISA plan administrator and its in-house counsel are discoverable and when they are protected by the...more

Foley & Lardner LLP

Summary Plan Descriptions: You Gotta Have Them, So Make the Most of Them

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Administrators of plans subject to ERISA (including plans sponsored by for-profit and nonprofit businesses and organizations) must provide participants and beneficiaries with summary plan descriptions (“SPDs”) describing “the...more

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