Author: Trucker Huss

SECURE 2.0 Provisions Impacting Employer-Sponsored Retirement Plans

NICOLAS DEGUINES and KEVIN E. NOLT, January 13, 2023 Background The SECURE 2.0 Act of 2022 (“SECURE 2.0”) was signed into law by President Biden on December 29, 2022, as part of the Consolidated Appropriations Act of 2023, a $1.7 trillion omnibus spending bill. SECURE 2.0 comes after many in the retirement plan community predicted […]

Proposed Changes to the Department of Labor’s Voluntary Fiduciary Correction Program

KEVIN NOLT, December 21, 2022 On November 21, 2022, the U.S. Department of Labor (DOL) published proposed updates to its Voluntary Fiduciary Correction Program (VFCP). VFCP is designed to encourage employers to voluntarily comply with the Employee Retirement Income Security Act of 1974 (ERISA) by voluntarily correcting certain prohibited transactions and submitting those corrections to […]

Final Rule Provides Permanent Automatic Extension of Time to Furnish Certain Affordable Care Act Tax Forms

SARAH KANTER, December 21, 2022 On December 12, 2022, the Treasury Department (“Treasury”) and the Internal Revenue Service (IRS) released a “Final Rule” that automatically extends the timeframe for employers and other reporting entities to furnish IRS Forms 1095-B and 1095-C to individuals, regarding their health coverage each year, to March 2 of the following […]

Reinterpreting ESG: DOL Releases Flexible Final Rule While Maintaining Long-Held Principles

ZACHARY ISENHOUR and ROBERT GOWER, November 29, 2022 On November 22, 2022, the United States Department of Labor (DOL) issued a new final rule (the “2022 Rule”) concerning climate change and environmental, social, and governance (ESG) considerations in selecting investments and exercising shareholder rights (including voting proxies) for plans subject to the Employee Retirement  Income […]

The Unlikely Intersection Between ERISA and State Laws Regulating Abortion

JOSEPH C. FAUCHER and BRIAN D. MURRAY, November 10, 2022 In the wake of the Supreme Court’s recent decision in Dobbs v. Jackson Women’s Health Org., which overturned Roe v. Wade and its progeny, many states have passed, or are in the process of passing, laws that severely restrict abortion services. Assuming no federal legislation […]

Temporary Relief from the Physical Presence Requirement Is Scheduled to Expire after December 31, 2022

SUSAN QUINTANAR, November 10, 2022 In Notice 2022-27, the IRS extended (through December 31, 2022) the temporary relief from the requirement that participant elections under qualified plans be witnessed in the physical presence of a notary or plan representative, as set forth in Treas. Reg. 1.401(a)-21(d)(6)(i), including participant elections that require spousal consent. Unless the […]

2023 Pension Plan Limitations

SHANNON OLIVER, November 10, 2022 On October 21, 2022, the Internal Revenue Service issued Notice 2022-55, containing the cost-of-living adjustments related to retirement plan limitations under the Internal Revenue Code (the “Code”). These changes will take effect on January 1, 2023. Below are some of the key highlights. Adjusted Limitations The limitation on the annual […]

Rash of Recent Lawsuits Focus on BlackRock Indexed Target Date Options: Even Low-Cost Funds Are Being Attacked

DYLAN RUDOLPH and JOSEPH FAUCHER, September 29, 2022  Over the past several weeks, a single law firm, Miller Shah, LLP, has filed nearly a dozen lawsuits against fiduciaries of defined contribution plans that offer the BlackRock LifePath Index target date funds (“BlackRock Funds”). The cases represent a shift in approach relative to earlier waves of […]

Searching for Missing Retirement Plan Participants

BARBARA PLETCHER, September 29, 2022  Over the years, the Department of Labor (DOL), the Pension Benefit Guaranty Corporation (PBGC), and the Internal Revenue Service (IRS) have published guidance regarding acceptable methods of searching for missing participants in tax-qualified retirement plans governed by the Employee Retirement Income Security Act (ERISA). In the September Benefits Report, we […]

DOL Proposes Stricter Prohibited Transaction Exemption Application Procedures

MIA BUTZBAUGH, July 28, 2022  The Employee Retirement Income Security Act of 1974, as amended (ERISA) includes rules that limit plan fiduciaries’ conduct. The limits set forth in ERISA Sections 406 and 407(a) are known as the “prohibited transaction rules” and are so broad that, absent exemptions, employee benefit plans would be unable to function. […]

FICA Tax Withholding and Reporting for Section 457(b) and 457(f) Nonqualified Deferred Compensation Plans

J. MARC FOSSE, July 28, 2022  Administering withholding and reporting of taxes under the Federal Insurance Contributions Act (FICA) for nonqualified deferred compensation plans maintained under Section 457 of the Internal Revenue Code (the “Code”) can be complex for many tax-exempt organizations. Employers frequently need assistance in setting up proper procedures and pay codes to […]

DOL Releases RFI on Possible Agency Actions to Protect Life Savings and Pensions from Threats of Climate-Related Financial Risk

YATINDRA PANDYA, May 26, 2022  On February 14, 2022, the Department of Labor (DOL) Employee Benefits Security Administration (EBSA), which is responsible for administering, regulating and enforcing the provisions of Title I of the Employee Retirement Income Security Act of 1974 (ERISA), published a Request for Information on Possible Agency Actions to Protect Life Savings […]

Revisiting the HIPAA Proposed Rule: What Group Health Plan Sponsors Need to Know

SARAH BOWEN, May 26, 2022  In late 2020, the Office for Civil Rights (OCR) at the Department of Health and Human Services (HHS) proposed significant changes to the Health Insurance Portability and Accountability Act of 1996 (HIPAA) Privacy Rule, aimed primarily at improving care coordination and data sharing. As the final rule on these changes […]

Ninth Circuit Court of Appeals Revives Two 401(k) Fee Cases, Potentially Making It More Difficult for Plan Fiduciaries to Obtain Early Dismissal

 DYLAN RUDOLPH and CLARISSA KANG, April 21, 2022  In a rather surprising move, the Ninth Circuit Court of Appeals issued two short decisions within the span of a week, which reversed lower court dismissals in 401(k) fee cases brought against Salesforce.com, Inc. and Trader Joe’s Company. A motion to dismiss challenges the quality of a […]

Texas District Court Vacates Part of New IDR Rule for Surprise Medical Billing

 JENNIFER WONG, March 31, 2022  On February 23, 2022, the U.S. District Court for the Eastern District of Texas vacated certain provisions of the interim final regulations (IFR) which the tri-agency Departments of Labor, Health and Human Services, and Treasury (the “Departments”) issued pursuant to the surprise medical billing rules under the No Surprises Act […]

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