Author: Trucker Huss

A Closer Look at Arbitration Provisions in ERISA Breach of Fiduciary Duty Claims

BRIAN D. MURRAY and ANGEL L. GARRETT, December 19 2023 As plan sponsors increasingly look to arbitration provisions to avoid costly class action litigation, courts across the nation have weighed in on whether plan-wide claims for breach of fiduciary duty under ERISA § 502(a)(2) can be subject to mandatory arbitration.  ERISA § 502(a)(2) provides that […]

Self-Correction of Plan Failures Made Easier — At Least For Now

ADRINE A. CARGILL and JOELLE TAVAN, December 19 2023 Since 1990, the Internal Revenue Service (IRS) has provided plan sponsors with programs and related mechanisms to correct plan qualification failures (or “defects”) and avoid significant penalties for their failures to comply with certain of the tax-qualification requirements under section 401(a) of the Internal Revenue Code […]

INVESTMENT ADVICE FIDUCIARY RULE, ROUND THREE — Retirement Security Rule: Definition of an Investment Advice Fiduciary & Proposed Amendment to Prohibited Transaction Exemption 2020-02

YATINDRA PANDYA and ROBERT GOWER, November 30 2023 Introduction On October 31, 2023, the Department of Labor (DOL) released its proposed rule (the “Proposed Rule”) providing a draft new regulatory definition of an “investment advice fiduciary” under the Employment Retirement Income Security Act of 1974 (ERISA). The Proposed Rule breathes new life into the DOL’s […]

2024 Pension Plan Limitations

SUSAN QUINTANAR, November 7 2023 On November 1, 2023, the Internal Revenue Service issued Notice 2023-75, 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, 2024. Below are some of the key highlights. Adjusted Limitations  The limitation on the annual […]

There’s a Lot to Consider When Designing and Operating Deferred Compensation Plans for Executives of Tax Exempt Organizations—Part 2

SCOTT E. GALBREATH, October 17, 2023 This article is the second in a series. Part 1 appeared in the Sept 2023 Benefits Report (download PDF here). Those working with 457 plans may also be interested in Scott E. Galbreath’s October 31 webinar: Deferred Compensation Plans for Tax Exempt Organizations —The Tricks and Treats of 457 Plans […]

Long-Term Part-Time Workers: More Questions than Answers for Defined Contribution Plans?

NICOLAS DEGUINES, September 28, 2023 On December 29, 2022, the SECURE 2.0 Act of 2022 (“SECURE 2.0”) was signed into law. SECURE 2.0 builds upon the retirement improvements made by the Setting Every Community Up for Retirement Enhancement Act (“SECURE 1.0”).  One of SECURE 2.0’s main goals is to expand retirement coverage and increase retirement […]

There’s a Lot to Consider When Designing and Operating Deferred Compensation Plans for Executives of Tax Exempt Organizations—Part 1

SCOTT E. GALBREATH, September 28, 2023 On July 14, 2023, the Internal Revenue Service (the “IRS”) issued Notice 2023-54 (the “Notice”), providing much-welcomed guidance and transition relief relating to certain required minimum distributions (RMDs). Specifically, the Notice provides the following: Tax exempt organizations have unique considerations when it comes to compensating executives. The most obvious […]

SECURE 2.0: IRS Issues New Guidance on RMDs

NICOLAS DEGUINES, September 21, 2023 On July 14, 2023, the Internal Revenue Service (the “IRS”) issued Notice 2023-54 (the “Notice”), providing much-welcomed guidance and transition relief relating to certain required minimum distributions (RMDs). Specifically, the Notice provides the following: Relief for the change in the required beginning date (RBD) for RMDs under SECURE 2.0; Guidance […]

Trucker Huss Lawyers Recognized as 2024 Best Lawyers®and Best Lawyers: Ones to Watch®

BULLETIN, August 30, 2023 Trucker Huss is pleased to announce that Best Lawyers® has recognized 13 of our lawyers:  ten have been included in the 2024 edition of The Best Lawyers in America® and three have been named to the 2024 Best Lawyers: Ones to Watch® list. Since it was first published in 1983, Best […]

More Time to “Catch-Up”

ZACHARY ISENHOUR and ROBERT GOWER, August 29, 2023 On August 25, 2023, the Internal Revenue Service (IRS) released Notice 2023-62 (the “Notice”), providing eagerly awaited relief on the implementation timeline for the catch-up contribution provisions under Section 603 of the SECURE 2.0 Act of 2022 (“SECURE 2.0”). The catch-up contribution provisions under Section 414(v) of […]

Ninth Circuit Decision in AT&T Case Could Open Up Potential New Attacks on Retirement Plan Fiduciaries: What Fiduciaries Need to Know

DYLAN D. RUDOLPH and JOSEPH C. FAUCHER,  August 10, 2023 On August 4, 2023, the Ninth Circuit Court of Appeals revived a lawsuit against AT&T Services Inc. and its retirement plan fiduciaries (together, “AT&T”), reversing a district court’s order granting summary judgment in AT&T’s favor. This decision, which is published and binding on cases located […]

Coming Soon: Determination Letter Program for Individually Designed Section 403(b) Plans

JAHIZ NOEL AGARD and KATURI KAYE, April 27, 2023 Starting in June 2023, the Internal Revenue Service (the “IRS”) will start accepting determination letter applications for individually designed Internal Revenue Code Section 403(b) plans (“section 403(b) plans”) (also known as tax-sheltered annuity plans). As announced in Revenue Procedure 2022-40 (issued in November 2022), plan sponsors […]

Group Health Plans Must Submit Gag Clause Attestations by December 31, 2023

ALAINA HARWOOD and ELIZABETH LOH, April 27, 2023 On February 23, 2023, the U.S. Departments of Labor, Health and Human Services, and Treasury (the “Departments”) issued joint guidance (“Tri-Agency FAQs”) for group health plans and insurers regarding annual attestations on gag clause prohibition compliance as required under the Consolidated Appropriations Act, 2021 (CAA). Attestations will […]

The End of the COVID-19 Emergency Periods Is Fast Approaching

ELIZABETH LOH, April 6, 2023 During the COVID-19 National Emergency (NE) and Public Health Emergency (PHE) periods, the government issued guidance providing various forms of temporary relief to plan sponsors and plan participants, and also requiring plan sponsors to make certain plan design changes during these emergency periods (e.g., covering COVID-19 testing, the extension of […]

New Rules Under SECURE 2.0 for Correcting Overpayments Add Protection for Plan Fiduciaries

RYAN KADEVARI and NICHOLAS J. WHITE, March 30, 2023 On December 29, 2022, President Biden signed the SECURE 2.0 Act of 2022 (“SECURE 2.0”) into law as part of the Consolidated Appropriations Act of 2023. SECURE 2.0, which builds upon the original Setting Every Community Up for Retirement Enhancement Act, contains numerous developments that affect […]

Page 1 of 34 1 2 3 34