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 […]