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 […]