Nicholas J. White

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 […]

DOL Announces Publication of Final E-Disclosure Rule

FREEMAN L. LEVINRAD and NICHOLAS J. WHITE, May 26, 2020    On May 21, 2020, the Department of Labor (DOL) announced its final rule on electronic disclosures, which is scheduled to be published on May 27th. The final rule allows employers to deliver participant disclosures primarily electronically. The DOL anticipates this will reduce plan costs by […]

The DOL Provides Limited Relief to Retirement Plans and Their Fiduciaries in Dealing with the COVID-19 Pandemic

RON ASSADI and NICHOLAS J. WHITE, May 18, 2020    In response to the COVID-19 pandemic (the “Pandemic”), on April 28, 2020, the Employee Benefits Security Administration (EBSA) issued Disaster Relief Notice 2020-01 (the “Notice”). The Notice addresses the following issues as impacted by the Pandemic: (i) deadlines for providing participant disclosures and notices; (ii) […]

IRS Rules That Student Loan Program under 401(k) Plan Does Not Violate the Contingent Benefit Rule, but Important Compliance Issues Are Left Unanswered

NICHOLAS J. WHITE, October, 2018 Research shows that student loan debt is now second only to mortgages in consumer debt. More than 44 million Americans owe collectively $1.5 trillion in student loan debt, with the average student in the Class of 2016 owing over $37,000. Many of these individuals cite their outstanding student loans (or […]

Fiduciary Rule to Go Live June 9, 2017

NICHOLAS WHITE, ROBERT GOWER and ADRINE ADJEMIAN, May 2017    Following months of uncertainty stemming from a February 3, 2017, Presidential memorandum ordering the Secretary of Labor to conduct a review of the final fiduciary advice regulatory package (the “Final Rule”), including a 60-day delay in its applicability date, it seems all but certain the […]

DOL Proposes a 60-Day Delay in Implementation of the Fiduciary Rule

NICHOLAS J. WHITE, February 2017    Just a few hours before our webinar on March 1st, entitled What Comes Next? — Lessons Learned & Practical Implications of the Fiduciary Rule Under Review, the Department of Labor (DOL) released a proposed rule extending the April 10th applicability date of the Fiduciary Rule (the “Rule”) by 60 […]

The DOL Finalizes Its Safe-Harbor Rule on State-Sponsored IRAs

NICHOLAS J. WHITE, August 2016 — On August 25, 2016, the Department of Labor (DOL) issued its final rule on the circumstances in which state payroll deduction savings programs with an automatic enrollment feature would not give rise to the establishment of an employee benefit plan under the Employee Retirement Income Security Act of 1974, […]

The DOL Clarifies Its Safe Harbor Guidance for Selecting Annuity Providers and Contracts for Defined Contribution Plans

NICHOLAS J. WHITE, October 2015 — In 2008, the Department of Labor (DOL) issued a safe-harbor regulation for plan investment fiduciaries regarding a prudent process for selecting and monitoring annuity providers and contracts for defined contribution plans (the “Safe Harbor Rule”). In Field Assistance Bulletin (FAB) 2015-2 (the “FAB”), issued this past summer, the DOL […]