YATINDRA PANDYA, July 9, 2020 Background On May 27, 2020, the Department of Labor (DOL) published its final rule on electronic disclosures, creating an additional voluntary fiduciary safe harbor for electronically providing participant disclosures required under the Employee Retirement Income Security Act of 1974, as amended (ERISA). The effective date of this final rule […]
Retirement Plans
ROBERT R. GOWER, July 9, 2020 On June 30, 2020, the United States Department of Labor (DOL) published a Proposed Rule in the Federal Register seeking to formalize guidance concerning environmental, social, and governance (ESG) considerations in selecting investments for plans subject to the Employee Retirement Income Security Act of 1974 (ERISA). Background ESG […]
ADRINE ADJEMIAN and ROBERT R. GOWER, June 8, 2020 On May 4, 2020, the Internal Revenue Service (IRS) issued a limited set of FAQs providing administrative guidance addressing the special “coronavirus-related distribution” (CRD) and plan loan provisions under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). As anticipated, the guidance draws […]
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 […]
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) […]
CATHERINE L. REAGAN and KEVIN E. NOLT, April, 2020 (Updated May 1, 2020) In response to the coronavirus pandemic, on April 10, 2020 the Internal Revenue Service (IRS) issued Notice 2020-23, extending the deadlines for the time-sensitive actions set forth in Revenue Procedure 2018-58 to July 15, 2020.1 These extensions apply to certain retirement plan […]
T. KATURI KAYE and BRYAN J. CARD, March, 2020 On March 27, 2020, the United Sates Congress passed the historic Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”), the largest rescue bill to date, which provides economic relief to individuals, businesses, local and state governments, and health care systems financially impacted by […]
CRAIG P. HOFFMAN, December, 2019 The most far-reaching pension reform legislation in 13 years was passed by Congress and is expected to be signed into law by President Trump today as part of the budget bill funding the federal government for the remainder of the fiscal year. The Setting Every Community Up for Retirement […]
R. BRADFORD HUSS, CRAIG P. HOFFMAN, CATHERINE L. REAGAN, November, 2019 401(k) plans have been with us for almost 40 years. Over that time, the focus for most plans has been on helping participants accumulate savings that will be consumed in retirement. With the decline in defined benefit plans, 401(k) plans are providing a large […]
Shannon Oliver, November, 2019 On November 6, 2019, the Internal Revenue Service issued Notice 2019-59, 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, 2020. Below are some of the highlights. Limitations That Have Increased The limitation on the annual […]
CRAIG P. HOFFMAN, October, 2019 Background On October 23, 2019, the Department of Labor (DOL) published proposed regulations that provide for a new e-disclosure safe harbor for distribution of participant notices required under ERISA. This regulatory project is in response to President Trump’s Executive Order on Strengthening Retirement Security, issued in August of last […]
CRAIG P. HOFFMAN, August, 2019 Congress will soon be returning to Washington from its summer recess. The question for those interested in retirement policy is whether pension reform will finally move forward this year. The answer will depend on whether several key senators agree to lift the “holds” they have placed on the legislation. […]
BARBARA PLETCHER, July, 2019 Did you know that the Pension Benefit Guaranty Corporation (PBGC) administers a missing participants program for defined contribution plans? We ask because PBGC has indicated, informally, that few defined contribution plans have taken advantage of this program. Missing Participants Program In the benefits community, it is well known that PBGC […]
ADRINE ADJEMIAN, July, 2019 On May 1, 2019, the Internal Revenue Service (IRS) issued good news in the form of Revenue Procedure 2019-20, which announced a limited expansion of the determination letter program for individually designed hybrid and merged plans. The IRS will begin accepting determination letter applications for these plans effective September 1, […]
CRAIG P. HOFFMAN, June, 2019 Much has been written about the impact student loan debt is having on the American economy. According to the Wall Street Journal, student loan debt is currently in excess of $1.5 trillion, the average debt is $34,000 per person, two million loans have defaulted over the last six years […]
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