Click here for a printer-friendly version. As discussed in our prior January 2024 bulletin, plaintiffs’ class action firms have taken aim at common and longstanding practices of 401(k) plans regarding the use of forfeitures to reduce employer contributions, with [...]
Click here for a printer-friendly version. The SECURE 2.0 Act of 2022 (“SECURE Act 2.0”) was signed into law on December 29, 2022 as part of the Consolidated Appropriations Act of 2023.Consolidated Appropriations Act, 2023, Pub. L. 117-328, 136 [...]
Click here for a printer-friendly version. For decades IRS regulations and guidance have allowed employers with qualified 401(k) plans wide discretion to decide how to use plan account forfeituresForfeitures may include, for example, non-vested employer contributions in a former [...]
Click here for a printer-friendly version. Federal courts are conflicted on the elements necessary to prove that ERISA plan fees paid to a service provider are a prohibited transaction. Recent decisions from the Second and Ninth Circuits added to [...]
In the last several years, courts have grappled with ERISA plan terms that require participants to arbitrate their claims on an individual basis. Recently, the 10th Circuit invalidated a plan’s arbitration term in Harrison v. Envision Management Holding because it would have restricted the statutory ERISA remedies participants were otherwise entitled to seek.
Click here for a printer-friendly version. Congress passed the SECURE 2.0 Act of 2022, which has far-reaching impacts on retirement plans. See our separate article for additional information. Some investment houses now include bitcoin in their fund offerings for [...]
Click here for a printer-friendly version. In addition to COVID-19 relief provisions, the American Rescue Plan Act (ARPA) enacted in March provided funding relief for multiemployer and single-employer pension plans. The multiemployer plan relief includes: Estimated $90+ billion in [...]
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) included several provisions impacting retirement plans, all of which were modeled after prior legislation providing financial relief options to participants in times of national disaster or other [...]
The payment of benefits to missing participants and beneficiaries has been an area of increased DOL attention in recent years. In 2019, the Employee Benefits Security Administration (a DOL agency) recovered over $2 billion in payments [...]
In December 2019, Congress passed the Setting Every Community Up for Retirement Enhancement Act (SECURE Act) as part of the Appropriations Act. See our article for additional information. Pursuant to an Executive Order, the IRS proposed updates [...]