An ever-increasing amount and sophistication of internet crimes targeting employee benefit plan data and assets has led to increasing concerns among ERISA fiduciaries who anticipate the consequences of cybersecurity issues raised in DOL audits of ERISA plans and...
Among the many health-related provisions of the Consolidated Appropriations Act, 2021 (CAA), in its No Surprises Act provisions, beginning in 2023, most group health plans and issuers of individual insurance coverage must provide a searchable web-based tool (and...
With so much focus on retirement plans, like 401(k) plans, in a corporate transaction, health and welfare plans often are overlooked or not addressed completely. If the seller retains ownership of the company in an asset sale, it’s likely it will continue...
Open enrollment can be a tricky time for employer plan sponsors and participants alike. It’s the time when employers open a “window” allowing eligible employees to choose health and welfare benefits (like dental, term life, long-term disability...
SECURE 2.0 gave some leeway to plan sponsors in revising their participant notice distribution options. Effective this year, defined contribution plan sponsors have the option to forgo providing notification to unenrolled participants (with zero account balances...
A Texas District Court recently issued an opinion, in Utah v. Walsh, favoring the U.S. Department of Labor (DOL) regarding the legitimacy of the DOL’s final regulations addressing “Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder...
A supplemental executive retirement plan (SERP) is a specific type of top-hat plan that supplements an employee’s qualified plan benefits. The plan can be structured so that it doesn’t simply supplement the qualified plan in which the executive participates...
Deferred compensation arrangements appeal to executives and other highly paid employees because they allow each participating executive to postpone their recognition of income taxes until a future year. There aren’t any caps on the amount that may be deferred...
Unless your employer 401(k) plan wholly follows the safe harbor route, you’ll need to determine who among your employees should be treated as a “highly compensated employee” (HCE). Determining this is one of the most critical steps in maintaining...
Employers who adopt an employee stock purchase plan (ESPP) have a chance to give employees a stake in their employer’s success by purchasing employer stock at a discounted price. On the employee’s / former employee’s sale or disposition of the...
Many employers provide their employees with health coverage—the Affordable Care Act making it more likely. Enter the Consolidated Appropriations Act, 2021 (CAA), bringing new rules on surprise billing and price transparency. Employers spend time negotiating...
Open enrollment is fast approaching for calendar year employer health plans. It’s a time when employees (don’t forget those on COBRA or leave) can enroll in or make changes to their employer-based health insurance benefit options. Often, other benefit...
It’s been more than 30 years since the U.S. Supreme Court decided Firestone Tire & Rubber Co. v. Bruch , which significantly impacted ERISA benefits litigation by applying a standard of review for courts faced with review of an ERISA benefits claim determination...
The SECURE 2.0 Act of 2022 (Division T of Pub. L. No. 117-328 ), or SECURE 2.0, includes provisions that take effect in 2024 and 2025. For example, 401(k) and 403(b) plans have been permitted to include salary deferral catch-up contributions for more than 20 years...
Asking for money can be an uncomfortable thing. Before SECURE 2.0, it seemed that plan administrators were obligated by fiduciary rules to at least try—maybe become demanding—when trying to correct a plan overpayment. SECURE 2.0 provided some breathing...