The 2024 proxy season is close. Public companies should review their policies, procedures, and disclosures related to diversity, equity, and inclusion (DEI) and environmental, social, and governance (ESG) statements and commitments. Think of climate change and...
Executive perquisites, particularly at public companies, have received significant attention (much of it negative) over the last several years, resulting in many public companies cutting back on the level of benefits offered. Still, perquisites often are featured...
Long before the closing agreement is signed, the acquiring company has to decide what to do with employees who transfer with the bargain and the benefit plans in which they’ll participate. In asset acquisitions where the buyer does not acquire the seller's...
Fiduciary risk in sponsoring health and other welfare plans has grown with the passage of the Affordable Care Act and the Consolidated Appropriations Act, 2021 (which includes the No Surprises Act). Cost and expense transparency can lead to participants’...
The U.S. Department of Labor (DOL) has released its long-anticipated final rule which revises the standard for determining whether a worker is an employee or an independent contractor under the Fair Labor Standards Act. The change will impact employee benefits...
All qualified plans, including 401(k) plans, must comply with the nondiscrimination standards of the Internal Revenue Code which prohibit discrimination, in benefits or contributions, in favor of highly compensated employees. 401(k) plans have a special nondiscrimination...
Artificial intelligence (AI) is poised to transform the benefits team experience. Beyond an AI administrative assistant guiding employee decision-making, generative AI has clear potential to be a strategic partner to companies and benefits teams, deciding what...
Benchmarking your 401(k) plan is the process of evaluating if the services provided to the plan, its investment and management fees, are competitive with other plans, services, and investments of a similar size or type. It’s prudent for plan sponsors and...
Plan mergers and spin-offs are common prequels or sequels to corporate transactions. The mechanics of combining plans, splitting them, or transferring assets and liabilities between plans are wrought with complications. How to handle plan loans? Is the investment...
For plan years beginning on or after January 1, 2025, most cash or deferred arrangements (e.g., 401(k) plans and 403(b) plans) established after the SECURE 2.0 Act’s enactment date will be required to have an automatic enrollment feature. Such plan features...
The ever-increasing amount and sophistication of internet crimes targeting employee benefit plan data and assets has led to increased concern among ERISA fiduciaries who anticipate the consequences raised by cybersecurity threats and their preparedness in the context...
Incentives are good motivators. The SECURE 2.0 Act ( Pub. L. No. 117-328, Div. T ), allows employers to offer de minimis financial incentives to employees to participate in their 401(k) or 403(b) plans. IRS just issued Notice 2024-2 providing guidance on a host...
The SECURE 2.0 Act ( Pub. L. No. 117-328, Div. T ), which was included within the Consolidated Appropriations Act, 2023, has provisions with effective dates from 2023 to 2033. For 2024, some rules are mandatory and some are optional. Learn more by reading this...
Qualified retirement plans can require that employees perform a certain number of hours of service before being eligible to participate in the plan. So requiring 1,000 hours in a year of service kept part-time employees out of most plans. The SECURE Act (now, fondly...
Educational assistance programs are a common tax-favorable employee benefit offered by employers. Statutory requirements under I.R.C. § 127 permit a great deal of flexibility in program design. This includes the ability to restrict assistance only to coursework...