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Report Link IRS Issues Proposed Relief for Safe Harbor.Fredrikson & Byron, P.A. - June 09, 2009 On May 18, 2009, the IRS issued proposed regulations that would permit employers incurring a substantial business hardship to reduce or suspend required Safe Harbor Nonelective Contributions without losing their plan’s qualified status. Report Link New Safe Harbor 401(k) Guidance Helps Economically Distressed Employers.Littler Mendelson, P.C. - May 26, 2009 The Internal Revenue Service issued proposed regulations on May 18, 2009 which allow for the suspension or reduction of safe harbor nonelective contributions under certain 401(k) safe harbor plans. Report Link When a Safe Harbor becomes Unsafe.Ford & Harrison LLP - May 22, 2009 The Internal Revenue Service this week issued proposed regulations that would permit the reduction or suspension of safe harbor nonelective contributions (SHC's) by an employer that sponsors a "safe harbor" 401(k) plan if the employer incurs a "substantial business hardship" (as described in the proposed regulations). This gives an employer an alternative to terminating its safe harbor plan just because it cannot afford to make a contribution. The proposed regulations would allow for the reduction or suspension of safe harbor nonelective contributions and safe harbor matching contributions under substantially identical rules. Report Link Plan Amendments Done Right.Fisher & Phillips, LLP - May 04, 2009 Employers wishing to reduce labor costs during these rough economic times may be considering eliminating matching contributions or other employer contributions to their tax qualified profit sharing and 401(k) plans. While its perfectly legal to make such changes, make sure that the plan documentation is properly and timely amended. Plan documentation includes the actual plan document, which can include both an adoption agreement and master plan document for prototype arrangements, and the Summary Plan Description. Report Link Plan Loans under Truth-In-Lending Act.Ford & Harrison LLP - March 09, 2009 The federal Truth in Lending Act ("TILA"), and the Federal Reserve Board's Regulation Z implementing TILA, are applicable to most employee benefit plans that have plan loan provisions, such as a "typical" 401(k) plan or 403(b) plan. Report Link The Seventh Circuit Dismisses ERISA 401(k) Revenue Sharing & Excessive Fee Lawsuit.Littler Mendelson, P.C. - February 23, 2009 On February 12, 2009, the U.S. Court of Appeals for the Seventh Circuit issued a decision in Hecker v. Deere Company, Nos. 07-3605 & 08-1224, affirming dismissal of a complaint alleging that the fiduciaries of two 401(k) plans sponsored by Deere violated ERISA. The ruling is the first significant appellate decision in a recent wave of ERISA lawsuits brought by plan participants against large companies and their 401(k) plans. In general, these lawsuits allege that the plan sponsors breached their fiduciary duties under ERISA by paying excessive fees to 401(k) service providers and by failing to adequately disclose fee information to plan participants. The Seventh Circuit's ruling is important because it clearly rejects several of the theories advanced by plaintiffs in these cases, many of which are currently pending in federal courts throughout the country. Report Link Labor Department Proposes New Disclosures of Fees and Expenses.Ford & Harrison LLP - July 31, 2008 After much discussion, the Department of Labor (DOL) has proposed regulations that would require participant-directed plans, including most 401(k) plans, to provide participants with basic disclosures concerning the fees and expenses charged in connection with available investment alternatives, and in connection with administration of the plan. The DOL’s concern is that plan participants often do not have access to complete information needed to make informed investment decisions. Specifically, the DOL has found that information on fees and expenses charged by fund managers and others is either not readily available or not easy to understand. Report Link LaRue Part II: Fourth Circuit Rules That Former Employees Can Sue You for Retirement Plan Investments.Baker, Donelson, Bearman, Caldwell & Berkowitz, PC - July 30, 2008 The Supreme Court's February ruling in LaRue v. DeWolff, Boberg & Associates, Inc., et al. allows former employees who participated in 401(k) and other defined contribution plans to sue plan fiduciaries for breach of duty claims, if the result of the breach is a reduced account balance which is then used to cash those employees out of the plan. In LaRue, the claim was straightforward - the fiduciary failed to invest plan assets as directed by the participant. The impact of LaRue is already being felt. Report Link You’ve Gotta Have Heart.Fisher & Phillips, LLP - July 03, 2008 Last month President Bush signed into law the Heroes Earnings and Assistance and Relief Act of 2008 (HEART or the Heroes Act). The Act's provisions impact benefits under 401(k) plans. In addition, Health FSAs, group health plans, and cafeteria plans may also be impacted by some Heroes Act changes. Report Link DOL Issues Guidance On Qualified Default Investment Alternatives.Ogletree Deakins - June 25, 2008 Employers that have adopted a qualified default investment alternative (QDIA) for their 401(k) plans now have a new resource to help work through potential problems, including issues related to investments that predate the QDIA rules, the coordination of QDIA and other plan-related notices, grandfathered stable value funds, and so-called "round trip" restrictions. Report Link Supreme Court Ruling Allows Individuals to Recover Individual 401(k) Account Losses.Ogletree Deakins - February 21, 2008 Today, the U.S. Supreme issued its ruling in LaRue v. DeWolff, Boberg & Associates, Inc. The high court disagreed with the Fourth Circuit Court of Appeals' decision that a participant in a 401(k) plan is prohibited from using Section 502(a)(2) of the Employee Retirement Income Security Act (ERISA) to recover losses allegedly caused by his employer's failure to carry out his investment instructions. "Although [Section] 502(a)(2) does not provide a remedy for individual injuries distinct from plan injuries," the majority wrote, "that provision does authorize recovery for fiduciary breaches that impair the value of plan assets in a participant's individual account." Report Link DOL Issues Final Regs On QDIA's.Fisher & Phillips, LLP - January 08, 2008 Participant-directed accounts have become the norm in most 401(k) plans. But with the increase in the number of plans utilizing automatic enrollment features, plan fiduciaries should select a default investment for participants who fail to make an election. Report Link New Automatic Enrollment Arrangement For 401(k) Plans.Fisher & Phillips, LLP - October 03, 2007 If you are considering adding automatic enrollment for employees who have not signed up for the 401(k) plan, a new kind of automatic enrollment is available next year. Beginning January 1, 2008, a 401(k) plan can offer a "Qualified Automatic Contribution Arrangement" (QACA) which requires minimum levels of 401(k) deferrals and exempts the 401(k) plan from nondiscrimination and top heavy testing. Report Link 401(k) Plan Fees Litigation: Is The Dam Breaking? A Slew of Class Action Lawsuits Alleging Shady Fee Practices Roils 401(k) Sponsors.Littler Mendelson, P.C. - April 16, 2007 Are ERISA fiduciaries violating their mandate to invest plan assets as experts would? Are the fees just too high? Report Link 401(k) Plans Can Reduce ERISA Exposure but Require On-Going Fiduciary AttentionJackson Lewis LLP - June 15, 2006 The 401(k) plan has become the primary retirement funding vehicle for the vast majority of employers. 401(k) plans are not only popular with employees, but also can provide employers with reduced exposure to liability under ERISA. However, such plans require ongoing fiduciary attention, and employers often do not take full advantage of the opportunities to reduce ERISA fiduciary liability. Report Link IRS Releases Sample Amendments For Roth 401(k) Plans (pdf).Ford & Harrison LLP - May 24, 2006 Since January 1, 2006, employers who sponsor a
401(k) plan have had the option of including a
“Roth contribution” feature in the plan. Report Link Updated 401(k) Plan Regulations Finalized (pdf).Vedder Price - February 17, 2005 Updated final regulations were recently issued covering
401(k) plans. Pre-tax contributions made by 401(k) plan
participants are tested for discrimination each year under
the actual deferral percentage (ADP) test under
Section 401(k) of the Internal Revenue Code of 1986, as
amended (the "Code"). Report Link SEC Turns Up the Heat on 401(k) Fiduciaries.Littler Mendelson, P.C. - August 03, 2004 This is not an easy time to be a 401(k) plan fiduciary. With frightening regularity, attacks have been launched by government agencies and plan participants, some successfully, at fiduciaries.
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Employment Law Seminars
2010 Ushers In Many Important Changes to Workplace Laws
Columbia
November 20, 2009 Fisher & PhillipsANNUAL EMPLOYMENT LAW UPDATESacramento
December 1, 2009 Shaw ValenzaMonthly Webinar: Preventing Workplace Harassment (California and National)Webinar
December 1, 2009 LittlerCalifornia Legally Required Sexual Harassment Training: It's Never Too Late to ComplySan Francisco
December 1, 2009 Fisher & PhillipsThe Constangy Management Training Center "Employment Law 201"Tampa
December 2, 2009 ConstangyCalifornia Legally Required Sexual Harassment Training: It's Never Too Late to ComplyOntario
December 2, 2009 Fisher & PhillipsAudio Conference: Employee Caregivers Dealing With DementiaAudio Conference
December 2, 2009 Young ConawayClients, Adversaries and Witnesses: The Ethics of Communication in a Fast-Paced Legal World Web CastWebinar
December 4, 2009 Ford & HarrisonTaking Executive Compensation Hostage; What To DoWebinar
December 8, 2009 Baker HostetlerPREVENTING HARASSMENT AND OTHER EEO ISSUES AT WORK: IT’S ALL ABOUT RESPECT (AB 1825 COMPLIANCE)Sacramento
December 9, 2009 Shaw Valenza |
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