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Home > Federal Law Articles > Employee Benefits > 401(k)

Articles Discussing 401(k) Plans.

401(k) Plans Using Pre-approved Plan Documents Must Be Restated by July 31, 2022

March 12, 2021 | Ogletree Deakins Filed Under: 401(k)

In Announcement 2020-7, the Internal Revenue Service (IRS) announced employers’ deadline by which to adopt new plan documents related to Notice 2017-37. The new announcement informs employers that maintain defined contribution plans (e.g., 401(k) plans, profit-sharing plans, and money purchase plans) through the adoption of IRS pre-approved plan documents that

Dealing With Missing Participants in Terminating Puerto Rico 401(k) Plans

January 22, 2021 | Ogletree Deakins Filed Under: 401(k)

For a host of legal and practical reasons, the only feasible alternative for disposing of the accounts of missing participants in a terminating 401(k) or other defined contribution retirement plan qualified only in Puerto Rico (commonly known as a “P.R.-only plan”) is, after making reasonable efforts to locate the missing

BlackRock 401(k) Plan Class Action Headed for Trial

January 18, 2021 | Jackson Lewis Filed Under: 401(k)

Jackson Lewis

A class action alleging that BlackRock entities favored their own proprietary funds when selecting investment options for BlackRock’s 401(k) Plan is headed for trial after Judge Haywood S. Gilliam, Jr. denied both parties’ motions for summary judgment on January 12, 2021. Baird v. BlackRock Inst’l. Trust Co., No. 17-1892 (N.D.


“Defined Contribution Plans, Section 401(k) Plans: Tax Aspects,” Bloomberg Law Benefits Guide

November 12, 2020 | Jones Walker Filed Under: 401(k)

Susan Chambers, a partner in the Tax Practice Group in the New Orleans office, and Linda Bounds Keng, a partner in the firm’s Tax Practice Group in the Jackson office, authored the chapter titled “Defined Contribution Plans, Section 401(k) Plans: Tax Aspects” in the Bloomberg Law Benefits Guide.

401(k) Plan Sponsors—Do You Need to Start Tracking Hours for Your Part-Time Employees?

October 21, 2020 | Ogletree Deakins Filed Under: 401(k)

At the end of 2019, President Donald Trump signed into law the Setting Every Community Up for Retirement Enhancement (SECURE) Act, which included a number of changes to employer-sponsored retirement plans. One change involved expanding the ability of long-term, part-time employees to make 401(k) deferral contributions. While this change becomes

Department of Labor Releases Guidance for 401(k) Plan Investments in Private Equity

July 22, 2020 | Jones Walker Filed Under: 401(k), DOL

Last month the US Department of Labor (Department) issued an Information Letter stating that it is possible for individual account plans subject to the Employee Retirement Income Security Act of 1974 (ERISA) to offer limited private equity investments in a manner that complies with ERISA, provided certain suitability issues are considered by plan fiduciaries. The Information Letter confirms that a plan fiduciary would not violate ERISA fiduciary duties “solely because the fiduciary offers a professionally managed asset allocation fund with a private equity component.” Similarly, the Information Letter confirms that fiduciaries may offer private equity as a small component of an ERISA plan’s diversified investment option, like a target date fund, a target risk fund, or a balanced fund.

Suspending Safe Harbor Contributions Mid-Year: A Primer for Employers

May 28, 2020 | Ogletree Deakins Filed Under: 401(k)

As cash flow and decreased revenue concerns rise, many employers are looking for ways to cut costs. This article generally identifies the circumstances that allow a safe harbor 401(k) plan sponsor to suspend safe harbor contributions and the related consequences of such suspensions.

COVID-19 And Late Remittances of Employee Deferrals to 401(k) Plans

May 15, 2020 | Jackson Lewis Filed Under: 401(k)

Jackson Lewis

Many employers facing economic challenges because of COVID-19 have considered several possibilities for reducing their contributions to their 401(k) plans.  Whether freezing safe harbor matching or nonelective contributions or deciding against making discretionary matching and/or profit-sharing contributions, the goal has been the same: reduce their employee benefits costs.

What many

Northrup Grumman Agrees to Settle 401(k) Excessive Fee Suit

April 29, 2020 | Jackson Lewis Filed Under: 401(k)

Jackson Lewis

Northrop Grumman has agreed to pay $12,375,000 to settle a class action brought under the Employee Retirement Income Security Act (“ERISA”) by participants in its 401(k) plan. The parties reached the initial terms of this settlement last year minutes before the start of the trial.

In Private Letter Ruling, IRS Approves 401(k) Student Loan Repayment Benefit

April 29, 2020 | Jackson Lewis Filed Under: 401(k)

Jackson Lewis

The IRS has released a Private Letter Ruling (“PLR”) 201833012, in which it approved a student loan repayment program as a 401(k) benefit. Although the PLR can only be applied by the taxpayer/plan sponsor requesting it, it is a promising development for employers seeking to provide stronger incentives for a workforce increasingly saddled with student loan debt.

401(k) and 403(b) Plan Hardship Distribution Substantiation: What Will the IRS Be Looking For?

April 29, 2020 | Jackson Lewis Filed Under: 401(k)

Jackson Lewis

On February 23 and March 7, 2017, the Internal Revenue Service (“IRS”) issued memoranda to examination agents addressing review of substantiation provided in support of safe harbor hardship distributions under 401(k) and 403(b) plans. Although the memoranda cannot be relied upon as official guidance, they are good reference points to help plan sponsors and third party administrators (“TPAs”) avoid issues on audit.

Will Your Forfeiture Account Disqualify Your 401(k) Plan?

April 29, 2020 | Jackson Lewis Filed Under: 401(k)

Jackson Lewis

In the last six months, several clients called me regarding substantial balances in a so-called “forfeiture account” in their 401(k) plans. A few of these clients have forfeiture accounts that violate the ERISA requirements. It is imperative that forfeitures be handled properly since both the IRS and the Department of Labor (DOL) on audit generally review how forfeitures have been handled by the plan.

Deadline for Restating Your 401(k) Plan May Be Around the Corner

April 29, 2020 | Jackson Lewis Filed Under: 401(k)

Jackson Lewis

Preapproved (prototype or volume submitter) defined contribution plans must be restated for the Pension Protection Act by April 30, 2016.

IRS Publishes 401(K) Contribution Limit Increases for 2020

November 6, 2019 | Littler Filed Under: 401(k)

Littler

It’s that time of year again. On November 6, 2019, the Internal Revenue Service (IRS) announced cost-of-living adjustments affecting dollar limitations for pension plans and other retirement-related items for the 2020 tax year. These limits include both employee and employer contribution limits.

Victory for NYU After First Trial in the 401(k) Fee Cases Filed Against Colleges and Universities

August 12, 2018 | Littler Filed Under: 401(k)

Littler

In the past two years, more than 16 prominent colleges and universities across the country have been targeted by class action lawsuits filed under the Employee Retirement Income Security Act (ERISA) challenging the fees and investment lineups in the schools’ retirement plans. On July 31, 2018, a New York federal court issued an opinion and order in favor of NYU in the first of those cases to proceed to trial, Sacerdote v. New York University.1 As the first case to consider the merits of the claims asserted in these ERISA class actions, Sacerdote is not only a significant victory for NYU but also for the other colleges and universities defending similar suits.2

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