Employers that provide 401(k) and other defined contribution retirement plans to their employees on plan documents that have been “pre-approved” by the Internal Revenue Service (IRS) must sign updated documents by July 31, 2022.
Articles about the Employee Retirement Income Security Act (ERISA) and other issues relating to employee benefit topics
Turning an “American Dream Project” into a nightmare for a New Jersey contractor, the U.S. Court of Appeals for the Third Circuit has held that, under ERISA’s multiemployer pension plan provisions (the Multiemployer Pension Plan Amendments Act of 1974 or MPPAA), a MPPAA employer includes any entity that is obligated to contribute to a plan as either a direct employer or in the interest of one.
It’s no secret that the statutory deck under ERISA is stacked heavily in favor of multiemployer pension plans (MEPPs) and against employers contributing to (or withdrawing from) Taft-Hartley trust funds. For example, an employer who receives a demand to pay its alleged allocable share of a multiemployer pension plan’s unfunded
In furtherance of the Biden Administration’s January 28, 2021, Executive Order 14009 and April 5, 2022, Executive Order 14070 to protect and strengthen the ACA, the Treasury Department and IRS published a proposed rule on April 7, 2022, advancing an alternative interpretation of Internal Revenue Code Section 36B. Employers can
There is a growing trend of using participant data to cross-sell financial products unrelated to plan recordkeeping by large recordkeepers and asset custodians of employer-sponsored retirement plans. In light of the fact that plan fiduciaries are ultimately legally responsible for the management and mismanagement of a retirement plan, this trend
On March 29, 2022, the House of Representatives passed the Securing a Strong Retirement Act of 2022 (“SECURE 2.0”, HR 2954). The vote was largely supported by both parties (414-5). The Senate will likely act on the bill later this spring. While we expect several changes in the Senate version,
Last year about this time, we wrote of how far we had come collectively in the world of employee benefits roughly one year after the onset of the COVID-19 Pandemic. We reveled at how we kept on keeping on, what we were able to accomplish in the face of unprecedented
It can be cathartic responding to a negative online review. It can also backfire, as can failing to cooperate with an OCR investigation as required under HIPAA.
The Office for Civil Rights (OCR) recently announced four enforcement actions, one against a small dental practice that imposed a $50,000 civil monetary
For banks seeking to attract and retain the best talent, restricted stock has become a popular alternative for providing incentive compensation to bank executives. Restricted stock may take the form of either a restricted stock award (RSA) or a restricted stock unit (RSU). Both have significant retentive value, but they have important differences that affect the interest of the executive.
Retirement plan disclosures required by the Employee Retirement Income Security Act (ERISA) may be delivered by electronic media under the Department of Labor’s (DOL) updated electronic distribution regulation.
It started sometime last year and, in hindsight, was inevitable. Clients with 401(k) plans and a crypto-savvy employee population began asking whether they could offer cryptocurrency as a plan investment option. In the 401(k) world, where even a self-directed brokerage window with built-in investment limitations can be too risky, the
At Nexsen Pruet, we work with clients across the full spectrum of healthcare to manage compliance with HIPAA, and often we receive questions about associates and business associate contracts.
Health Care attorney Shannon Lipham breaks down HIPAA privacy rule as she discusses managing business associates and business associate agreements while staying HIPAA compliant.
On March 10, 2022, the Department of Labor issued guidance on the use of cryptocurrency in plans governed by ERISA. The announcement applies to cryptocurrencies as well as digital assets, which include “tokens,” “coins,” “crypto assets” and any derivates thereof.
According to a recent survey, about 45% of companies do not have a Chief Information Security Officer (CISO). As West Monroe’s “The Importance of a CISO” observes, it would be terrific for all organizations to have a CISO, but that simply may not be practical for some, particularly smaller organizations.