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Home > Federal Law Articles > Employee Benefits

Articles about the Employee Retirement Income Security Act (ERISA) and other issues relating to employee benefit topics

Supreme Court: Plaintiffs Who Suffered No Injury Lack Standing to Sue under ERISA

June 5, 2020 | Jackson Lewis Filed Under: ERISA

Jackson Lewis

The plaintiffs’ expectations surely suffered a blow after reading the Supreme Court’s initial observation in their case: “If [the plaintiffs] were to lose this lawsuit, they would still receive the exact same monthly benefits that they are already slated to receive, not a penny less. If [the plaintiffs] were to win this lawsuit, they

Expanding the Safe Harbor for (Certain) Electronic Disclosures

June 3, 2020 | Jackson Lewis Filed Under: DOL, ERISA

Jackson Lewis

We previously wrote about the Department of Labor’s proposed expansion of its safe harbor for electronic delivery of certain retirement plan disclosures required under ERISA.  The wait is finally over, with publication of the final rule (the “New Rule”) helped along by the DOL’s desire to alleviate some of the

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.

DOL Finally Relaxes Its Electronic Delivery Rule—But Only for Retirement Plans

May 25, 2020 | Ogletree Deakins Filed Under: DOL, Retiree Benefits

On May 21, 2020, the U.S. Department of Labor (DOL) announced publication of its long-awaited guidance on electronic participant  disclosures. The good news is that the DOL has taken a step in the right direction in easing some of the difficulties that were present in the prior electronic communications safe

Reopening Health Plan Elections Mid-Year? IRS Leaves it up to Employers

May 25, 2020 | Littler Filed Under: General (Benefits)

Littler

On May 12, 2020, the IRS issued guidance temporarily suspending long-standing federal regulations that limit when an employee can make mid-year changes to employer-sponsored health coverage.

Under the normal IRS rules, employees elect health coverage before each plan year during open enrollment, and may not change those elections except

IRS and DOL Issue Sweeping Deadline Relief for Benefit Plan Participants and Plan Sponsors

May 25, 2020 | Jones Walker Filed Under: DOL, General (Benefits)

In accordance with emergency powers granted in the wake of the COVID-19 pandemic, the Internal Revenue Service (IRS) and US Department of Labor (DOL) recently issued guidance temporarily extending a number of benefit plan-related deadlines and providing other relief for participants and plan sponsors having difficulty complying with these

IRS’s New 2021 HSA and HDHP Limits

May 22, 2020 | Ogletree Deakins Filed Under: HSAs

On May 20, 2020, in Revenue Procedure 2020-32, the Internal Revenue Service (IRS) announced the annual contribution limits for 2021 for health savings accounts (HSA). The IRS also announced the 2021 definitional limits per Internal Revenue Code Section 223 for high deductible health plans (HDHP).

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

IRS Reverses Course on Employee Retention Credit for Qualified Health Plan Expenses

May 8, 2020 | Littler Filed Under: General (Benefits)

Littler

The IRS has changed its position and will allow employers to receive a tax credit for paying health care plan premiums for employees on furlough.  

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.

Will New Stimulus Bill Include Multiemployer Pension Reform?

April 26, 2020 | Jackson Lewis Filed Under: Multi-Employer Plans

Jackson Lewis

What could be in the next stimulus bill in response to the COVID-19 pandemic? Congress reportedly is working on a bill (dubbed “Stimulus 3.5”) that includes additional funding for the Paycheck Protection Program created by the CARES Act.  Will the new stimulus bill address long-awaited reforms to the multiemployer pension

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