Next Steps for Plan Sponsors as the Fiduciary Rule on Investment Advice Takes Effect
A new “Fiduciary Rule” (“Rule”) took effect on June 9, 2017, related to investment advice provided with respect to employee benefit plans (“Plans”) subject to the Employee Retirement Income Security Act of 1974 (“ERISA”) and also to individual retirement accounts (“IRAs”). If you are a sponsor of at least one Plan — and are, therefore, a “Plan Sponsor” – it is important to consider the...Read More
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Crafting Social Media & Technology Policies for Your Employees
Social media has become so engrained in people’s lives that they may not realize that they may be subject to different expectations when they enter the workplace. As a result, an employer should set clear expectations at the beginning of the employment relationship to minimize risk of future conflict or even litigation. Indeed, studies now indicate that a majority of employers have implemented...Read More
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IRS Withdraws Proposed Regulations Affecting Nondiscrimination Requirements for Qualified Plans
As published in Steve Leimberg’s Employee Benefits and Retirement Planning Newsletter on April 25, 2016. Reproduced courtesy of Leimberg Information Services, Inc. (LISI) at https://www.leimbergservices.com. “The Internal Revenue Service recently announced the withdrawal of specific provisions of proposed regulations that were issued in January, 2016, related to the non-discrimination...Read More
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Can a Sponsor of an Employee Benefit Plan Embrace Socially Conscious Investing?
Many investors have embraced various forms of “impact investing” in which goals other than merely maximizing the rate of return may be employed. Examples include “Environmental, Social and Governance” (ESG) investing, Socially Responsible Investing (SRI) and Economically Targeted Investing (ETI). In each case, the investor has broader goals than pure profit. While an individual investor may...Read More
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Court Holds Severance Payments Are Not Subject to FICA Taxes
A new “Fiduciary Rule” (“Rule”) took effect on June 9, 2017, related to investment advice provided with respect to employee benefit plans (“Plans”) subject to the Employee Retirement Income Security Act of 1974 (“ERISA”) and also to individual retirement accounts (“IRAs”). If you are a sponsor of at least one Plan — and are, therefore, a “Plan Sponsor” – it is important to consider the...Read More
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Who Do You Want Auditing Your Retirement Plan?
Do you have a qualified retirement plan such as a 401(k), profit sharing plan or other defined contribution plan covering your employees? If so, did you know your plan and the transactions entered into by it are subject to review by both the Internal Revenue Service (IRS) and Department of Labor (DOL)? In our experience, many plans are being operated and administered in a way that is not...Read More
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American Recovery and Reinvestment Act Includes COBRA Changes
The American Recovery and Reinvestment Act of 2009 (“ARRA”) provides for premium reductions and additional election opportunities for health benefits under the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”). Eligible individuals pay only 35 percent of their COBRA premiums and the remaining 65 percent is reimbursed to the coverage provider through a tax...Read More
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FMLA Regulations Issued by the Department of Labor
On January 16, 2009, the Family and Medical Leave Act (“FMLA”) regulations issued U.S. Department of Labor went into effect. This is the first major update since the FMLA was enacted over 15 years ago. Although the basic rights have not changed, Congress amended the FMLA to provide new leave rights relating to military family leave and also updated and modified certain other FMLA...Read More
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Fiduciary Liability To A Single Participant Under ERISA
The United States Supreme Court has agreed to hear a case that could have a drastic impact on fiduciaries of qualified retirement plans subject to the Employee Retirement Income Security Act (ERISA). Plaintiff, James Larue, an employee of the management consulting firm of DeWolff, Bobert & Associates, brought suit against his employer seeking lost appreciation in his 401(k) pension...Read More
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Employees Have No Absolute Right To Return To Work Following FMLA Leave
The Family and Medical Leave Act (“FMLA”) is federal legislation that gives certain covered employees the right to take unpaid leaves of absence in certain circumstances, including leave for an employee’s own serious health condition. Employees who qualify for FMLA leave may take up to twelve (12) weeks of unpaid leave during any designated 12-month period. Additionally, the...Read More
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