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73 Matching News Items |
| 1. |
ESOPs Encouraged -- But Do It Right! SECURE 2.0 Provisions and Expanded IRS Focus
Frost Brown Todd LLC 
Aug. 17, 2023
"SECURE 2.0 included a number of provisions specific to ESOPs ... [1] allow limited application of tax deferral on a sale of stock to S corporation ESOPs ... [2] change the definition of 'publicly traded' for diversification requirements; [3] directing the [DOL] to create an Employee Ownership Initiative; and [4] directing the DOL to release formal guidance on ESOP valuation standards.... [IR-2023-144] notes that [the IRS[ will undertake enforcement strategies to ensure compliance with tax law requirements, including valuation issues with employee stock, the prohibited allocation of shares to disqualified persons, and failures to follow requirements for ESOP loans[.]"
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| 2. |
New Rules Require Plans to 'Chase Time': Coverage for Long-Term Part-Time Employees
Frost Brown Todd LLC
Aug. 15, 2023
"Plan sponsors should consider adopting an amendment to remove a 1,000-hour requirement and/or a part-time employee exclusion so that it is clear how the plan is in compliance. An amendment signed in 2023 to be effective for 2024 would be best and may be required for safe-harbor plans."
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| 3. |
Construction Contractor Must Pay Subcontractors' Union Fringe Benefit Fund Contributions Due to Subcontract Language Deficiency
Frost Brown Todd LLC
May 24, 2023
"The language in the Contractor's collective bargaining agreement with the union required the Contractor to assure that contributions for the Sub's employees be paid, but the language in the subcontractor agreement between the Contractor and Sub did not require the Sub to pay such contributions. The fringe benefit funds included pension/retirement and welfare funds." [Trustees of the Operating Engineers' Local 324 Pension Fund, v. Tri-City Groundbreakers, Inc., and Edw. C. Levy Co., No. 21-11080(E.D. Mich. Feb., 2023)]
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| 4. |
Important Alert for 401(k) and 403(b) Plans That Do Not Allow Participants to Make Roth Contributions
Frost Brown Todd LLC
May 1, 2023
"Plans that do not already offer Roth should contact their recordkeeper now and request Roth to be added to the plan effective January 1, 2024, if the plan wants to allow those earning more than $145,000 to make catch-up contributions. Some recordkeepers require months of advance notice for any amendment and/or limit the number of amendment requests they can accommodate based on available staff at the recordkeeper."
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| 5. |
Sixth Circuit Clarifies Notice Requirements for FMLA Intermittent Leave
Frost Brown Todd LLC
Jan. 15, 2023
"The court explained the unforeseeable leave regulation 'never mentions intermittent leave.' However, the foreseeable leave regulation includes specific procedures that apply to intermittent leave requests. Based on its interpretation of those two regulations, the court held intermittent leave is a type of foreseeable leave.... The court reiterated employers can establish call-in procedures and may deny FMLA leave if an employee fails to follow them. However, an employee cannot be faulted for failing to comply with such a policy if it is unclear or the employee lacked notice of it." [Render v. FCA US LLC, No. 21-2851 (6th Cir. Nov. 16, 2022)]
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| 6. |
SECURE 2.0 Changes to Retirement Plan Corrections
Frost Brown Todd LLC
Apr. 20, 2023
"In SECURE 2.0, Congress has ... [tried] to resolve certain correction issues that bedevil plan administrators.... [1] Correction methods formerly approved either by the IRS or the DOL, but not both, have [now] been written into the IRC and ERISA ... [2] Overpayment errors made by the plan can be corrected without creating hardship for participants and also without exposing plan fiduciaries to a fiduciary violation. [3] The safe harbor correction method for certain automatic contribution and elective deferral failures ... has been made permanent. [4] Self-correction is given broader scope than the agencies apparently felt they had authority to provide."
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| 7. |
NLRB Issues Aggressive Guidance on Severance Agreement Language
Frost Brown Todd LLC
Mar. 23, 2023
"Memorandum GC 23-05 provid[es] guidance on how [NLRB] regional offices should address the legality of severance agreement language.... [T]he General Counsel also shared (without explanation) her belief there are other provisions commonly found in severance/employment agreements which 'might interfere with Section 7 rights,' including: non-compete, no solicitation, and no poaching clauses; broad liability releases and covenants not to sue (which go beyond the employer or the effective date of the agreement); and certain cooperation requirements."
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| 8. |
Proposed Changes in IRA Distribution Rules for '10-Year Payout' Beneficiaries
Frost Brown Todd LLC
Feb. 26, 2023
"[M]any beneficiaries of IRAs and other retirement accounts who are subject to the '10-year payout' rule under the [SECURE Act] will have to comply with an additional requirement and take a taxable withdrawal distribution from the retirement account in each year during the 10-year payout period. This change will apply as early as 2023 to all individuals and qualifying trusts who are not permitted to use age and the IRS tables to stretch required minimum distributions over their entire life expectancies."
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| 9. |
Employee Benefit Plan Year-End Deadlines
Frost Brown Todd LLC
Nov. 14, 2022
"This year, with the delay of the deadline for amending qualified plans, 403(b) plans, and governmental 457(b) plans to comply with the SECURE Act and CARES Act, year-end to-dos are on the light side; however, there are still a few deadlines to be aware of ... [1] Prescription drug disclosures.... [2] 125 plan deadline for COVID-19 special rules ... [3] 457(b) SECURE Act amendments."
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| 10. |
Think Twice Before Agreeing to Contribute to a Multiemployer Pension Plan, Especially If Plan Is Not Fully Funded
Frost Brown Todd LLC
Oct. 11, 2022
"Employers which withdraw from a [multiemployer pension plan (MPP)] should not expect that any withdrawal liability they are assessed will be reduced due to bailout funds the MPP receives.... Possible exposure to withdrawal liability may make it difficult or impossible to sell your business.... Withdrawing employers ... are effectively allocated some of the unfunded vested benefits of employees of bankrupt employers which withdrew but did not pay withdrawal liability." [Updated Mar. 1, 2023]
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| 11. |
Considerations for Employer Group Health Plans in the Aftermath of Dobbs
Frost Brown Todd LLC
Oct. 7, 2022
"[M]any states have implemented laws that restrict abortion services through various civil and criminal penalties.... Some of [the] issues are obvious, such as how, if at all, will group health plans provide coverage for abortion services. Other issues are more obscure, such as whether reimbursements for abortion-related travel and lodging expenses are excludable for federal income tax purposes. Employers that choose to provide such reimbursements through their group health plans may encounter several legal obstacles."
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| 12. |
Health and Welfare Plans 2022 Update
Frost Brown Todd LLC
June 8, 2022
"HHS Transparency Rule likely to require amendment to TPA confidentiality agreement provision ... Fee disclosure requirement for group health plan service providers ... Insurers and group health plans required to provide free COVID tests."
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| 13. |
The Long and Winding Road: The DOL's Proposed Rule on ESG Factors and the Exercise of Shareholder Rights
Frost Brown Todd LLC
Mar. 27, 2022
"The Proposed Rule reconfigures how ERISA's core fiduciary duties of prudence and loyalty apply to the use of environmental, social, and corporate governance (ESG) factors in connection with investment decision-making and the exercise of shareholder rights appurtenant to investments in shares of stock held by ERISA plans. The changes are intended to address what DOL viewed as the 'chilling' effects of the 2020 changes in the Current Rule."
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| 14. |
DOL Refines Its Position Regarding Private Equity in 401(k) Plans
Frost Brown Todd LLC
Jan. 20, 2022
"The door is not closed to plan fiduciaries who are considering adding designated investment alternatives with private equity exposure to their 401(k) or other defined contribution plans, but it is less open than it was before issuance of the Supplemental Statement. Only plan fiduciaries ... who also have experience evaluating private equity in a defined benefit context should conclude that they have the necessary expertise to consider such option.... Any decision to offer such a fund should be made through a rigorous and prudent process that should be fully documented."
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| 15. |
The DOL's Proposed Rule on ESG Factors and the Exercise of Shareholder Rights
Frost Brown Todd LLC
Oct. 27, 2021
"The Proposed Rule would amend the 'Investment Duties' regulation in three principal ways ... [1] A plan fiduciary acts prudently when it considers ESG factors in making investment decisions ... [2] Changes to the Tie-Breaker Rule ... [3] Plans can now offer QDIAs with non-pecuniary objectives like ESG ... The Proposed Rule makes four noteworthy changes to the exercise of shareholder rights ... [1] Eliminating the 'No Vote' Rule ... [2] Eliminating the Special Monitoring Requirements ... [3] Eliminating the Proxy Voting Policy Safe Harbors ... [4] Eliminating the proxy voting records requirement."
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| 16. |
DOL Issues FAQs on Lifetime Income Illustrations
Frost Brown Todd LLC
Sept. 2, 2021
"With respect to participant-directed individual account plans for which quarterly participant benefit statements are required ... the first 'lifetime income illustration' can be incorporated into any benefit statement up to the second quarter of 2022 (ending June 30, 2022).... For nonparticipant directed individual account plans for which participant benefit statements are required ... only once each calendar year, the first 'lifetime income illustration' should be included on the pension benefit statement for the first plan year ending on or after September 19, 2021."
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| 17. |
Is There Really an Exemption from Union Pension Plan Withdrawal Liability for the Trucking Industry?
Frost Brown Todd LLC
Aug. 23, 2021
"There are no PBGC regulations interpreting this exemption and only a few PBGC advisory opinions referencing certain aspects of the exemption. Of the more than 2,500 federal court cases dealing with union pension plan withdrawal liability, less than 30 cases refer to the trucking industry exemption and most of those 30 decisions do not deal with the qualifying requirements for the exemption but rather pertain to routine withdrawal liability issues such as arbitration deadlines, controlled group liability, 'evade and avoid' issues and bankruptcy."
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| 18. |
What's in the 86 COBRA Subsidy Q&As Released by the IRS?
Frost Brown Todd LLC
June 15, 2021
"[1] Who qualifies as an AEI? ... [2] How does a reduction in hours work?.... [3] What is an involuntary termination?.... [4] What coverage is subsidy-eligible?.... [5] When does the subsidy begin and end?.... [6] How does the extended election period work? ... [7] How is the COBRA premium assistance credit calculated? ... [8] How does an employer claim the credit?"
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| 19. |
Temporary Relief for Dependent Care Assistance Programs
Frost Brown Todd LLC
May 18, 2021
"The increase in the annual limit [to $10,500] is only for 2021. For 2022, the annual limit will again be $5,000 unless future legislation raises the limit.... If highly compensated employees utilize the higher limit in 2021 to a greater degree than non-highly compensated employees, this could cause the dependent care flexible spending account program to fail the average benefit test and require that highly compensated employees include the benefits they receive in 2021 as income."
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| 20. |
At Last, DOL Issues Cybersecurity Guidance
Frost Brown Todd LLC
May 12, 2021
"The DOL's three pieces of guidance only scratch the surface in providing helpful guidance to plan sponsors, fiduciaries, and service providers, but they should nevertheless be considered in implementing cybersecurity strategies in the administration of benefit plans.... [F]ailing to adequately respond to this guidance could increase the potential liability of plan sponsors or fiduciaries in connection with plan data or other cybersecurity breaches."
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