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292 Matching News Items

1.  Sutherland Global Services Accused of ERISA Fiduciary Breaches Over Fees
planadviser Link to more items from this source
Nov. 18, 2019
"According to the complaint, 'certain responsibilities in connection with the plan' were delegated to CVGAS LLC during the proposed class period, including the responsibility to select and monitor the array of investment options to be included in the plan. Among other issues, the plaintiffs allege the defendants 'failed to properly minimize the reasonable fees and expenses of the plan.' " [Savage v. Sutherland Global Services Inc., No. 19-6840 (W.D.N.Y. complaint filed Nov. 13, 2019)]
2.  Legal Alert: Additional Benefits under Required Minimum Distribution Regulations
Eversheds Sutherland, via Mondaq Link to more items from this source
July 7, 2005
Excerpt: Under new tax regulations ..., required minimum distributions from qualified annuity contracts prior to annuitization must take account of the actuarial present value of additional benefits provided under the contract. A working group of the Society of Actuaries has prepared a discussion paper considering actuarial assumptions and methods for reasonably determining those values. [The target page has links to Sutherland's Legal Alert and the Society of Actuaries' discussion paper].
3.  IRS Sees Flight Risk with Corporate Jets
Eversheds Sutherland Link to more items from this source
Feb. 27, 2024
"On February 21, 2024, the IRS announced a new initiative to audit large corporate taxpayer use of corporate jets, as part of a larger initiative focused on tax compliance of large corporations and high-income taxpayers. The audits, which will use Inflation Reduction Act funding, will focus significant IRS attention on both corporate deductions and individual taxation related to personal flights for the first time in a decade."
4.  IRS SECURE 2.0 Guidance Answers Key Questions
Eversheds Sutherland Link to more items from this source
Jan. 18, 2024
"Even though amendments are not required, it will likely make sense to amend plans for at least some of the applicable provisions as a way of tracking what changes were made and having relevant language to address potential participant questions.... Although [Notice 2024-2] indicates that financial incentives paid with a gift card will be taxable, a financial incentive that is provided in the form of property and that otherwise satisfied the de minimis fringe benefit rules of Section 132(e) may not be taxable."
5.  Checking It Twice: End of Year Actions for Benefit Plans (PDF)
Eversheds Sutherland Link to more items from this source
Dec. 5, 2023
"[1] Long-term part-time administrative changes ... [2] SECURE 2.0 Optional changes.... [3] Pre-approved plans with discretionary match ... [4] Qualified retirement plan routine year-end maintenance ... [5] Gag clause prohibition compliance ... [6] [MHPAEA] comparative analysis ... [7] Cafeteria plan 'family glitch' amendment."
6.  Global Compensation and Benefits: Clawbacks and Other Compensation Adjustments (PDF)
Eversheds Sutherland Link to more items from this source
Nov. 21, 2023
"Adjustment mechanisms can have significant benefits in ensuring greater alignment between risk and individual reward and in reinforcing expected standards of performance or conduct. But in many countries their use, whether in the form of clawback or malus/cause provisions, is legally regulated. ... [T]here is a broad spectrum of legal impacts, from the use of such provisions being prohibited in some countries, to being mandatory for companies operating under certain regulatory frameworks in others."
7.  A Long and Winding Road: The DOL's Fiduciary Rule 4.0 Proposal (PDF)
Eversheds Sutherland Link to more items from this source
Nov. 9, 2023
36 pages. "Rollover advice would be explicitly included ... as a form of fiduciary advice. Disclaimers would be ineffective if the professional is positioned in the market as trustworthy.... The proposal would add new disclosure and other conditions for relief ... Relief would continue to be available for conflicted advice under the exemption for insurance transactions ... but would be limited to sales by independent producers and subject to additional conditions.... [E]lements of the proposal could potentially create the predicate for a private right of action by IRA owners."
8.  DOL Opines on Plan Sponsor's Diverse Investment Manager Program (PDF)
Eversheds Sutherland Link to more items from this source
Oct. 17, 2023
"Some investment fiduciaries may already take into account the potential financial benefits to the plan resulting from an investment manager's diversity. The DOL noted that the Advisory Opinion should not be interpreted as providing the only path to selecting a diverse investment manager or as suggesting that diversity, equity, and inclusion factors cannot be independently considered from a financial perspective."
9.  More Time to Catch Up: IRS Announces Two Year Delay of Roth Catch-Up Requirement
Eversheds Sutherland Link to more items from this source
Aug. 28, 2023
"Although the IRS did not explicitly state the technical logic behind its interpretation, the IRS relied on the fact that Code section 414(v)(1) states that permitting catch-up contributions will not cause a plan to fail to meet any other provision of the Code. It appears that the IRS concluded that regardless of the elimination of the specific reference in Code section 402(g) to catch-up contributions, the overriding language in Code section 414(v)(1) permits catch-ups."
10.  Preparing Employee Benefit Plans for the Emergency Exit
Eversheds Sutherland Link to more items from this source
May 2, 2023
"Nongrandfathered plans must continue to cover COVID-19 vaccines obtained from in-network providers at no cost, as these were added as [ACA] preventive services by the CARES Act."
11.  Simply the Vest: IRS Streamlines Rules for Retirement Plan Forfeitures
Eversheds Sutherland Link to more items from this source
Feb. 27, 2023
"Employers with defined contribution plans that have a more restrictive timeline for using forfeitures may consider amending their plan documents to require forfeitures to be used no later than 12 months following the end of the plan year in which the forfeitures were incurred.... [W]hile the proposed regulations allow plans to use forfeitures to pay plan administrative expenses, nothing in the regulations would impact previous guidance from the [DOL] specifying that plan assets can only be used to pay reasonable expenses that are not settlor expenses[.]"
12.  SECURE 2.0 in 2023 and Beyond
Eversheds Sutherland Link to more items from this source
Jan. 9, 2023
"Effective immediately, employers can permit participants ... to elect that matching or non-elective contributions are made as Roth (after-tax) contributions.... Roth matching or non-elective contributions will, of course, result in taxable income to the participant, including a tax withholding requirement. Employers will need to work out how to satisfy this tax withholding from other compensation paid to the employee or through other means[.]"
13.  DOL Issues Final ESG Regs
Eversheds Sutherland Link to more items from this source
Nov. 28, 2022
"[A chart] summarizes the most significant changes [from] the 2021 Proposal and any modifications to these provisions in the Final Rule.... By deleting the 'may often require' language, DOL confirms that consideration of ESG factors is not a mandate. Nevertheless, it is clear that DOL views E, S and G components as having the potential to be economically significant factors that may form part of a prudent evaluation of risk and return."
14.  IRS Announces 'RMD-elay' for New Rules
Eversheds Sutherland Link to more items from this source
Oct. 14, 2022
"[Notice 2022-53] provides that excise taxes and tax disqualification will not apply to failures by beneficiaries to take annual distributions under the RMD 10-Year Rule (defined below) for calendar years 2021 and 2022.... The Notice provides that the final RMD regulations will apply 'no earlier than the 2023 distribution calendar year.' Before this extension, the proposed regulations stated that the final regulations were to apply to RMDs for the 2022 calendar year."
15.  DOL's Proposed QPAM Amendments May Amount to an Effective Revocation of the Exemption
Eversheds Sutherland Link to more items from this source
Aug. 10, 2022
"If adopted in its current form, the Proposal would come dangerously close to a revocation of the exemption ... [T]he DOL outlined six objectives behind the proposed amendments. While the objectives on their face appear reasonable, the actual conditions proposed to attain those objectives should raise concerns for both plans and investment providers."
16.  Three Cheers for Three Years: IRS Extends Deadlines for SECURE and CARES Amendments
Eversheds Sutherland Link to more items from this source
Aug. 4, 2022
"The deadline for adopting optional CARES Act relief for expanded distributions and loans is apparently not extended and generally remains December 31, 2022 for calendar year plans."
17.  DOL Makes No Secret of Its Concerns About Crypto
Eversheds Sutherland Link to more items from this source
Mar. 11, 2022
"DOL's position on brokerage windows seems to run counter to the view often taken by plan fiduciaries, that the plan fiduciary has a duty to prudently select and monitor the provider of the brokerage window but not the investment options chosen by participants through that window (particularly when those investments are publicly traded mutual funds or exchange traded funds)."
18.  ESG and Pensions: An International Perspective (PDF)
Eversheds Sutherland Link to more items from this source
Mar. 3, 2022
28 pages. "While there were some common themes, revealing a growing trend towards recognition of ESG factors in pensions generally, these international 'snapshots' also reveal that different countries are in very different places on their ESG and pensions journey."
19.  Plans and Insurers Must Cover Over-the-Counter COVID-19 Tests
Eversheds Sutherland Link to more items from this source
Jan. 11, 2022
"The guidance is effective for tests purchased on or after January 15, 2022, and provides, among other things, that [1] over-the-counter tests generally must be covered without cost to the participant, [2] only diagnostic tests are required to be covered without cost, not employer-mandated tests or other tests for surveillance purposes, and [3] a plan or insurer can apply limits on the number of covered tests per month, with a safe harbor limit of eight tests per eligible individual per month."
20.  Guide to ERISA Individual Prohibited Transaction Exemptions: 1996-2021 (PDF)
Eversheds Sutherland Link to more items from this source
Jan. 5, 2022
132 pages. In 2021, the [DOL] published only three final exemptions  ... Two provided relief for financial institutions to continue to act as QPAMs notwithstanding criminal convictions of affiliates; this is the tenth consecutive year in which at least one such exemption has been finalized. The other exemption involved a real estate transaction between related union plans, for which relief also has been regularly granted in the past.
   Next »

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