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34 Matching News Items

1.  Court Permits Beneficiary Designation by Telephone
Williams Mullen Link to more items from this source
Feb. 12, 2015
"First, the court noted that the beneficiary designation forms were not plan documents because they did not contain information about the participant's benefit entitlement. Only documents that provide information about where the participant stands with respect to the plan could constitute plan documents. Second, the court noted that the terms of the Xerox Plans did not incorporate the beneficiary designation forms by reference.... The Ninth Circuit concluded that the participant had substantially complied with the terms of the Xerox Plans, because the plan documents did not require the use of a beneficiary designation form to change a beneficiary designation." [Becker (plaintiff in interpleader) and Mays-Williams v. Williams, No. 13-35069 (9th Cir. Jan. 28, 2015)]
2.  2023 Annual Employee Benefits Compliance Checklist for Plan Administrators (PDF)
Williams Mullen Link to more items from this source
Nov. 19, 2023
12 pages. "This checklist addresses plan amendments, notices and other considerations for qualified retirement plans, welfare plans, and stock-based and performance-based plans. A chart showing benefit and contribution limits for 2024 is included."
3.  IRS Reduces 2024 Affordability Percentage
Williams Mullen Link to more items from this source
Sept. 27, 2023
"IRS Rev. Proc. 2023-29 set the lowest affordability percentage since the implementation of the ACA, following a three-year trend of reduction.... Under the FPL safe harbor, the employee contribution cannot exceed 8.39% of the FPL, which for 2024 in the mainland United States is $14,580 annually, or $101.94 per month (down from $103.28 per month in 2023). Employers that set employee contributions based on the exact FPL safe harbor dollar amount will need to reduce the required employee contribution for the 2024 plan year."
4.  Seventh Circuit Denies Deferred Compensation Deduction in Taxable Asset Sale
Williams Mullen Link to more items from this source
Aug. 22, 2023
"The Seventh Circuit's conclusion differs from what has come to represent the common analysis and interpretation of these timing rules in practice. Given this opinion, it will be important for employers to take a fresh look at the effect of transactions on deferred compensation deductions." [Hoops, LP and Heisley Member, Inc., Tax Matters Partner vs. Comm'r, No. 22-2012 (7th Cir. Aug. 9, 2023)]
5.  SECURE Act 2.0 Summary of Changes to Retirement Plans (PDF)
Williams Mullen Link to more items from this source
Jan. 10, 2023
9 pages. This article summarizes the changes that impact: [1] Access to retirement plans; [2] Withdrawals and distributions; [3] Individual Retirement Accounts (IRAs); [4] Small employers, SIMPLE plans and SEPs; [5] Pooled Employer Plans (PEPs) and Multiple Employer Plans (MEPs); [6] Employee Stock Ownership Plans (ESOPs); and [7] 403(b) plans and governmental plans.
6.  2022 Annual Employee Benefits Compliance Checklist for Plan Administrators
Williams Mullen Link to more items from this source
Nov. 21, 2022
"This checklist addresses plan amendments, notices and other considerations for qualified retirement plans, welfare plans, and stock-based and performance-based plans. A chart showing benefit and contribution limits for 2023 is included."
7.  New DOL Independent Contractor Proposed Rule
Williams Mullen Link to more items from this source
Oct. 12, 2022
"The new rule focuses the analysis of worker classification on whether workers are in business for themselves to determine whether they are independent contractors.... [T]he DOL will look at whether workers can meaningfully negotiate their pay for the work, whether they accept a particular consulting job, whether they control when they work on the job, whether they engage in activities like marketing to expand their business, and whether the workers are the ones purchasing materials or equipment."
8.  July Deadlines for Retirement Plans
Williams Mullen Link to more items from this source
July 11, 2022
"Employers using pre-approved plan documents for their defined contribution retirement plans, such as 401(k) plans, must adopt restated adoption agreements by July 31, 2022.... If a retirement plan was amended in 2021, the plan sponsor may need to issue a summary of material modifications (SMM) or update the [SPD] to reflect the change.... [For] a plan year that ended December 31, 2021, the SMM must be distributed no later than July 29, 2022."
9.  Second Circuit Highlights Key Definitional Aspects of Involuntary Termination Under 409A
Williams Mullen Link to more items from this source
Apr. 8, 2022
"The court, quoting the Plan's Section 409A interpretive language, concluded that, '… the Plan Administrator is directed to interpret Plan terms in conformance with Section 409A and its exemptions from taxation.' As such, the court ruled that the Plan administrator was not arbitrary and capricious in determining that Soto [1] had not experienced a qualifying layoff since she was not 'willing and able' to return to work due to her disability and [2] had not experienced a termination entitling her to Plan benefits." [Soto v. Disney Severance Pay Plan, No. 20-4081 (2d Cir. Feb. 16, 2022)]
10.  ESOP Essentials: Can My Company Offer an ESOP?
Williams Mullen Link to more items from this source
Nov. 5, 2021
"This alert describes how IRC requirements determine whether a business can offer an ESOP to its employees. It also identifies which corporate structure is associated with a potential business owner tax benefit."
11.  Plan Sponsors: Review Restated Pre-Approved Plan Documents with Care
Williams Mullen Link to more items from this source
Mar. 31, 2021
"An unexpected change that is made in error or not understood by the plan sponsor could result in errors in plan administration. Such errors could lead to costly corrections and plan qualification failures."
12.  IRS Provides Limited COVID-19 Relief for Section 83(b) Elections
Williams Mullen Link to more items from this source
Apr. 27, 2020
"A limited extension, until July 15, 2020, is available for ... Section 83(b) elections otherwise due on or after April 1, 2020, and before July 15, 2020. It will be especially important for taxpayers making such an election to keep records of the filing and evidence of timely mailing."
13.  SECURE Act Makes Significant Changes to Benefit Plans
Williams Mullen Link to more items from this source
Feb. 17, 2020
"[The article includes a link to] a detailed analysis of the Act based upon the type of Plan, e.g., defined contribution, defined benefit, IRA, health and welfare plan ...[and] a chart showing the effective date of all provisions of the Act, whether the changes are mandatory or discretionary, and whether the change requires a plan amendment."
14.  Federal Judge Dismisses ERISA Fiduciary Breach Claim against University for Lack of Standing
Williams Mullen Link to more items from this source
Aug. 2, 2019
"The Court found that Stanley released her claims under the agreement from the release’s plain language. The release included 'any and all claims' for violation of any federal statute, 'including but not limited to' statutes listed in the release. The Court rejected Stanley’s broader interpretation of 'claims for vested benefits,' stating that the language only referred to a contractual claim under the plans themselves and not a broader statutory claim under ERISA." [Stanley v. George Washington Univ., No. 18-878 (D.D.C. Mar. 29, 2019)]
15.  IRS Summarizes Issues for S Corporation ESOPs and Section 409(p)
Williams Mullen Link to more items from this source
Apr. 25, 2019
"There are no prescribed correction methods for a violation of 409(p). Loss of S Corporation status and excise taxes are some of the consequences of a violation.... The Issue Snapshot is a reminder that the only prescribed method for preventing a nonallocation year is the 'transfer method,' which directs the plan administrator to transfer a formulated number of shares, for any participant who would otherwise become a disqualified person, to a non-ESOP account."
16.  New Parking Expense Rules for Taxable Employers and Tax-Exempt Organizations
Williams Mullen Link to more items from this source
Jan. 28, 2019
"Employers should first calculate the 'total parking expenses' (not the fair market value of parking) and the total number of parking spots it provides. [Four] steps allow the employer to classify each parking spot, and its allocated parking expense, as tax deductible or non-deductible (or included in UBTI). [1] Calculate reserved spots for employees ... [2] Determine primary use of remaining spots aka 'The Primary Use Test' ... [3] Calculate allowance for reserved nonemployee spots ... [4] Determine use for remaining spots and allocate expenses."
17.  2018 Year End Checklist for Plan Administrators (PDF)
Williams Mullen Link to more items from this source
Nov. 27, 2018
"[This] checklist addresses plan amendments, notices and other considerations for qualified retirement plans, welfare plans, and stock-based and performance-based plans. A chart showing benefit and contribution limits for 2019 is [included]."
18.  New Nondiscrimination Rules Impact Health Care Providers and Health Plans
Williams Mullen Link to more items from this source
Sept. 25, 2016
"Whether a form of language assistance is required is determined based on the nature of the communication and the importance of the health program or activity.... If providing translation services assistance is a 'reasonable step,' the covered entity must offer a qualified interpreter for oral communications and a qualified translator for paper or electronic communications.... Such language assistance must be provided free of charge and in a timely fashion."
19.  Federal Court Dismisses 'Excessive Fee' Claims Against Plan's Service Provider
Williams Mullen Link to more items from this source
Jan. 20, 2016
"The court held first that Principal's selection of sixty-three funds for the initial investment menu in the 2009 contract was not a fiduciary act.... The court also rejected McCaffree's assertion that Principal was a fiduciary because it offered the participants investment advice giving rise to a fiduciary duty under ERISA section 404(a). Again, the court found that McCaffree offered no facts to show Principal's actions as an investment manager were connected to or caused the excessive fees alleged in the complaint." [McCaffree Fin. Corp. v. Principal Life Ins. Co., No. 15-1007 (8th Cir. Jan. 8, 2016)]
20.  State Law Claims Under Group Life Insurance Policy Were Preempted by ERISA
Williams Mullen Link to more items from this source
Nov. 20, 2015
"On ERISA preemption grounds, a federal court has ruled against state law claims asserted by the beneficiary of a former school teacher who sought benefits from a group life insurance policy.... [A recent case] illustrates how a governmental employee's life insurance benefits may fall within the scope of ERISA when sponsored by a non-governmental 'employee organization' and be subject to the full weight of ERISA." [Woods v. American United Life Ins. Company, No. 1:15-cv-859 (N.D. Ala. Nov. 13, 2015)]
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