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Editor's Pick AT&T and Lockheed Martin Face Class Actions Over Pension Risk Transfers to Athene
Thompson Hine Link to more items from this source
Mar. 15, 2024

"The lawsuits come at a time when plan sponsors, due to a range of factors including the relatively favorable interest rate environment, have an increased interest in de-risking activities ... [T]he industry awaits an overdue report from the [DOL] to Congress on existing guidance on fiduciary duties under [ERISA] when selecting an annuity provider that may preview changes to that guidance.... [T]he outcome of these cases and the report to Congress could have far-reaching implications for sponsors and plan fiduciaries engaging in PRTs." [Piercy v. AT&T Inc., No. 24-10608 (D. Mass. complaint filed Mar. 11, 2024); Konya et al. v. Lockheed Martin Corp., No. 24-0750 (D. Md. complaint filed Mar. 13, 2024)]

Tags: Fiduciary Duties  •  Funding of DB Plans

Editor's Pick PEP Cost Savings May Take Years, and May Not Materialize
PLANSPONSOR; free registration may be required Link to more items from this source
Mar. 15, 2024

"Retirement plans that include multiple employers have continued to grow in assets, but the growth of assets necessary to reach the critical size where economies of scale can be achieved may take years. The forecasted cost savings to plan sponsors of joining a pooled employer plan over using a single employer plan may not materialize, depending on the sponsor's pooled plan provider.... Boston College researchers provided [a] breakdown of the fees that should be considered[.]"

Tags: MEP/PEP  •  Retirement Plan Administration  •  Retirement Plan Design

Editor's Pick COBRA and Severance Agreements: Important Considerations for Employers
Fisher Phillips Link to more items from this source
[Guidance Overview]
Mar. 15, 2024

"[1] A group health plan may provide longer periods of COBRA coverage than the law requires.... [2] In some circumstances, terminating employees can pay for their COBRA premiums from their severance payments on a pre-tax basis.... [3] When providing COBRA subsidies, ... [employer] options often depend on whether their group health plan is insured or self-insured.... [4] [T]erminating COBRA coverage just because their subsidy ended does not create a special enrollment right allowing [the employee] to enroll in other coverage.... [5] IRC Section 409A ... applies to the reimbursement or payment of subsidized COBRA payments unless an exception applies."

Tags: COBRA

Editor's Pick Cyberattacks and the Role of Fiduciaries Under ERISA
Gary S. Young and Patrick A. DaSilva, via Law.com; free registration required Link to more items from this source
Mar. 12, 2024

"It is important to note that the guidance offered by the DOL acts as a general rubric, containing default recommendations to help plan sponsors and participants better understand their joint responsibilities during these times of cyberpiracy and assault. No one should confine future actions exclusively to the guidelines, but rather go beyond the best practices contemplated by the DOL. These guidelines are in essence only a beginning, and not an end....Through the implementation of prudent actions, coupled with vigilance and training, plan sponsors can take the necessary steps to defray unwanted liability."

Tags: Cybersecurity  •  Health Plan Administration  •  Retirement Plan Administration

Editor's Pick A New Frontier for ERISA Fee Suits: Group Health Plans
McGuireWoods Link to more items from this source
Mar. 11, 2024

"Because fiduciaries are now required to have increased access to cost and pricing information of underlying plan benefits, considering how to use data to help evaluate and control plan costs should be top of mind for ERISA group health plan fiduciaries. Identifying the responsible fiduciaries for this function is critical as ERISA plaintiffs' firms begin using the same or similar data to support claims regarding excessive fees paid by group health plans." [Lewandowski v. Johnson & Johnson, No. 23-0671 (D.N.J. complaint filed Feb. 5, 2024)]

Tags: Fiduciary Duties  •  Health Plan Costs

Editor's Pick District Court Expands Fiduciary Liability to Cover Non-ESG Fund Managers' ESG-Related Conduct
Mayer Brown Link to more items from this source
Mar. 8, 2024

"The Court's duty of prudence analysis suggests that a plaintiff can sustain a breach claim merely by pointing to some activity of an investment manager not directly related to 'maximizing' financial benefits, and that a plan sponsor erred by not considering that activity when selecting the manager's funds.... Similar issues abound with the opinion's analysis of the duty of loyalty." [Spence v. American Airlines, Inc., No. 23-0552 (N.D. Tex. February 21, 2024) ]

Tags: Fiduciary Duties  •  Retirement Plan Investments - ESG

Editor's Pick Weaving the Patchwork: How Mandatory Paid Family Leave Laws Stitch Together
Seyfarth Shaw LLP Link to more items from this source
[Guidance Overview]
Mar. 7, 2024

"[A] graphic illustrates this complexity by highlighting four key PFML substantive areas -- [1] qualifying absences, [2] covered family members, [3] length of benefits and duration of leave, and [4] amount of pay.... Mandatory PFML programs are comprised of more than 30 substantive, technical requirements, many of which have additional layers, such as definitions, formulas, and administrative standards. When examined, it is clear that many of these measures are mismatched and misaligned."

Tags: FMLA and Other Leave  •  Local Regulation

Editor's Pick ERISA Litigation and Regulation: 2023 in Review and Future Outlook
DeBofsky Law Link to more items from this source
Feb. 23, 2024

"ERISA will reach a major milestone in 2024 -- its fiftieth anniversary since its enactment on Labor Day of 1974. However, there is much about how the law works that remains unsettled.... 2023 produced new ERISA regulatory initiatives and groundbreaking judicial rulings.... [S]ome of the major highlights are discussed [in this article], along with a prediction about what 2024 may bring."

Tags: Health Plan Administration  •  Health Plan Policy  •  Retirement Plan Administration  •  Retirement Plan Policy

Editor's Pick ERISA Fiduciary Duties, Part 2
Maynard Nexsen Link to more items from this source
[Guidance Overview]
Feb. 23, 2024

"[This article discusses] ERISA's prohibited transaction rules, the permissible and impermissible uses of plan assets, and other compliance issues that may arise in connection with the management of plan assets."

Tags: Fiduciary Duties  •  Health Plan Administration  •  Retirement Plan Administration

Editor's Pick 2024 Annual Report of ABA Subcommittee on the FMLA: 2023 Court Cases (PDF)
American Bar Association Section of Labor and Employment Law, Committee on Federal Labor Standards Legislation, Subcommittee on the Family and Medical Leave Act Link to more items from this source
Feb. 21, 2024

This 215-page report describes, and organizes by topic in detail, nearly 200 FMLA decisions of federal and state courts from November 1, 2022 through October 31, 2023.

Tags: FMLA and Other Leave

Editor's Pick Proposed Regs Address Long-Term Part-Time Employee Participation in 401(k) Plans
Boutwell Fay LLP Link to more items from this source
[Guidance Overview]
Feb. 14, 2024

"Because the 12-month periods may overlap, some employees may become eligible as LTPT employees even before they have worked 'long term.' ... Upon rehire, it is important to differentiate between employees who were previously eligible for a plan due to being LTPT employees and employees who were eligible for any other reason.... If a plan sponsor mistakenly did not provide LTPT employees eligible as of Jan. 1, 2024, the opportunity to defer on that date, the plan sponsor may need to take corrective action under [EPCRS] ... Even if LTPT employees are excluded from testing, plan sponsors can still make employer contributions on their behalf."

Tags: 401(k) Plans  •  403(b) Plans and Annuities  •  Retirement Plan Administration  •  SECURE 2.0

Editor's Pick ACA Information Reporting: Hypothetical Scenarios (PDF)
Baldwin Risk Partners Link to more items from this source
[Guidance Overview]
Jan. 31, 2024

26 pages. "Think of this document as your worksheet for evaluating and creating successful, accurate ACA information reporting code sets for Lines 14-16 of IRS Form 1095-C. Designed to provide [ALEs] with a means by which to certify performance of certain obligations contained within the ACA's Employer Shared Responsibility Provisions, [these] hypothetical information reporting scenarios ... demonstrate proposed ACA information reporting responses reflective of the affordability, minimum value, and minimum essential coverage standards."

Tags: Health Plan Administration

Editor's Pick ACA Information Reporting: Responding to IRS Letter 226-J (PDF)
Baldwin Risk Partners Link to more items from this source
[Guidance Overview]
Jan. 30, 2024

16 pages. "[D]espite its formal appearance and the finality of language utilized by the IRS in Letters 226-J, an ALE receiving such a Letter should deem the letter as merely opening the door for the ALE to provide the IRS with different types of responsive communications ... either agreeing with, or objecting to, the agency's proposed ESRPs.... [A table] outlines generally accepted responsive communication techniques an ALE may employ in responding to the IRS upon receipt of a Letter 226-J proposing an ESRP."

Tags: Health Plan Administration

Editor's Pick SECURE 2.0 and the Past and Future of the U.S. Retirement System (PDF)
J. Mark Iwry, David C. John, and William G. Gale, via The Brookings Institution Link to more items from this source
[Guidance Overview]
Jan. 24, 2024

31 pages. "[SECURE 2.0] is the most extensive set of changes to retirement law in the last 15 years. In this paper, [the authors] place SECURE 2.0 in the context of the ongoing retirement evolution, summarize certain key provisions, and discuss the need for additional reforms. Because 2024 marks the 50th anniversary of the passage of ERISA, assessing the broad arc of retirement policy and behavior is particularly timely."

Tags: 401(k) Plans  •  Retirement Plan Administration  •  Retirement Plan Design  •  Retirement Plan Policy  •  SECURE 2.0

Editor's Pick ACA Employer Mandate Requirements
HUB International Link to more items from this source
[Guidance Overview]
Jan. 24, 2024

"Employers who average 50 or more full-time equivalent (FTE) employees during the prior calendar year are considered Applicable Large Employers (ALE) and thus subject to the employer mandate.... ALE status is always based on the calendar year rather than the employer's plan year.... some employers who average 50 or more FTEs may still avoid ALE status designation if their employee count exceeds 50 for 120 days or fewer due to the employment of Seasonal Workers.... Employers who are just becoming ALEs need to consider the compliance implications given the potential penalties involved."

Tags: Health Plan Administration  •  Health Plan Design

Editor's Pick The Plan Sponsor's Guide to PEPs
Pensions & Investments, in partnership with AON Link to more items from this source
Jan. 5, 2024

"Each section of [this] Guide takes 401(k) and 403(b) plan sponsors through the steps of how PEPs work and whether they are an appropriate approach for an employer; how to evaluate pooled plan providers; best practices for implementation and monitoring; and reviewing plan design and investment menus that can help meet the retirement needs of their participants. Alongside visual and practical guidance, Aon provides insights into its PEP model and shares its perspective as a pooled plan provider ... on how employers offering 401(k) and 403(b) benefits can successfully adopt and monitor PEPs."

Tags: MEP/PEP  •  Retirement Plan Administration  •  Retirement Plan Design

Editor's Pick 2024 Compliance Guides for Health and Welfare Plans
Newfront Link to more items from this source
[Guidance Overview]
Jan. 2, 2024

Links to sixteen 2024 Compliance Guides, including [1] ACA Employer Mandate & ACA Reporting Guide; [2] COBRA for Employers Guide; [3] Compliance Considerations for Self-Insured Plans; [4] Health Benefits for Domestic Partners; and [5] Health Benefits While on Leave. Also included are charts detailing Section 125 Permitted Election Change Events; and State Paid Family Leave.

Tags: COBRA  •  FMLA and Other Leave  •  Health Plan Administration  •  Health Plan Design  •  Local Regulation

Editor's Pick SECURE 2.0: The Most Sweeping Legislation Impacting Retirement Plans in Decades
PASI Link to more items from this source
[Guidance Overview]
Dec. 28, 2023

This article provides both a high-level overview, as well as a detailed summary, of SECURE 2.0"s retirement plan provisions. Separate sections describe [1] Mandatory provisions, [2] Optional provisions, and [3] Legislative changes that do not require plan amendment.

Tags: 401(k) Plans  •  Required Minimum Distributions (RMDs)  •  Retirement Plan Administration  •  Retirement Plan Design  •  SECURE 2.0

Editor's Pick Summary of 2024 Benefit-Related Cost-of-Living Adjustments (PDF)
Mercer Link to more items from this source
[Guidance Overview]
Dec. 11, 2023

"The IRS, [PBGC], Social Security Administration, and [CMS] have issued 2024 cost-of-living adjustments for retirement, health and fringe benefit plans; Medicare; and Social Security and Supplemental Security income. Puerto Rico's Treasury Department has not yet announced 2024 limits for retirement plans qualified in Puerto Rico, but those figures are tied to US limits."

Tags: Health Plan Administration  •  Retirement Plan Administration  •  Social Security

Editor's Pick Use of Retirement Plan Forfeitures: The IRS Proposed Regs, Recent Litigation, and the DOL's Position
Verrill Dana LLP Link to more items from this source
[Guidance Overview]
Dec. 8, 2023

"This post first briefly describes what a forfeiture is, what the 2023 Proposed Regulations provide, and what the pending lawsuits allege, then explores why the DOL's position on the use of forfeitures might differ from the IRS's. With the applicability date for the 2023 Proposed Regulations approaching, this post is also a reminder for plan sponsors to confirm that their retirement plans, in operation, comply with the regulations and that the plan documents reflect how the plans are operated."

Tags: Retirement Plan Administration

Editor's Pick The Crucial Role of Comparative Analyses Under the Mental Health Parity Proposed Rule and Technical Guidance
Woodruff Sawyer Link to more items from this source
[Guidance Overview]
Dec. 7, 2023

"TPAs and PBMs hold virtually all of the information necessary to complete the analyses, but much of the details are kept as closely guarded secrets until the DOL requests the information. Accordingly, self-funded plan sponsors must be more assertive with their TPAs and PBMs to ensure [1] the analyses are completed, [2] the analyses are made available as required, and [3] that the analyses include all of the required detail, data, and elements[.]"

Tags: Health Plan Administration  •  Health Plan Design  •  MHPAEA

Editor's Pick Long-Term, Part-Time Employees: A Summary of the IRS Regs (PDF)
Smith, Gambrell & Russell, LLP Link to more items from this source
[Guidance Overview]
Dec. 4, 2023

12-page chart details provisions of the proposed regulations, along with plan document requirements and cautionary notes.

Tags: 401(k) Plans  •  Retirement Plan Administration  •  Retirement Plan Design  •  SECURE 2.0  •  SECURE Act

Editor's Pick 2023 End of Year Plan Sponsor 'To Do' List for Qualified Retirement Plans
Snell & Wilmer Link to more items from this source
[Guidance Overview]
Dec. 4, 2023

"[This article] provides you with a 'To Do' List of items on which you may want to take action before the end of 2023 or in early 2024."

Tags: Retirement Plan Administration

Editor's Pick The Long Wait for the Long-Term Part-Time Guidance Is Over
Seyfarth Shaw LLP Link to more items from this source
[Guidance Overview]
Nov. 29, 2023

"Most importantly, the proposed regulations tell us who is not a LTPT employee.... The proposed rules do not include any provisions similar to the break in service rules under Code Section 410(a)(5).... [T]he proposed regulations confirm that employers may elect to exclude LTPT employees from [certain] nondiscrimination and coverage tests  ... [T]he proposed rules clarify that LTPT employees may be excluded from the top-heavy vesting and benefit requirements ... at the election of the employer."

Tags: 401(k) Plans  •  Retirement Plan Administration  •  Retirement Plan Design  •  SECURE 2.0

Editor's Pick Year-End Health Plan Compliance Items to Consider
Newfront Link to more items from this source
[Guidance Overview]
Nov. 29, 2023

"[1] Gag clause prohibition compliance attestation (GCPCA): Due December 31, 2023 ... [2] Expanded participant-level Transparency in Coverage (TiC): Starting January 1, 2024 ... [3] Prescription drug data collection (RxDC) report due June 3, 2024 ... [4] Electronic filing required for ACA reporting in 2024 ... [5] Deadlines for ACA reporting in 2024 ... [6] Year-end Section 125 cafeteria plan action items ... [7 Year-end state law action items."

Tags: Health Plan Administration

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