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Groom Law Group Comment Letter to DOL on Proposed Revisions to Form 5500 Annual Return/Report for Multiple Employer Plans (PDF)

5 pages. "We recommend that the [DOL] limit the requirement to include an attachment listing all employers to multiple employer defined benefit plans, which were the focal point of the legislation. At a minimum, we believe the Department should not require other types of plans, i.e., defined contribution and group health and welfare plans, to include any employer (or employee) contribution information, and should make such relief applicable to 2014 plan year filings."

The Power of Employee Benefits in Shaping Tomorrow

"The employee benefits world is evolving rapidly, with new priorities emerging for both employers and employees.... While innovative benefits can attract and retain talent, compliance remains the cornerstone of any successful employee benefit plan.... [E]mployee ownership will play a pivotal role in reshaping the American workplace."

M&A Benefits: How to Avoid an Employee Benefits Train Wreck in Your Next Deal

"With a little planning, target companies and acquirers can smoothly transition employee benefits.... For health plans, [these questions] should be answered in advance of the closing ... There are similar questions for retirement plans."

M&A Benefits: How to Avoid an Employee Benefits Train Wreck in Your Next Deal

"Some of the thorny issues ... include: [1] Acquired employees were not timely enrolled for 401(k) deferrals.... This can be even more complex if an acquirer's plan features automatic enrollment. [2] Prior service was not counted for eligibility or vesting.... [3] The target company's plan may have illiquid investments that cannot be immediately sold."

Penalties for Certain Employee Benefits Failures

Chart lists and describes penalties applicable to retirement and health plans.

Groom Law Group Letter to IRS: 2024-25 Priority Guidance Plan Recommendation (PDF)

"We again write to recommend that Treasury and IRS publish official guidance confirming that the 100% excise tax on reversions under Section 4976 of the Internal Revenue Code ... does not apply when an employer 'repurposes' surplus retiree benefit assets in a welfare benefit fund to provide other health and welfare benefits, including to active employees.... [T]here are compelling policy reasons to issue guidance to allow the repurposing of such assets -- and no apparent policy or legal reasons to continue to place billions of dollars of tax-deferred welfare benefit fund assets in 'tax limbo.' "

IRS Provides Guidance on Application of Federal Tax Law to Employee Benefit Plans in Light of Obergefell Decision (PDF)

"Solely for federal tax law purposes, Obergefell does not require additional amendments to be made to qualified retirement plans or to health and welfare plans. However, [Notice 2015-86] provides helpful guidance in the event that an employer wishes to make discretionary changes to its plan and/or to allow employees to make mid-year cafeteria plan election changes in light of Obergefell -- and it reminds employers that there may be changes in the operation (as opposed to the form) of their health and welfare plans as a result of Obergefell."

Cybersecurity and Your Employee Benefit Plan: What Every Plan Sponsor Should Know

"As a plan sponsor, taking steps to secure your plan data isn't optional, it's part of your legal duty to act in your participants' best interests.... [1] Review your vendor contracts for cybersecurity language. [2] Request and review audit reports from your service providers. [3] Implement basic security practices for your internal team. [4] Educate your participants about protecting their accounts. [5] Document your efforts as part of fiduciary oversight."

The IRS 2014-2015 Priority Guidance Plan: Still a Long List for Employee Benefits (PDF)

"The 2014-2015 Plan contains 65 projects in the context of 'Employee Benefits' with 42 projects specifically focused on 'Retirement Benefits.' As in prior years, many of the projects listed are carryover projects from the 2013-2014 priority guidance plan that are still in the middle of the regulatory process.... [This article reviews] a number of significant Retirement Benefits items from the 2014-2015 Plan ... [The authors] review the key areas and give a preview of where these pieces of guidance may be heading."

The IRS 2011-2012 Priority Guidance Plan: A Long List for Employee Benefits

The 2011-2012 Plan contains 66 projects in the context of 'Employee Benefits' with 37 projects specifically focused on 'Retirement Benefits.' .... [W]e review a number of significant Retirement Benefits items from the 2011?2012 Plan and attempt to review where these pieces of guidance may be heading.