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Drinker Biddle Retirement Income Team Newsletter, October 2012 (PDF)

Articles include: Selecting an Annuity Provider; Mutual Funds and Lifetime Income Guarantees; Use of Longevity Annuity Contracts by Defined Contribution Plans; and Contingent Deferred Annuities: NAIC Update.

Updated Guidance: Minnesota Paid Family Leave and Defined Contribution Plan Compensation

"[B]enefits received by an employee pursuant to Minnesota's PFL would impact an employee's W-2 compensation for purposes of a qualified retirement plan. With the one-year extension from the IRS [Notice 2026-6] and the Minnesota Department of Employment and Economic Development, employers in Minnesota will not have to include PFL medical benefits on the employee's W-2 for 2026 and therefore will not have an impact on the definition of compensation in the employer's retirement plan."

New Genetic Nondiscrimination Law Applies to Employers and Health Insurers

Excerpt: The Genetic Information Nondiscrimination Act of 2008 (GINA), signed by President Bush on May 21, amends several statutes regarding employment and health insurance. According to supporters of the law, many Americans have declined genetic testing and services for fear that information about genetic findings could affect their health insurance and employment. GINA is designed to relieve these fears by protecting the public from discrimination based on genetic information. A supplement to this article, GINA Questions and Answers, [at http://www.faegre.com/showarticle.aspx?Show=8218] is a convenient reference regarding these requirements.

Minnesota Proposes Permanent Rules Relating to Earned Sick and Safe Time (ESST)

"The proposed rules clarify certain key issues in the ESST law, including employer administration of ESST benefits, determining hours worked that are subject to ESST accrual, an employee's right to use ESST, incentives related to production or attendance goals, reasonable documentation, employee misuse of ESST, and the interaction of employers' more generous paid leave policies with the ESST law.... There is a 30-day public comment period, with the effective date of these rules yet to be determined. "

Defined Contribution Plan Compensation Implicated by Minnesota Paid Family Leave

"Beginning in 2026, Minnesota will implement a paid family leave program (PFL) ... The State of Minnesota will be requiring employers participating in the State's program to report PFL medical leave benefits on the employer's Form W-2 -- and this may implicate the definition of compensation in the employer's defined contribution retirement plans. Employers should review the definition of compensation in their retirement plan documents to determine whether any action is needed prior to 2026."

IRS Issues Final Roth Catch-Up Rules: What You Need to Know

"Plan sponsors will have to work with their recordkeeper and payroll providers to determine where the deemed Roth election happens ... However the deemed Roth election is implemented, the participant's election needs to be re-applied on January 1 of the year that follows the year a deemed Roth election is implemented, and the payroll and recordkeeping services need to communicate these changes as well."

Minnesota Paid Leave Starts January 1, 2026: Are You Ready?

"Key Dates for Employers: [1] November 10, 2025 -- Recommended date ... to submit an equivalent plan for approval before the law's effective date. [2] December 1, 2025 -- Provide employees individualized notice of their rights and benefits under the MPL law.... [3] January 1, 2026 -- The MPL law's effective date; benefits become available to employees. Payroll deductions start for current employees. [4] April 30, 2026 -- First quarterly payment due to the DEED."

Sixth Circuit Rejects Surcharge as a Remedy Under Section 502(a)(3)

"The Sixth Circuit recently addressed whether 'equitable relief' under ERISA includes the remedy of 'surcharge.' Following a 2023 decision from the Fourth Circuit, the Sixth Circuit concluded that it does not. The courts reached this conclusion by engaging in an analysis that more litigants and courts should be conducting in ERISA cases." [Aldridge v. Regions Bank, No. 24-5603 (6th Cir. Jul. 17, 2025)]

Thinking ESOPs: The Truth About 'Conflicts' Under ERISA

"The plaintiffs in Anderson alleged that certain fiduciary defendants breached their duty of loyalty to the plan's participants when they made certain investment decisions that ultimately benefited Intel. That claim failed in the first instance because plaintiffs did not tie the fiduciaries' decisions to underlying benefits to Intel, but it also failed because ERISA does not prohibit fiduciaries who have multiple loyalties." [Anderson v. Intel Corp. Inv. Policy Comm., No. 22-16268 (9th Cir. May 22, 2025)]

How OBBBA Affects Health Savings Account Administration

"No-deductible telehealth coverage now permanent for high deductible health plans (HDHPs) ... Direct primary care arrangements will not make participants ineligible for HSA contributions ... Direct primary care arrangements will be eligible for HSA reimbursement ... Bronze and catastrophic plans available through the health exchange marketplace will be considered HSA eligible HDHPs beginning January 1, 2026."