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In Remembrance: Employee Benefits Attorney Jim Keightley (1942-2021)

"Keightley & Ashner LLP is mourning the passing of founding partner Jim Keightley. The firm is forever indebted to Jim for his key role in establishing the firm, for his countless contributions to the firm's success, and for his wise counsel to, support of, and friendship with all of us at K&A. He will be missed by so many people whose lives he has touched."

PBGC Proposal to Eliminate 'Most' Automatic Waivers and Filing Extensions (PDF)

" 'The existing reportable events regulation was the result of a negotiated rulemaking process involving a committee consisting of representatives of employers, participants, pension practitioners, and PBGC, with a great deal of give-and-take among the various stakeholders,' Harold Ashner, also a partner in Keightley & Ashner LLP and former PBGC assistant general counsel, told BNA Nov. 20. 'Following a similar process in connection with the major changes now being proposed would help ensure that the new rules strike an appropriate balance,' he said."

PBGC Rules for Standard Terminations Leave Questions for Future Guidance, Speaker Says (PDF)

Excerpt: The Pension Benefit Guaranty Corporation takes a dim view of employers that purchase annuities at a favorable price before initiating a standard termination process to end their pension plan, an employee benefits attorney said Oct. 10 at an American Law Institute-American Bar Association Conference. 'PBGC tends not to like the idea of purchasing irrevocable commitments and then doing a standard termination as an afterthought,' said attorney Harold Ashner, [a partner at Keightley &Ashner]. [Click on the title link under 'Items of Interest' on the target page.]

PBGC Developing Proposed Regulation on Downsizing Liability Section of ERISA (PDF)

Excerpt: Attorney Harold J. Ashner, former PBGC assistant general counsel for legislation and regulations, has been warning for some time that PBGC has been stepping up its enforcement of Section 4062(e) and that employers should be considering that as a possible cost when considering a cessation of a facility and the reduction of its workforce[.]

PBGC's Claimed Global Reach: A Practical Guide for Navigating Through the Uncertainty (PDF)

"As we near the half-century mark from the time of ERISA's enactment, whether and, if so, under what circumstances a foreign affiliate of a US plan sponsor can be successfully pursued for a controlled group obligation remains unclear. The unsettled nature of the legal landscape can be an opportunity, as long as an effective PBGC strategy is developed to navigate through the uncertainty."

Fiduciaries: Assuming Additional Responsibilities for Retirees Is Rife with Questions

"Deciding whether to encourage participants to leave account balances in the plan through retirement should not be based solely on considerations like accumulation of assets in the plan, the offsetting of administrative fees, and the ability to offer very low-cost funds.... [If] fiduciaries encourage participants to leave their account balances in the plan ... it would seem prudent to consider adding some type of retirement income solution to the plan.... Some factors to consider include: Determining the amount of responsibility retirees should have.... Deciding between advisory services or a guaranteed income product.... Evaluating guaranteed income products."

Cybersecurity Preparedness Checklist for Plan Fiduciaries (PDF)

"Fiduciaries should complete [this] checklist for each service provider ... To the extent questions in this checklist are answered in the negative, consideration should be given to potential changes in policy, procedures, contract terms and/or monitoring[.]" [Also see: Surviving a DOL Cybersecurity Audit]

Surviving a DOL Cybersecurity Audit (PDF)

"Whether a fiduciary has been highly engaged with cybersecurity or not, the following outlines a fiduciary action plan: [1] Get informed.... [2] Get expert support, if needed.... [3] Data flow & storage.... [4] Assess fiduciary conduct to date.... [5] Develop and implement a service provider cybersecurity strategy.... [6] Document the activities." [See also: Cybersecurity Preparedness Checklist for Plan Fiduciaries.]

DOL's Cybersecurity Guidance: Practical Pointers for Fiduciaries (PDF)

12 pages. "[O]ver the last few years, litigation has emerged arising from 'account takeovers' of and thefts from individuals' private retirement accounts, and the [GAO] conducted a formal study of cybersecurity issues as they relate to defined contribution retirement plans. Following the GAO's report, the [DOL] issued significant informal guidance on these issues. This article will provide an overview of legal and practical considerations in the United States relating to cybersecurity issues for DC Plans."

DOL's Cybersecurity Guidance: Practical Pointers for Fiduciaries

"Fiduciaries should ask potential and incumbent DC plan recordkeepers if they provide a participant guarantee.... For legitimate reasons, service providers may not want to share details of their cybersecurity programs. Nonetheless, the agreement should include a reasonable degree of specificity, which the DOL's best practices may provide.... Fiduciaries may want to post copies of the Online Security Tips on HR or benefit portals, or on the plan's website."