Here’s a list of changes we’d like to see in 2025.
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RMDs generally were established to ensure that individuals begin withdrawing funds from their retirement plans, like 401(k)s, and IRAs, at a specific age. This policy helps the government collect taxes on these savings, which were initially tax-deferred. With people living longer, the age for RMDs was recently pushed back, giving your savings more time to grow before you dip in.
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Lawsuits brought on behalf of anti-ESG activists have been dismissed, demonstrating that politically-motivated lawsuits may face obstacles.
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The Supreme Court’s recent decision ending deference to administrative agency interpretations of the law doesn’t mention ERISA, but it will have a big impact on employee benefit plans.
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The end of Chevron deference will make it difficult to tell which regulations are binding.
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Prepare for even more uncertainty about the status of ERISA regulations.
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Happy 50th Birthday, ERISA!. When ERISA was enactedin 1974, it provided new federal protections for plan participants. These protections have increased over the years, and spouses have gained greater rights. There have also been changes not foreseen by ERISA’s drafters such as the decline of single employer defined benefit plans. Though much progress has been made, this is also an appropriate time to consider where ERISA has fallen short.
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A series of lawsuits have challenged how plan sponsors have used plan forfeitures to reduce employer contributions. In this interview, Carol Buckmann discusses the issues
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Critics have called the 401(k) plan a “failed experiment” and maintain that it does not provide retirement security to low and middle income employees. Does the 401(k) plan really deserve a failing grade? Recent developments suggest otherwise.
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401(k) sponsors routinely use forfeitures to reduce employer contributions. New lawsuits say this is an ERISA violation. Who will win?.
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Investment Advisers who advise IRAs and pensions have increased risk of being a “fiduciary” under this final rule.
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Plan fiduciaries need to secure in-house data and investigate their outside vendors’ procedures.
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Carol Buckmann was quoted in this Bloomberg Law article analyzing the Texas federal district court decision in Spence v. American Airlines, Inc. and American Airlines Employee Benefits Committee refusing to dismiss the case. She discussed defects in the case that would most likely have resulted in dismissal of this politically-motivated lawsuit in another court.
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SECURE 2.0 allows non-highly compensated employees to contribute to emergency savings accounts. The IRS and the Department of Labor have now issued guidance clarifying the rules.
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Plaintiffs want a retrial to change a jury’s determination that there were no damages from a fiduciary breach involving Yale’s retirement plan. The DOL supports them. Which standard applies?.
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