Plan fiduciaries need to secure in-house data and investigate their outside vendors’ procedures.
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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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Most new plans will be required to have auto-enrollment and auto-escalation beginning in 2025. The “grab bag” guidance in Notice 2024-02 addresses how this requirement will be applied to mergers and spinoffs, but leaves other basic questions unanswered.
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Clarification of the rules for electing Roth employer contributions should spur more plan sponsors and vendors to consider allowing them.
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Here are some developments that could change things for the better in 2024.
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The fiduciary responsibility to review the reasonableness of plan compensation extends to indirect compensation. Failure to do so can result in a non-exempt prohibited transaction.
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All members of a controlled group are liable under ERISA for plan termination and withdrawal liability, but in practice, it isn’t easy to get jurisdiction over foreign members.
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In this Op-ed for Bloomberg Tax, Carol Buckmann comments on the implications of this welcome delay in this new requirement applying to high earners.
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Most ERISA lawsuits don’t get to trial, but a recent decision in a 401(k) fiduciary breach lawsuit shows that fiduciaries who follow prudent processes can win.
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We invite you to join us on 9/7 for answers to your questions about fiduciary liability insurance.
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No federal law guarantees restoration of a participant’s account if it is stolen by a cyberthief. ERISA and state law might provide remedies if a participant can establish breach of fiduciary duty or negligence, but plan sponsors and the government can do more to deal with this problem.
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SECURE 2.0 expands the ability of plan sponsors to self-correct inadvertent plan errors without making a formal IRS filing. In Notice 2023-43, the IRS provides guidance to follow until a revised revenue procedure can be issued.
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Two recently introduced bills would restrict or discourage classes of retirement plan investments. Is this the right policy?
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