The Bottom Line The Notice provides important guidance and relief for group health plan sponsors and plan participants in light of the COVID-19 pandemic.The regulators have hit the pause button on many of the employee benefit plan timeframes during the period of the COVID-crisis.Since the guidance Continue Reading
COVID-19 and Executive Compensation
The Bottom Line Now that the sweeping effects of the coronavirus pandemic are starting to settle in, employers should be prepared to address executive compensation issues that will arise with respect to top tier management and broader talent throughout the organization. Executive contracts, Continue Reading
COVID-19 Considerations for Retirement Plan Sponsors and Committees
The Bottom Line Employers must take action now to provide appropriate oversight of their retirement plans, both in reaction to recent legislation and extreme stock market volatility due to COVID-19. This is especially true for those employers that have needed to reduce their active Continue Reading
Health and Welfare Considerations for Plan Sponsors Amid the COVID-19 Pandemic
The Bottom Line As employers make changes to their workforces in response to COVID-19, particularly in light of recent legislation under the Families First Coronavirus Response Act (FFCRA) and the recently passed Coronavirus Aid, Relief, and Economic Security Act (CARES Act), employers should Continue Reading
IRS Reopens Its Determination Letter Program to Cash Balance Plans and Merged Plans
The Bottom Line Under the IRS’ expanded determination letter program, plan sponsors of statutory hybrid plans (e.g., cash balance plans) may now submit an application for a favorable determination letter for a 12-month period beginning September 1, 2019. Additionally, all retirement plans that Continue Reading
Employers Beware: New EU Data Law May Impact Employee Benefits
The Bottom Line GDPR is already in effect and fines could be levied for non-compliance. U.S. based employers should work with their legal counsel to review their plan participant population to determine whether GDPR applies and to ensure that GDPR's requirements are satisfied. May 25, 2018 was Continue Reading
Student Loan Repayment Benefit Under a 401(k) Plan: An Important New Benefit That Employers Can Offer Right Now
The Bottom Line Employers who wish to attract and retain a young and educated workforce should consider amending their 401(k) plans to provide this benefit. Employers interested in providing this student loan repayment benefit should consult with ERISA counsel prior to Continue Reading
Another Look at Sun Capital: PE Fund Faces Claims for Unfunded Pension Liability of a Portfolio Company
The Bottom Line While the court has not yet reached a decision on Trilantic’s complaint, PE firms should continue to carefully consider the structure and nature of their portfolio company investments to assess any potential exposure for pension withdrawal liability. In this post-Sun Capital time, Continue Reading
IRS Begins Issuing ACA Penalty Notices to Employers
The Bottom Line The IRS has started enforcing penalties under the ACA, and ALEs and their staff should be on the lookout for a possible ESRP notice. If an ALE receives a notice, it should reach out to its ERISA counsel immediately and begin reviewing its IRS Forms 1094-C and 1095-C. Any ALE that Continue Reading
Two Recent Court Rulings Signal Important Developments in ERISA Excessive Fee Litigation
The Bottom Line The recent decisions in Wells Fargo and Chevron offer plan sponsors and fiduciaries some guidance with respect to defending against ERISA fee litigation. Plan sponsors and fiduciaries need to continue to ensure that they engage in a deliberative and Continue Reading