The Bottom Line The emergence of generative artificial intelligence (AI) technology offers significant opportunities in the field of employee benefits, for both employers and their employees, including: Despite the promise that generative AI technology holds for benefits administration, Continue Reading
The IRS Releases Grab Bag Guidance on the SECURE 2.0 Act
The Bottom Line Almost a year after the SECURE 2.0 Act of 2022 was enacted as part of the Consolidated Appropriations Act, 2023, the IRS released guidance (Notice 2024-2) in the form of a grab bag Q&A aptly named “Miscellaneous Changes Under the SECURE 2.0 Act of 2022.” The Notice covers Continue Reading
Employee Relations Law Journal | The Need for Employers To Get ”Control” of IRS Controlled Group Rules
Business owners have wide discretion in determining the best corporate structure to use in setting up their businesses. Some use a single entity, while others use multiple entities, which can take the form of corporations, partnerships, and limited liability companies. Regardless of form, however, Continue Reading
Strafford Webinar | “Cybersecurity and ERISA Retirement Plans: Risks and Best Practices for Plan Sponsors and Fiduciaries”
Quick Details Date | October 25, 2023Location | Webinar Session Overview In this session, Mark E. Bokert and two other panelists provide guidance to benefit counsel on trends in data breaches in ERISA retirement plans. The panel will discuss the scope of fiduciary obligations to prevent Continue Reading
Employee Relations Law Journal | ESG Investing by ERISA Plan Fiduciaries: The Saga Continues
There has been a long, confusing trail of regulatory and sub-regulatory guidance issued by the U.S. Department of Labor (DOL) dealing with the standards that plan fiduciaries must meet when selecting socially-conscientious investments for their retirement plan (i.e., so-called ESG investments). Continue Reading
Employee Relations Law Journal | Milestone Retirement Reform Arrives: Key Provisions of SECURE 2.0
On December 29, 2022, President Biden signed into law the Consolidated Appropriations Act, 2023, which contains an impressive collection of retirement plan reform provisions, popularly known as "SECURE 2.0." While certain elements of SECURE 2.0 build on provisions of other recent retirement reform, Continue Reading
Employee Relations Law Journal | Plan Fee Litigation: The Tide May Be Turning in Favor of Plan Fiduciaries
For many years, plan sponsors and other fiduciaries have been caught in a whirlwind of litigation primarily related to 401(k) and 403(b) plan fees. Many of these cases have settled resulting in plan fiduciaries having to pay many millions of dollars. Other cases have resulted in adverse decisions Continue Reading
Employee Benefit Considerations When Making Workforce Modifications
The Bottom Line Employers should work closely with ERISA counsel to ensure that employee benefit plans (e.g., non-qualified deferred compensation plans, health and welfare plans, and 401(k) plans) are being administered correctly as they make changes to their workforce.Employers should work with Continue Reading
Employee Relations Law Journal | To Disclose or Not to Disclose: Key Takeaways from the CAA’s New Broker and Consultant Compensation Disclosure Requirements
2022 has proven to be a pivotal year for group health plans, as many new rules and compliance requirements take effect. Of note, the Consolidated Appropriations Act ("CAA"), signed into law on December 27, 2020, introduced a new requirement that, starting December 27, 2021, brokers and consultants Continue Reading
Update: Health Plan Considerations in the Wake of Dobbs v. Jackson Women’s Health Organization
Update This alert originally published on May 16, 2022, has been updated in light of the Supreme Court decision made on June 24, 2022, which overturned Roe v. Wade. The Bottom Line Given Roe v. Wade being overturned, plan sponsors should review their plan documents to assess current Continue Reading