ERISA & Employee Benefits

Wagner Law Group

The Wagner Law Group Receives IRS Approval of its Defined Contribution Plan

The Wagner Law Group is pleased to announce that we have received IRS approval of our non-standardized defined contribution plan document, further bolstering our firm’s position at the forefront of the qualified retirement plan document and compliance realm. 

The DOL’s Final Regulations on E-Disclosure of Retirement Plan Documents Become Effective Soon – Are You Ready?

By Livia Q. Aber and Barry Salkin In August 2018, President Trump issued Executive Order 13847, Strengthening Retirement Security in America, one portion of which asked government agencies to explore the potential for broader use of electronic disclosure, as a way of improving the effectiveness of disclosures and reducing the costs and burdens of paper disclosure.

DOL Reinstates Five-Part Fiduciary Status Test and Proposes Class Exemption

By Livia Quan Aber, Barry Salkin and Stephen Wilkes

Multiple Employer Plans and Participating Employers Given the Opportunity to Contribute to Guidance Development on Pooled Employer Plans under the SECURE Act

On June 18, 2020, the Department of Labor took the next step toward providing guidance for multiple employer plans (MEPs) by issuing a Request for Information (RFI) seeking public comment on whether the DOL should issue a class exemption to provide a safe harbor for fiduciaries of MEPS, including a new type of “open” MEP known as a pooled employer plan (PEP), which was created by the Setting ...

DOL Offers Guidance to Fiduciaries Considering Private Equity Investments in Defined Contribution Plans

By Barry Salkin, Ivelisse Berio LeBeau, Livia Quan Aber and Stephen Wilkes

IRS Temporarily Eases Witness and Notarization Requirements for Certain Retirement Plan Participant Elections

On June 3, the Internal Revenue Service provided temporary relief from the requirement in IRS regulations that certain participant elections must be witnessed in the physical presence of a plan representative or notary.  While primarily intended to facilitate CARES Act coronavirus-related distributions and loans, this relief, which is retroactive to the beginning of the year and will be in effect ...

Retirement Plan Provisions of CARES Act Updated to Reflect IRS Guidance Issued May 4, 2020

The third COVID-19 Stimulus package has provisions regarding retirement plans, including expanded and penalty-free withdrawal rights, expanded loan rights, extended rights to repay loans and withdrawals, and the deferral of mandatory distributions.  New guidance released on May 4, 2020, states that the IRS will be issuing more detailed guidance in the near future.  To the extent that the ...

Cybersecurity and Retirement Plans: What Plan Sponsors Should Do

Cybersecurity breaches of retirement plan participant accounts have occurred with increasing frequency in recent years.  Just this past April, a plan participant filed a complaint alleging ERISA breaches of fiduciary duty and violations of the Illinois Consumer Fraud Act against Abbott Laboratories, the plan sponsor, and Alight Solutions, the plan’s third party administrator and record keeper, ...

The CARES Act: Relief for Small Businesses

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act, or CARES Act (the “Act”) was passed. The bill is expected to provide relief for eligible small business through a loan guarantee program, the postponement of certain tax payments, and a tax credit. The Act states that the Administrator at the Small Business Administration (SBA) should issue guidance to lenders and agents ...

Retirement Plan Provisions of CARES Act

The third COVID-19 stimulus package has provisions regarding retirement plans, including expanded and penalty-free withdrawal rights, expanded loan rights, extended rights to repay loans and withdrawals, and a deferral of mandatory distributions. Coronavirus-Related Distributions The 10% early distribution penalty from retirement plans and IRAs under Section 72(t) of the Internal Revenue Code ...