ERISA & Employee Benefits

PBGC RULES ON SPECIAL FINANCIAL ASSISTANCE TO MULTIEMPLOYER PLANS: THE EFFECT ON BENEFITS, CONTRIBUTIONS, WITHDRAWAL LIABLITY, AND PLAN DESIGN

Introduction

Cybersecurity Guidance Welcome, but Unanswered Questions Remain

By Stephen Wilkes and Barry Salkin

IRS Updates Guidance Regarding Correction of Tax-Qualified Plan Errors Under the Employee Plans Compliance Resolution System (EPCRS)

By Jon Schultze, Barry Salkin and Dan Brandenburg Mistakes happen, even with respect to tax-qualified plans and 403(b) plans that have implemented internal controls designed to reduce, if not eliminate, the likelihood of plan failures. Under the Internal Revenue Code and IRS regulations, those mistakes could result in the loss of a plan’s tax-qualified status, even if those errors were relatively ...

Department of Labor Issues Cybersecurity Guidance

By Barry Salkin

Must Death Distributions Under 10-Year Rule Be Taken Annually?

By Kimberly Shaw Elliott and Barry Salkin New Pub 590B Prompts Surprise Just in the nick of time for filing 2020 federal income tax returns, the IRS issued a revised Publication 590-B (2020), Distributions from Individual Retirement Accounts (IRAs) (“Pub 590-B”). In it, the IRS in an example suggests that taxpayers who inherit IRAs and are not eligible designated beneficiaries must take a ...

Participant Directed Investments Through Brokerage Windows: The Last Frontier or a Trap for the Unwary?

By Ivelisse Berio LeBeau and Stephen Wilkes

Important Benefit Plan Provisions of the American Rescue Plan Act of 2021

By Dannae Delano, Israel Goldowitz, Barry Salkin and Roberta Casper Watson

Do You Have Questions About How to Comply with the New DOL fiduciary “Investment Advice” Prohibited Transaction Exemption?

By Stephen Wilkes and Susan Rees

Does the Recently Amended Investment Duties Regulation Change How Fiduciaries Are Expected to Make Investment Decisions for Employee Benefit Plans?

Introduction

DOL’s Proxy Voting Regs Confirm Fiduciaries Need Not Vote on Every Proxy Proposal but Must Limit Voting Decisions to Economic Interests

By Kim Shaw Elliott The Department of Labor (“DOL”) issued final regulations on December 11, 2020 about fiduciary duties for proxy voting, in its attempt to clarify many prior misunderstandings. Key among the DOL’s guidance in this final rule is its express statement that fiduciaries need not vote on every proxy proposal and its pronouncement that decisions to vote proxies must be limited to ...