ERISA & Employee Benefits

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 ...

Stimulus Package Makes Major Changes with Respect to Employer Sponsored Benefit Plans

By Dannae Delano, Barry Salkin and Roberta Casper Watson

IRS Issues Final Regulations Under Code Section 162(m)

By Barry Salkin and Mark Poerio

IRS New Guidance on State Unclaimed Property Laws and IRS Helpful Reminders on Missing Participants

By Susan Rees and Seth Gaudreau

PEPs Will be Up and Running by January 1, 2021

On November 16, 2020, the U.S. Department of Labor (DOL) issued a final rule at 85 Federal Register 72934, providing an electronic filing procedure for interested entities to meet the requirements for registering as a “pooled plan provider” for “pooled employer plans” under the Employee Retirement Income Security Act of 1974 (ERISA), as amended by the Setting Every Community Up for Retirement ...

Presidential Memorandum Stirs Long-Simmering Pension Issues

Employee benefits law often involves interaction between Congress, the Executive Branch, and the courts. That calls for an understanding of the politics of law reform and regulation. A recent presidential document illustrates the point.

IRS Announces Cost-of-Living Adjustments Affecting Retirement Plans

The Internal Revenue Service announced cost-of-living adjustments affecting certain dollar limitations for pension plans and other retirement-related limitations for 2021 in Notice 2020-79.

Court Says Third Party Administrator May Be Held Liable for ERISA Fiduciary Breach and Consumer Fraud in Connection With Abbott Plan Data Breach

Another court has decided which ERISA plan fiduciaries can be held liable in connection with a data breach of a plan participant’s account. On October 2, 2020, the Northern District of Illinois, in Bartnett v. Abbott Laboratories, et al., ruled that Alight Solutions, the TPA of the Abbott Corporate Benefits Stock Retirement Plan (the “Plan”), could be held liable for both an ERISA fiduciary ...

The Wagner Law Group Asks DOL for Cybersecurity Guidance

By Stephen Wilkes and Livia Quan Aber