ERISA & Employee Benefits

Proposed Changes to DOL Fiduciary Investment Regulation: What You Should Know and How The Wagner Law Group Responded

By Ivelisse Berio LeBeau, Barry Salkin and Stephen Wilkes

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.

Multiemployer Plan Withdrawal Liability Assumptions Under Attack

Three recent decisions illustrate the threats facing multiemployer plans as they struggle to collect withdrawal liability while trying to forestall insolvency. We covered those issues here.

Plan Sponsor and Service Provider Submit Dueling Motions to Dismiss in Response to Data Breach Suit

Further demonstrating the lack of clarity on who is liable when a plan suffers a data breach, on June 30th, Abbott Laboratories and Alight Solutions, pointed fingers at each other in dueling motions to dismiss a complaint that alleged both were fiduciaries in connection with a plan data breach that stole $245,000 from a participant’s plan account. The Northern District of Illinois will now have ...

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 ...

Court Decision Highlights the Dangers of Cybersecurity Breaches for Both Plan Sponsors and Plan Service Providers

On May 27, 2020, the Eastern District of Pennsylvania, in Leventhal v. MandMarblestone Group, LLC, handed down a decision that highlights the dangers facing both plan sponsors and plan service providers when a cybersecurity breach results in money stolen from a participant’s account. The court ruled that the TPA service provider, after being sued by the plan sponsor for the cybersecurity breach, ...