ERISA & Employee Benefits

Amendments to the Tax Cuts and Jobs Act; Senate Version of Tax Bill Unveiled

Yesterday, Senate Republicans unveiled their version of the tax bill (the "Senate Bill"). This comes one week after House Republicans first introduced the Tax Cuts and Jobs Act (the "House Bill"), the highlights of which were the topic of our November 3, 2017 Alert, and can be read here. The House Bill has already been amended twice, first on November 2nd and then again yesterday. In general, the ...

Tax Cuts and Jobs Act: Good News for 401(k) Plans, Bad News for Nonqualified Deferred Compensation

Yesterday, the Chair of the House Ways and Means Committee introduced the tax-writing body's inaugural bill, the Tax Cuts and Jobs Act (the "Act") outlining the federal tax reform plan. In general, the proposed changes are good news for 401(k) plans, since the Act did not include any provisions limiting employees' ability to make pre-tax contributions; nor did it reduce amounts that can be ...

IRS Announces 2018 Retirement Plan Limitations

The Internal Revenue Service announced cost-of-living adjustments affecting certain dollar limitations for pension plans and other retirement-related limitations for 2018, as detailed in Notice 2017-64.

Update Regarding EEOC Reporting Requirements

The Equal Employment Opportunity Commission ("EEOC") released an updated EEO-1 reporting form in August of 2016, which requires covered employers to provide employee pay data beginning in March 2018. The employer pay data was intended to provide information that would improve EEOC investigations into pay discrimination based on gender, race and ethnicity.

DOL Officially Proposes 18-month Delay Of Full Implementation Of BICE And Other Exemptions

Today, the DOL released its full proposal to extend the transition period by 18 months for the full implementation of the Best Interest Contract Exemption ("BICE"), the Principal Transactions Exemption, and PTE 84-24 (relating to sales of annuities and other transactions involving insurance companies and agents) (collectively, the "Fiduciary Compensation Exemptions" or the "Exemptions"). The ...

DOL Seeks 18-Month Delay of Best Interest Contract Exemption and Other Fiduciary Rule Exemptions

In an August 9, 2017 court filing, the U. S. Department of Labor ("DOL") announced that it had, on August 9, taken steps to delay the date for full implementation of the Best Interest Contract Exemption ("BICE") and other related prohibited transaction exemptions that provide relief from the application of DOL's recent regulation defining fiduciary and investment advice (the "Fiduciary Rule"). ...

Recently-Enacted State-Level Legislation Imposes New Obligations on Financial Institutions, Investment Advisers and Service Providers to 403(b) Plans

Legislation recently enacted by two states obligates financial institutions and investment advisers, as well as service providers to non-ERISA 403(b) plans, to meet new compliance requirements. Specifically, Nevada has enacted legislation that imposes a fiduciary duty on financial institutions and investment advisers rendering investment advice to Nevada-based clients. Similarly, the Connecticut ...

DOL Confirms June 9th Applicability Date of The Fiduciary Rule and Exemptions

The U.S. Department of Labor ("DOL") has confirmed that it will not seek to further delay the June 9, 2017 applicability date of the new fiduciary rule defining investment advice ("Fiduciary Rule"), the Best Interest Contract Exemption ("BICE") and other related exemptions. The DOL has issued a temporary enforcement policy ("FAB No. 2017-02") and a new set of Conflict of Interest FAQs (the ...

The Wagner Law Group Receives IRS Approval of its Volume Submitter 403(b) Plan

The Wagner Law Group has again broken new ground by receiving IRS approval of its volume submitter 403(b) plan. The IRS's new pre-approved 403(b) plan program represents the first opportunity for tax-exempt 403(b) plan sponsors, such as charitable and educational organizations, public schools, churches and church-related organizations, to bring certainty of compliance to the their 403(b) ...

DOL Announces 60-day Delay to Fiduciary Rule and Exemptions, and Makes Significant Changes to Transition Period Compliance

The U.S. Department of Labor's ("DOL") proposed 60-day delay to the new fiduciary rule defining investment advice ("Fiduciary Rule"), the Best Interest Contract Exemption ("BICE"), and other related exemptions was finalized today. The final rule codifying the delay will appear in the Federal Register on Friday, April 7, 2017 and take effect on Monday, April 10, 2017. This completes the delay ...