ERISA & Employee Benefits

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

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

By Dannae Delano, Barry Salkin and Roberta Casper Watson

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

By Susan Rees and Seth Gaudreau

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

DOL Lifetime Income Disclosure Regulation

By Barry Salkin and Roberta Casper Watson