Every year, the Department of Labor (DOL) and the Internal Revenue Service (IRS) perform thousands of audits on employee benefit retirement plans. Even under the best conditions, these audits can be stressful and time consuming for an employer. Retirement plan...
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Department of Labor Updates Guidance on Independence of Qualified Plan Accountants
Plan sponsors of large employee benefit pension plans are familiar with the requirement of audited financial statements for annual reporting purposes. That requirement is discussed in the DOL’s 2018 guidebook “Selecting an Auditor for Your Employee Benefit Plan,” and...
Court Finds Employee-Paid LTD Policy Was Part of Employer’s ERISA Plan
A federal district court in the Middle District of Tennessee has held, in Insurance Company of America, that a long-term disability (“LTD”) policy offered under an employer’s group health plan was subject to ERISA despite the fact that the premiums for the LTD...
Labor Opinions are Fair Game for Litigation After Circuit Ruling
Labor Opinions Are Fair Game for Litigation After Circuit Ruling - Roberta Watson, Bloomberg Law, August 19, 2022 (PDF)
Department of Labor (“DOL”) Proposes to “Update” QPAM Exemption
One of the most frequently used of the prohibited transaction class exemptions is Prohibited Transaction Class Exemption 84-14, which provides an exemption for Qualified Plan Asset Managers (the QPAM exemption). The QPAM exemption permits, subject to conditions, plan...
Retirement Bill Eyeing ERISA Arbitration Ban Stirs Strong Reaction: PLANSPONSOR
Retirement Bill Eyeing ERISA Arbitration Ban Stirs Strong Reaction - PLANSPONSOR, May 24, 2022 (PDF)
White Paper: Proposed Changes to Prohibited Transaction Exemption Procedures
By: Wayne Miller, Of Counsel; Stephen P. Wilkes, Partner; Mark Greenstein, Of Counsel DOL PROPOSES TOUGHER PROHIBITED TRANSACTION EXEMPTION PROCEDURES LAW The Employee Retirement Income Security Act of 1974, as amended (“ERISA”), was enacted in part to protect the...
New Lawsuit in 5th Circuit Challenges Revised DOL Fiduciary Rule
New Lawsuit in 5th Circuit Challenges Revised DOL Fiduciary Rule – Stephen Wilkes, WealthManagement.com, February 7, 2022 (PDF)
DOL “Clarifies” Guidance on Private Equity Investments In Defined Contribution Plans
It has been a frequently stated observation that the policy position of the Department of Labor (“DOL”) on pension issues may vary a bit with the party occupying the White House. A recently issued supplemental statement by the DOL regarding its 2020 Information Letter...
Plans Must Cover Over-the-Counter COVID Tests
The Department of Labor, Department of Health and Human Services, and the IRS (the “Agencies”) have issued Frequently Asked Questions #51 (“FAQs”) regarding implementation of the Families First Coronavirus Response Act, and the Coronavirus Aid, Relief, and Economic...