February 4, 2019

Updated Penalty Amounts for ERISA 401(K) and Welfare Plans

On January 23, 2019, the DOL published annual adjustments to the civil monetary penalties for certain ERISA violations applicable to 401(k) plans. Legislation enacted in 2015 requires these adjustments to be issued by January 15 of each year, but the government shutdown prevented the DOL from meeting the statutory deadline this year*. Updated penalty amounts for… Continue Reading

January 25, 2019

Fiduciaries Beware! Two Recent Cases Expose Potential Grounds for ERISA Liability

The path of an ERISA fiduciary has long been fraught with uncertainty and paved with obstacles, including the seeming potential for liability for nearly every plan-related business decision.  We take a quick look below at two recent pending case developments that help illustrate the perils that can await the unwary ERISA fiduciary. SMM Health Care… Continue Reading

January 4, 2019

Prepare to Electronically File your VCP Submissions

Just in time for the holidays, the IRS put a little something in the stockings for retirement plan administrators and benefits professionals. In October 2018, the IRS issued Revenue Procedure (Rev. Proc.) 2018-52, the latest official guidance consolidating the rules and procedures that govern the Employee Plans Compliance Resolution System (“EPCRS”). The most significant change… Continue Reading

December 4, 2018

401(k): DOL Proposes Prohibited Transaction Exemption For Certain Plan Transfers

On November 7, 2018, the U.S. Department of Labor (“DOL”) issued a proposed exemption related to the consolidation of small retirement savings accounts in 401(k) plans and IRAs when workers change jobs. See “Notice of Proposed Exemption Regarding Clearinghouse, LLC (“RCH” or the Applicant) – Located in Charlotte, North Carolina” Generally stated, prohibited transactions are… Continue Reading

November 15, 2018

401(k): Proposed Regulations Would Relax Hardship Distribution Rules

On November 9, 2018, the Internal Revenue Service (“IRS”) released a Notice of Proposed Rulemaking (proposed regulations) that, if finalized in present form, would significantly modify and relax some of the rules that govern hardship distributions (also known as hardship withdrawals) from 401(k) plans. The changes generally reflect relevant provisions included in the Bipartisan Budget… Continue Reading

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