April 1, 2019

DOL Proposed Regulations on Overtime Exemption Could Increase 401(k) Plan Contributions

On March 22, 2019, the U.S. Department of Labor (“DOL”) issued proposed regulations that, if adopted in proposed form, would substantially increase compensation thresholds used to determine whether executive, administrative, and professional employees must be paid overtime.  The DOL has provided an explanatory fact sheet, available here. Specifically, the proposed regulations would: Increase the standard salary… Continue Reading

February 28, 2019

Fidelity Sued Over “Secret Payments” in New Class Action

In a class-action lawsuit suit filed on February 21, 2019 in the U.S. District of Massachusetts, participants in a T-Mobile USA 401(k) plan sued the parent company of Fidelity investments, along with several FMR affiliates, alleging violations of ERISA’s fiduciary standards.  Plaintiffs allege that Fidelity, as record keeper for the plan, accepted “secret payments” from certain retirement-plan… Continue Reading

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

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