Note:  The 2023 Consolidated Appropriations Act (the “CAA”) passed the House and the Senate on December 23, 2022 and December 22, 2022, respectively, and the President signed it into law on December 29, 2022. The CAA contains significant changes to employer-provided retirement plans and individual retirement plans. The changes are contained in the CAA’s section […]

On November 22, 2022, the U.S. Department of Labor (“DOL”) published final regulations addressing the application of ERISA’s fiduciary duties of prudence and loyalty to selecting investments and investment courses of action. This involves selecting qualified default investment alternatives, exercising shareholder rights such as proxy voting, and the use of written proxy voting policies and […]

Given the continuing wave of ERISA litigation, this article has become a mainstay of The Speed Reader. A sample of recent cases is provided below.  The most common type of ERISA case for approximately the past seventeen years involves retirement plan participants’ allegations that plan fiduciaries caused participants to pay excessive recordkeeping and investment fees […]

On October 21, 2022, via Notice 2022-55, the IRS announced the effect of cost-of-living adjustments on certain 2023 dollar limits for various retirement plans (e.g., 401(k) plans and 403(b) plans). As expected, several limits will increase for 2023 because of significant recent inflation, as the increase in the cost-of-living index met statutory thresholds that triggered […]

As the end of 2022 quickly approaches, retirement plan sponsors should promptly consider several important potential tasks. Examples include the following: December 1 Deadline for Certain Plan Communications to Participants: Depending on a plan’s design, one or more of the following annual notices might be required: safe harbor notice, qualified default investment alternative (“QDIA”) notice, […]

On September 29, 2022, the IRS published a new edition of its Employee Plans News periodical. The IRS reminds employers that: “The plan sponsor is responsible for all things having to do with the plan, from determining when employees enter the plan, to distributions, to filing the Form 5500 series returns. If you purchase or […]

In the August 2022 edition of The Speed Reader, I summarized IRS Notice 2022-33. That guidance generally extended the plan amendment deadline for the Setting Every Community Up for Retirement Enhancement Act of 2019 (the “SECURE Act”), the Bipartisan American Miners Act of 2019 (the “Miners Act”), and the Coronavirus Aid, Relief, and Economic Security […]

Given the continuing wave of ERISA litigation, this article has become a mainstay of The Speed Reader. A sample of recent cases is provided below.  The most common type of ERISA case for approximately the past sixteen years has involved retirement plan participants’ allegations that plan fiduciaries caused participants to pay excessive recordkeeping and investment […]

On August 3, 2022, the IRS published Notice 2022-33 (the “Notice”). The Notice extends the deadlines for amending a retirement plan to reflect certain provisions of  the Setting Every Community Up for Retirement Enhancement Act of 2019 (the “SECURE Act”), the Bipartisan American Miners Act of 2019 (the “Miners Act”), and the Coronavirus Aid, Relief, […]

Given the continuing wave of ERISA litigation, this article has become a mainstay of The Speed Reader. A sample of recent cases is provided below.  The most common type of ERISA case for approximately the past sixteen years has involved retirement plan participants’ allegations that plan fiduciaries caused participants to pay excessive recordkeeping and investment […]