On April 18, 2022, the IRS published an information package. This guidance includes sample language for 403(b) plan document drafters with respect to the IRS’s Cycle 2 plan document restatement. Drafters of those restatements must submit their new 403(b) plan documents to the IRS for approval during the period beginning on May 2, 2022, 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 sixteen years has involved retirement plan participants’ allegations that plan fiduciaries caused participants to pay excessive recordkeeping and investment […]

On March 10, 2022, the U.S. Department of Labor (the “DOL”) released its first guidance on including investments in cryptocurrencies in a 401(k) plan’s investment lineup. This guidance is Compliance Assistance Release No. 2022-01 (“2022-01”). It reflects the DOL’s concern about 401(k) plans offering those types of investments to participants, in plans that allow them […]

On March 15, 2022, President Biden signed into law the Consolidated Appropriations Act, 2022 (the “Act”). The Act provides full-year funding, to September 30, 2022, for projects and activities of the federal government. Employee benefit plan sponsors will likely be interested in knowing that the Act increased the budgets of the IRS and the DOL’s […]

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 February 2, 2022, the Treasury Inspector General for Tax Administration (“TIGTA”) released a report titled “Employee Plans Examination Quality Review Scores Have Declined, and Efforts to Identify Trends and Implement Corrective Actions Could Be Improved.” As background, the IRS’s Tax Exempt and Government Entities Division’s Employee Plans (“EP”) examination program is responsible for ensuring […]

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 November 24, 2021, the Department of Labor (“DOL”) released a Fact Sheet stating that “In FY 2021, EBSA [the DOL’s Employee Benefits Security Administration] recovered over $2.4 billion for plans, participants and beneficiaries” via its plan investigations and other enforcement activities. That amount included the following: $1.9 billion in recoveries from enforcement actions, which […]

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 November 4, 2021, via Notice 2021-61, the IRS announced the effect of cost-of-living adjustments on certain 2022 dollar limits for various retirement plans (e.g., 401(k) plans and 403(b) plans). Certain limits will increase for 2022 because the increase in the cost-of-living index met statutory thresholds that trigger their adjustment. Here are the most notable […]