On May 27, 2020, the DOL published a final regulation addressing the electronic disclosure of certain documents required to be provided to participants and beneficiaries of ERISA-covered retirement plans. The regulation stems from President Trump’s Executive Order 13847, issued on August 31, 2018. That Executive Order directed the DOL to review whether regulatory or other […]

As a result of COVID-19’s disruption to the U.S. economy and to many plan sponsors’ business operations, the IRS and DOL recently published several pieces of guidance providing a wide array of relief to retirement plan sponsors. First, on April 29, 2020, the DOL published Disaster Relief Notice 2020-01 (the “Notice”). The Notice applies to the […]

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 fourteen years has involved retirement plan participants’ allegations that plan fiduciaries caused participants to pay excessive record keeping and […]

On March 27, 2020, the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”) became law. The CARES Act provides widespread relief to employers and employees via tax credits and other approaches (e.g., extended tax due dates). This article focuses on provisions affecting retirement plans COVID-19 Distributions:  The 10% penalty tax under Internal Revenue […]

As a result of COVID-19, on March 27 the IRS made two important announcements for certain retirement plan sponsors. First, the IRS extended the last day of the initial remedial amendment period for 403(b) plans from March 31, 2020 to June 30, 2020. As a result, plan sponsors now have until June 30, 2020 to […]

In addition to the law and IRS guidance discussed above, sponsors of defined contribution retirement plans may wish to consider the impact of COVID-19 on their plans with respect to the following: Reducing or Suspending Employer Contributions:  If a plan provides for discretionary employer contributions, although no plan amendment is necessary to reduce or suspend […]

For the second month in a row, the Internal Revenue Service and the U.S. Department of Labor were quiet on the retirement plans front. This was likely caused, at least in part, by their focus on drafting guidance pursuant to the SECURE Act (which I summarized in the January 2020 edition of this newsletter). Thus, […]

Since last month’s edition of The Speed Reader, the Internal Revenue Service and the U.S. Department of Labor have been quiet on the retirement plans front. Perhaps this was a result of their pending work drafting guidance pursuant to the SECURE Act, which was summarized in last month’s edition of this newsletter. Thus, this month’s […]

On December 20, 2019, President Trump signed into law the Setting Every Community Up for Retirement Enhancement Act of 2019 (the “Act”). This constitutes the most comprehensive law in the retirement plans field since the Pension Protection Act of 2006. The Act’s provisions that affect defined contribution plans, such as 401(k) plans and 403(b) plans, […]

On November 6, 2019, via Notice 2019-59, the IRS announced the effect of cost-of-living adjustments on certain 2020 dollar limits for various retirement plans (e.g., 401(k) plans). Many of the limits will increase for 2020 because the increase in the cost-of-living index met statutory thresholds that trigger their adjustment. Here are the most notable figures […]