For many years, the IRS has had a program for qualified plans (e.g., 401(k) plans) under which plan document drafters submit their plans to the IRS for approval as to their form (i.e., whether their language properly incorporates applicable law changes). After the IRS approves a drafter’s plan document, the drafter’s plan sponsor clients can […]
On September 1, 2021, the IRS issued Revenue Procedure 2021-38 (“2021-38”). This guidance addresses the deadline for qualified plan sponsors to adopt interim amendments. Under 2021-38, an interim amendment made to a pre-approved qualified plan is adopted timely if the amendment is adopted by the end of the second calendar year after the calendar year […]
Since 1991, the IRS has had formal correction programs in place for various retirement plan compliance issues. Current programs under that Employee Plans Compliance Resolution System (“EPCRS”) consist of the following: Self-Correction Program (“SCP”): This program can be used to correct a wide array of compliance issues that are discovered by the plan sponsor or […]
On July 26, 2021, the Department of Labor (“DOL”) issued a series of Frequently Asked Questions (“FAQs”) addressing lifetime income illustrations. As background, in September of 2020 the DOL issued a regulation regarding information that will have to be included in defined contribution plan participants’ benefit statements. The regulation requires plan administrators to express a […]
On June 14, 2021, the U.S. Department of Labor (the “DOL”) published Information Letter 06-14-2021. This guidance addresses the question of whether ERISA’s claims and appeals provisions “require the responsible plan fiduciary to provide, upon a claimant’s request, a copy of an audio recording and transcript of a telephone conversation between the claimant and a […]
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 fifteen years has involved retirement plan participants’ allegations that plan fiduciaries caused participants to pay excessive recordkeeping and investment […]
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 fifteen years has involved retirement plan participants’ allegations that plan fiduciaries caused participants to pay excessive recordkeeping and investment […]
On May 24, 2021, the IRS updated its Operational Compliance List (the “List”). The IRS publishes the List to help plan sponsors and practitioners “achieve operational compliance by identifying changes in qualification requirements and Internal Revenue Code (IRC) Section 403(b) requirements effective during a calendar year.” The List does not include periodic changes that routinely […]
On April 14, 2021, the Department of Labor (“DOL”) issued guidance that has been eagerly anticipated by employers, their plans’ advisors, and other plan service providers. Part of the guidance addresses cybersecurity practices and procedures specifically for defined contribution plans (e.g., 401(k) and 403(b) plans), but its principles should apply to all ERISA plans. As background, […]
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 fifteen years has involved retirement plan participants’ allegations that plan fiduciaries caused participants to pay excessive recordkeeping and investment […]