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 […]
As the end of 2021 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, […]
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 October 7, 2021 the IRS published its “Tax Exempt & Government Entities (TE/GE) Fiscal Year 2022 Program Letter.” Retirement plan sponsors will likely be most interested in the following excerpts: “In fiscal year 2022, we expect to invest in new resources to expand outreach to the exempt sector as well as increase our enforcement […]
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 […]