Novel In-Service Distributions from 457(b) Plans
A common query concerning in-service distributions from retirement plans is: Can a governmental 457(b) plan allow participants to obtain plan withdrawals while they are still working? Per a recent law change, governmental 457(b) plans now…
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Fiduciary Liability Claims and “Silent Cyber” Coverage
A vital concern sweeping businesses across the country is a term called “silent cyber”, or the coverage for cyber devastation under traditional property and casualty insurance policies, in contrast to purpose-built cyber insurance policies. A…
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3 Things You Need to Know About E-Delivery
With the devastating pandemic currently transpiring, it’s understandable if you have not kept up with the Labor Department’s final say on default electronic disclosure. Launched on May 21st, this rule includes new modifications in response…
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Detrimental Assumptions Plan Sponsors Make
When it comes to managing an employee benefit plan, even if a plan sponsor commits a very small plan violation, such an incident can result in hefty ERISA penalties. Even failing to file Form 5500…
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Three Helpful Considerations for Plan Fiduciaries During COVID-19
ERISA fiduciaries are steadily fine-tuning their decision-making processes in the face of the coronavirus epidemic. Any fiduciary decisions executed during this tumorous period may be particularly ripe for dispute by plan participants or regulators. To…
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Eleventh Circuit Releases Long-Awaited Decision on ERISA Sanctions
The Eleventh Circuit just confirmed their outlook on the Employee Retirement Income Security Act of 1974, or ERISA. The new decision in Williamson v. Travelport, LP 953 F. 3d 1278 (11th Cir. 2020), illuminated the latitude…
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IRS Publishes 2021 Amounts for HSA Limits
The Internal Revenue Service just announced next year’s inflation-adjusted quantities of health saving accounts. In Rev. Proc. 2020-32, the IRS states that the annual limitation on deductions under Code Section 223(b)(2)(A) for a person with…
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Department of Labor Unveils Novel Safe Harbor for E-Delivery
As numerous Americans continue to work remotely during the start of the summer, the Labor Department has introduced a brand new safe harbor for electronic disclosures. The final rule initiated is congruent to the rule…
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ARA Endorses Interim Amendment Process Improvements for Pre-Approved Plans
In a May 11th letter to the Director of the IRS Office of Employee Plans, the American Retirement Association suggested enhancements in the interim amendment process for pre-approved plan documents. The ARA indicates that the…
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