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Publications
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04.22.2021US Department of Labor Issues Highly Anticipated Cybersecurity Guidance for ERISA PlansUpdates
On April 14, 2021, the US Department of Labor (DOL) released three-part guidance on cybersecurity issues for employee benefit plans, marking its first significant commentary on the issue since its comprehensive, but non-binding, report in late 2016. The DOL’s guidance provides “tips” and “best practices” for ERISA plan sponsors, responsible fiduciaries, recordkeepers, service providers, and participants in appropriately safeguarding non-public plan and participant information against cybersecurity threats.
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12.30.2020Employee Benefit Provisions in the Consolidated Appropriations Act, 2021UpdatesPresident Donald Trump signed into law the Consolidated Appropriations Act, 2021 (the Omnibus Bill) on December 27, 2020.
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10.23.2019IRS Finalizes Changes to 401(k) Hardship Distribution RulesUpdatesThe IRS issued final regulations on September 19, 2019, easing the 401(k) hardship distribution rules.
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11.01.2013Year 2014 IRS Dollar LimitsUpdatesThe IRS announced the Year 2014 cost-of-living adjustments for various provisions affecting employee benefit plans.
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08.19.2013Deadline for Annual Participant Fee Disclosure Extended for Six MonthsUpdatesOn July 22, the Department of Labor (DOL) issued Field Assistance Bulletin No. 2013-02 (FAB 2013-02) that extended the deadline for plan sponsors to provide 2013 annual participant fee disclosures by six months.
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07.16.2013Post-Windsor Treatment of Same-Sex Spouses Under Qualified Retirement PlansUpdatesThe United States Supreme Court significantly changed the treatment of same-sex spouses under qualified retirement plans in United States v. Windsor. For the implications of Windsor and its companion case Hollingsworth v. Perry on health and welfare plans, please read our prior Client Update.
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01.23.2013Recent Changes to the IRS Employee Plans Compliance Resolution SystemUpdates
To kick off 2013, the Internal Revenue Service (IRS) issued Revenue Procedure 2013-12 updating the Employee Plans Compliance Resolution System (EPCRS), the voluntary compliance program for employer-sponsored retirement plans. Changes become effective on April 1, 2013, but plan sponsors may elect to use the revised program as soon as the IRS releases the newly created Forms 8950 and 8951.
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10.23.2012Year 2013 IRS Dollar LimitsUpdatesThe IRS has announced the Year 2013 cost-of-living adjustments for various provisions affecting employee benefit plans.
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08.06.2012Responsible Plan Fiduciaries: Formalize Response to Service Provider Fee DisclosuresUpdatesResponsible fiduciaries of ERISA defined contribution or defined benefit plans should have received fee disclosures from each of a plan's covered service providers by July 1, 2012, as required pursuant to the Department of Labor's final regulations under ERISA Section 408(b)(2) (the "408(b)(2) regulations").
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06.06.2012Good News in IRS Guidance on the $2,500 Health FSA LimitUpdatesThe IRS recently issued Notice 2012-40 providing guidance on the $2,500 limit on salary reduction contributions to health flexible spending arrangements (“health FSAs”) under cafeteria plans. The $2,500 limit is a new requirement that was added by the Patient Protection and Affordable Care Act and many plan sponsors (especially those with non-calendar year plans) have had compliance questions. The IRS Notice provides clarifications on several important points.
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10.21.2011Year 2012 IRS Dollar LimitsUpdatesThe IRS announced the Year 2012 cost-of-living adjustments for various provisions affecting employee benefit plans.
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11.02.2010Year 2011 IRS Dollar LimitsUpdatesThe IRS announced the Year 2011 cost-of-living adjustments for various provisions affecting employee benefit plans. The following table shows certain Year 2011 limits and those from prior years. 2011 limits listed below remain unchanged from 2010.
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10.21.2009Year 2010 IRS Dollar LimitsUpdatesThe IRS announced the Year 2010 cost-of-living adjustments for various provisions affecting employee benefit plans.
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07.16.2009Employers Must Act by the Last Day of the 2009 Plan Year to Amend Tax-Qualified Plans Pursuant to the Pension Protection Act of 2006UpdatesThe Pension Protection Act of 2006 made numerous changes to rules regarding employee benefit plans, including tax-qualified defined benefit and defined contribution plans. Although the changes took effect at various dates (and plans have been required to operationally comply with each change as of the specified effective date), amendments reflecting these changes generally do not have to be adopted until the last day of the plan's 2009 plan year.
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06.04.2008Important Reminder: Deadline Approaching for Amending Deferred Compensation Arrangements Under Section 409AUpdatesThe deadline is fast approaching for amending deferred compensation arrangements that are subject to Section 409A of the Internal Revenue Code.
Employee Benefits Blog
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US Department of Labor Issues Highly Anticipated Cybersecurity Guidance for ERISA Plans
On April 14, 2021, the U.S. Department of Labor (DOL) released three-part guidance on cybersecurity issues for employee benefit plans, marking its first significant commentary on the issue since its comprehensive but nonbinding report in late 2016. The DOL’s guidance provides tips and best practices for ERISA plan sponsors, responsible fiduciaries, recordkeepers, service providers, and... Continue Reading… -
Employee Benefit Provisions in the Consolidated Appropriations Act, 2021
President Trump signed into law the Consolidated Appropriations Act, 2021 (the Omnibus Bill) on December 27, 2020. The following update provides a summary of key employee benefit provisions in the Consolidated Appropriations Act. The act expands and extends certain COVID-19 relief, including new qualified disaster relief for retirement plan distributions and temporary special rules for flexible... Continue Reading…
