Qualified Plans

Defined Benefit Pension Plans Face Less ERISA Fiduciary Risk Under Recent Supreme Court Decision

Topics: DOL, ERISA, Fiduciary, Qualified Plans

The WRMarketplace is created exclusively for Finseca members by experts at Troutman Sanders and the Finseca staff. WR Marketplace #20-14 was written by Jim Earle and Christopher Stock. The Finseca WR Newswire and WR Marketplace are published by Finseca as part of the Essential Wisdom Series, the trusted source of actionable technical and marketplace knowledge…

COVID-19: Economic Challenges That Can Be Addressed Through 401(k) And Other Retirement Plans

Topics: Qualified Plans, Retirement security

The WRMarketplace is created exclusively for AALU/GAMA members by experts at Troutman Sanders and the AALU/GAMA staff. WR Marketplace #20-08 was written by Jim Earle and Chris Stock. The AALU WR Newswire and WR Marketplace are published by the AALU as part of the Essential Wisdom Series, the trusted source of actionable technical and marketplace…

The IRS Expands EPCRS Self-Correction Program to Cover Plan Loan Failures and Certain Other Operational and Plan Document Failures

Topics: Qualified Plans

The WRMarketplace is created exclusively for AALU members by experts at K+L Gates and the AALU staff. WR Marketplace #19-10 was written by Jim Earle. The AALU WR Newswire and WR Marketplace are published by the AALU as part of the Essential Wisdom Series, the trusted source of actionable technical and marketplace knowledge for AALU...

Four Recent Lawsuits Claim Large Corporate Pension Plans Violated ERISA Through Use of Unreasonable Actuarial Assumptions

Topics: ERISA, Qualified Plans

This WR Marketplace is created exclusively for AALU members by experts at K&L Gates and the AALU staff, led by James E. Earle, Matthew R. Jones, Richard H. Nettles, and Rebecca Liu. The AALU WR Newswire and WR Marketplace are published by AALU as part of the Essential Wisdom Series, the trusted source of actionable...

IRS Issues Proposed Regulations on Relaxed Rules for 401(k) Hardship Distributions

Topics: 401(k), Qualified Plans

The 2018 Budget Act changes to the hardship distributions rules will make it easier for participants to take these distributions. The changes, as described in the Proposed Regulations, include (1) expanding the contributions and earnings that are eligible to be received in a hardship distribution (including post-1988 earnings on 401(k) deferrals), (2) expanding the permitted…

New DOL Rules on Disability Claims May Impact Retirement and Deferred Compensation Plans.

Topics: DOL, Qualified Plans, Regulation

New DOL rules became effective on April 1, 2018 regarding claims procedures for disability benefits offered in employee benefit plans. The rules apply not only to long-term and short-term disability plans, but may also apply to 401(k) and other qualified retirement plans, as well as non-qualified deferred compensation plans and SERPs. The new rules provide…

401(k) Plan Loans: Considering a Loan Program – Better Know the Basics

Topics: 401(k), Qualified Plans

To establish an effective 401(k) loan program, the plan sponsor must ensure that the loans comply with requirements under the Internal Revenue Code (“Code”), along with making other important design decisions. Specifically, plan sponsors must ensure that loans are: (1) made on commercially reasonable terms, (2) adequately secured and documented in writing, (3) paid off…

Better Yet – Safe Harbor 401(k) Plans- How Exactly Do They Work

Topics: 401(k), Qualified Plans

Generally, every 401(k) plan must satisfy annual nondiscrimination requirements, which are met by passing numerical tests that compare the average percentage of compensation deferred by highly compensated employees to the average percentage deferred by non-highly compensated employees. Failure of these tests typically results in a refund of some or all of the amounts deferred by…

Made a Mistake, No Problem- IRS Updates Correction Programs for Qualified Plans.

Topics: IRS, Qualified Plans, Regulation

Effective as of the beginning of this year, Revenue Procedure 2016-51 updated the EPCRS correction programs and procedures to reflect changes made to the program since the EPCRS was last restated in 2013. The most significant changes relate to the scaling back of the IRS’s determination letter program for individually designed plans and a change…