In 2021, the Department of Labor (DOL) issued cybersecurity guidance for ERISA-covered retirement plans. The guidance expands the duties retirement plan fiduciaries have when selecting service providers. Specifically, the DOL makes clear that when selecting retirement plan service providers,
Benefits Law Advisor
Insights on benefits counseling and litigation issues impacting employers nationwide
Benefits Law Advisor, published by Jackson Lewis P.C., focuses on employee benefits law and related regulatory updates. The blog covers topics such as retirement plan limits and adjustments, tax-advantaged savings accounts for children, employer reporting obligations for employee compensation, and recent IRS guidance affecting benefits administration. It also addresses compliance with new legislation impacting employee benefits, tax deductions related to tips and overtime pay, and practical considerations for plan sponsors and employers. The content is aimed at helping employers navigate evolving benefits laws, tax rules, and regulatory requirements affecting workplace benefit programs.
Latest from Benefits Law Advisor - Page 6
“Final” Section 1557 Nondiscrimination Regulations – Round 3: Impact on Employer Health Plans
Background
Section 1557 is the non-discrimination provision of the Affordable Care Act (ACA). Section 1557, which has been in effect since 2010, is intended to prevent discrimination in certain health programs or activities that receive federal financial assistance. In…
DOL’s Controversial Retirement Security Rule Faces Immediate Legal Challenge
On April 23, 2024, the United States Department of Labor (DOL) issued updates to the investment advice fiduciary regulation, formally called the “Retirement Security Rule” and generally referred to as the “DOL Fiduciary Rule.” These updates, generally effective September 23,…
HIPAA Final Rule For Reproductive Health Care Privacy with December 23, 2024, Compliance Deadline
On April 22, 2024, the federal Department of Health and Human Services’ Office for Civil Rights (OCR) announced a final rule enhancing privacy protections relating to reproductive health care. Specifically, the final rule amends the Privacy Rule under the Health…
Should We Submit Missing Participant Data to the DOL with the Plan’s Form 5500?
If the U.S. Department of Labor’s Notice of Proposed Information Collection Request, issued on April 15, 2024, becomes final, fiduciary retirement plan committees may be asked to evaluate the important question of whether the plan should voluntarily submit missing…
Happy National Employee Benefits Day 2024!
To all those who work in the employee benefits arena, whether in legal, finance, benefits administration, payroll, tax, human resources, or many other disciplines, this is our annual reminder to celebrate the valuable and important work done for employees, beneficiaries,…
Automatic Enrollment: This Is The Way
Thanks to SECURE Act 2.0, newly established 401(k) and 403(b) plans must now have an automatic enrollment. The SECURE Act 2.0 was passed in December 2022 and made sweeping changes to retirement plan regulations. We discuss many of those changes…
Seventh Circuit Orders Pension Fund to Return Withdrawal Liability to Employer
An employer can contest a withdrawal liability assessment and ultimately prevail. That is the moral of Bulk Transport Corp. v. Teamsters Union No. 142 Pension Fund, No. 23-1563 (7th Cir. Mar. 22, 2024).
Withdrawal Liability Generally
Withdrawal liability is a…
Don’t Set It & Forget It: Keeping up Your Fiduciary Committee
By Kent Maze
It’s hard to believe that 2024 is well underway! That means it’s a perfect time to think about an issue that might get lost in the summertime and (dare I already say) year-end shuffles: fiduciary committees.
ERISA imposes fiduciary duties…
Developments Around IVF Benefits
A recent Alabama Supreme Court case, LaPage v. Center for Reproductive Medicine, has made headlines and raised questions about the legal implications of providing in vitro fertilization (IVF) benefits. During IVF, eggs are fertilized outside the body to create…