In the plan sponsor and financial adviser community, as 2016 gives way to 2017, all eyes will be on the Department of Labor’s (DOL) fiduciary rule. As we blogged previously, the new rule will impose many new obligations on
Employee Benefits Law Report
Reporting on recent legal developments and trends affecting employee benefits
The Employee Benefits Law Report, published by Porter Wright Morris & Arthur LLP, focuses on legal and regulatory issues related to employee benefit plans. It covers topics such as compliance with Department of Labor (DOL) guidance, ERISA requirements, summary plan descriptions, plan documents, and fiduciary responsibilities. The blog addresses practical concerns for plan sponsors and fiduciaries, including annual funding notices, ESOP transaction regulations, and best practices for plan administration. It also provides explanations of key employee benefits concepts and helps employers navigate complex regulatory frameworks affecting retirement and welfare benefit plans.
Latest from Employee Benefits Law Report - Page 7
IRS issues proposed Code Section 409A regulations clarifying many nonqualified deferred compensation plan issues
The Internal Revenue Service (IRS) recently published proposed regulations under Internal Revenue Code Section 409A. The proposed regulations clarify 19 policy items addressed in the final regulations published in 2007 and also in proposed income inclusion regulations published in 2008.…
Final fiduciary rule creates implications for plan sponsors and financial advisers
After a drawn out and controversial regulatory review process, the United States Department of Labor (DOL) on April 6, 2016, issued final guidance that expands the definition of a “fiduciary” under the Employee Retirement Income Security Act (ERISA) and the…
U.S. Supreme Court invalidates Vermont health care reporting law Under ERISA preemption doctrine
The United States Supreme Court ruled on March 1, 2016 in Gobeille v. Liberty Mutual Insurance Company that a Vermont state statute that requires health care plans to file informational report with the state is preempted by ERISA to the…
IRS previews qualified plan determination letter changes in new guidance
The Internal Revenue Service (IRS) issued guidance on Jan. 4, 2016, that clarifies certain implications of its previously announced changes to the employee plans determination letter program. These clarifications, announced in Notice 2016-03 (Notice) are necessary to cover open issues…
IRS Notice 2016-4 extends due dates for 2015 information reporting under the ACA
The IRS yesterday released IRS Notice 2016-4, which extends the due dates for certain 2015 information reporting under the Affordable Care Act (“ACA”). This notice relates to due dates for the 2015 information reporting requirements (i.e., both furnishing to…
Protecting Americans from Tax Hikes Act of 2015
Leaders in the U.S. Congress reached a deal on Tuesday night to permanently extend many of the 52 provisions of the Internal Revenue Code that expired on Dec. 31, 2014. The full Congress approved the bill on Dec. 18, 2015…
Fiduciaries in stock-drop suits should be evaluated on real-time conduct, not 20-20 hindsight—Sixth Circuit decision Pfeil, et. al. v. State Street Bank & Trust Co.
ERISA fiduciaries of employee stock ownership plans (ESOPs) and plans with employer stock funds increasingly find themselves in a Catch-22. If they continue to invest in employer stock and the stock price falls, the fiduciaries could be sued for violating…
Nonqualified deferred compensation plan guidance from the IRS appears to be on the horizon
Ever since the series finale of “Mad Men,” I’ve been thinking a lot about old commercials. One commercial in particular involves Heinz ketchup. In the ad, someone would turn the bottle upside down, and the ketchup would take an extremely…
The view from Washington — we have a budget!
In perhaps the last big legislative push of 2015, the Bipartisan Budget Act of 2015 (the “Act”) was passed by the House of Representative on a 266-167 vote on Wednesday, October 28, 2015 — in the waning moments of outgoing…