Proskauer's Employee Benefits & Executive Compensa

JANUARY 25, 2022

1:20-cv-04220, 2022 WL 88586 (D.S.C. Plaintiffs were participants in Centerra’s 401(k) plan who alleged that the defendants breached their fiduciary duties in connection with the monitoring of various investment options that had excessive fees and underperformed. The case is Williams et al. Centerra Grp., LLC et al. ,

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Proskauer's Employee Benefits & Executive Compensa

DECEMBER 7, 2023

The day after Thanksgiving, while many of us were fortunate enough to be reaching for leftover pie, the IRS released proposed regulations implementing the requirement that 401(k) plan sponsors permit “long-term part-time employees” to make elective contributions to a 401(k) plan. Here’s an example.

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Insperity

OCTOBER 10, 2023

In December 2022, the U.S. In requiring employers to take actions that can improve their employees’ financial wellness, the SECURE 2.0 Act of 2022 says The implications of this law’s passage for your business How small and midsize businesses and their employees can both benefit Overview of the SECURE 2.0

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Proskauer's Employee Benefits & Executive Compensa

JANUARY 28, 2022

24, 2022) (discussed further here ), a Georgia federal district court held in favor of plaintiffs and declined to dismiss allegations that defendant’s 401(k) plan included costly and underperforming funds and charged excessive recordkeeping fees. 25, 2022). Northwestern Univ. , 19-1401, 595 U.S. The case is Goodman v.

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Proskauer's Employee Benefits & Executive Compensa

JANUARY 16, 2024

Act of 2022 (“SECURE 2.0”), the IRS issued Notice 2024-02 , which addresses SECURE 2.0 requires that 401(k) plans established after December 28, 2022, implement automatic enrollment provisions for plan years starting after December 31, 2024. 401(k) Plan : A spin-off plan from a pre-SECURE 2.0

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Best Money Moves

OCTOBER 7, 2021

5 financial steps to support employees in 2022. Consider these 5 suggestions for bringing financial wellness to your workforce in 2022, as well as why these steps are good for employers as well as employees. Financial wellness can help alleviate that stress and lead to more focused employees.

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International Foundation of Employee Benefit Plans

SEPTEMBER 11, 2024

Act of 2022 allows employers to make matching contributions toward employees’ qualified student loan payments (QSLPs) to 401(k) plans, 403(b) plans and governmental 457(b) plans (and SIMPLE IRAs plans not summarized in this blog). Section 110 of the SECURE 2.0

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Griffin Benefits

NOVEMBER 1, 2022

The IRS has finally announced adjustments to 2023 contribution limits on various tax-advantaged health and dependent care spending accounts, retirement plans, and other employee benefits such as adoption assistance and transportation benefits. Employees can deposit an incremental $200 into their Health Care FSAs in 2023.

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Griffin Benefits

NOVEMBER 11, 2021

The IRS has finally announced adjustments to 2022 contribution limits on various tax-advantaged health and dependent care spending accounts, retirement plans, and other employee benefits such as adoption assistance and transportation benefits. Employees can deposit an incremental $100 into their health care FSAs in 2022.

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Proskauer's Employee Benefits & Executive Compensa

AUGUST 5, 2022

Dudenhoeffer , courts around the country have overwhelmingly rejected ERISA fiduciary-breach claims by 401(k) plan participants seeking relief related to investments in company stock funds. 1, 2022). The Boeing Co. , 20-3389 (7th Cir. Background.

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McDermott Will & Emery Employee Benefits

FEBRUARY 1, 2023

Act of 2022? In this webinar replay, McDermott’s Employee Benefits team discusses the many changes to retirement plans and individual retirement accounts, including the key changes for 401(k), 403(b) and defined benefit plans as well as other changes impacting […] The post Webinar Replay: What to Know About SECURE 2.0

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McDermott Will & Emery Employee Benefits

JANUARY 24, 2023

Join partners from McDermott’s Employee Benefits team on Wednesday, January 25, 2023, as they discuss the impact of the recently passed SECURE 2.0 Act of 2022. Takes Second Bite at Retirement Security appeared first on EMPLOYEE BENEFITS BLOG.

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HR Digest

APRIL 30, 2022

A Bitcoin 401(k). recently revealed that they plan to offer investors the option to put bitcoin in their 401(k)s by the end of this year. A 401(k) plan is a company-sponsored retirement account where employee funding might come directly from their paychecks and may be matched by the employer.

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McDermott Will & Emery Employee Benefits

JUNE 7, 2022

2022-01 cautions 401(k) plan fiduciaries to “exercise extreme care” before allowing participants to invest plan assets in cryptocurrencies because cryptocurrencies “present significant risks and challenges to participants’ retirement accounts, […]. appeared first on EMPLOYEE BENEFITS BLOG.

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International Foundation of Employee Benefit Plans

FEBRUARY 22, 2024

Department of Labor (DOL) Employee Benefits Security Administration (EBSA) has issued FAQs on optional pension-linked emergency savings accounts (PLESAs) as part of the implementation of the SECURE 2.0 Act of 2022 (ERISA section 801).

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Proskauer's Employee Benefits & Executive Compensa

FEBRUARY 17, 2023

legislation that was enacted at the end of 2022 included an expansion of the ability for a section 401(k) or 403(b) plan, or a governmental section 457(b) plan, to provide matching contributions on participants’ student loan payments. These requirements made the benefit unattractive for many employers.

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Griffin Benefits

DECEMBER 30, 2021

Thousands of companies turned to JP Griffin Group for guidance on employee benefits topics in 2021. 2022 IRS Contribution Limits for HSA, HDHP, FSA, 401(k). Vendor Contracts – Beware of These Five Pitfalls in Employee Benefits Agreements. TOP TEN BLOG POSTS OF 2021. Do consumers even have a chance?

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Proskauer's Employee Benefits & Executive Compensa

DECEMBER 15, 2023

Act of 2022 (“SECURE 2.0”) was signed into law on December 29, 2022 as part of the 2023 Consolidated Appropriations Act, and included a myriad of required and optional plan design changes for retirement plan sponsors and employers (described in more detail here ). As previously discussed, the SECURE 2.0 However, SECURE 2.0

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Business Management Daily

FEBRUARY 18, 2022

The Employee Benefits Security Administration has had an on-again, off-again approach to whether employers can allow 401(k) investment choices to promote social, environmental, or other public policy causes—called economically targeted investments or sometimes environmental, social, or governance investing.

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Proskauer's Employee Benefits & Executive Compensa

JULY 6, 2022

In April, we wrote here about the discouraging trend of opinions allowing commonly asserted breach of fiduciary duty claims in 401(k) and 403(b) plan investment litigation to survive motions to dismiss. 737 (2022), and two district courts dismissed similar claims. 21-5964, 2022 WL 2207557 (6th Cir. June 21, 2022).

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International Foundation of Employee Benefit Plans

AUGUST 22, 2023

With the federal student loan relief plan ruled unconstitutional by the Supreme Court, more employers are expected to consider offering student loan repayment benefits (loan paydown) or 401(k)/403(b) matching under the SECURE Act 2.0 appeared first on Word on Benefits.

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Benefits Notes

MAY 16, 2022

Employers sponsoring 401(k) or other types of defined contribution plans “pre-approved” by the Internal Revenue Service (IRS) should be aware that the restatement deadline is quickly approaching. The deadline for the current restatement cycle, “Cycle 3,” is July 31, 2022.

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Proskauer's Employee Benefits & Executive Compensa

FEBRUARY 23, 2023

The filing of a new 401(k) plan “excessive fee” or “investment underperformance” complaint is hardly “news” these days given the proliferation of suits that have been filed over the past several years. In fact, hardly a week goes by when at least one new lawsuit has not been commenced. Amici were represented by Proskauer.

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Proskauer's Employee Benefits & Executive Compensa

JANUARY 30, 2023

As part of our continuing series on SECURE 2.0 , signed into law December 29, 2022, this post focuses on significant changes for section 403(b) tax-sheltered annuity plans (“403(b) plans”). Historically, the Code restricted 403(b) plans more than 401(k) plans in terms of the contributions and earnings available for hardship withdrawal.

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Proskauer's Employee Benefits & Executive Compensa

MAY 4, 2023

A third district court has dismissed with prejudice a complaint alleging that defendants breached their fiduciary duties under ERISA by offering 401(k) plan participants the option to invest in BlackRock LifePath Index Target Date Funds (the “Funds”). Microsoft , Case No. 22-cv-1082 (W.D.

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Proskauer's Employee Benefits & Executive Compensa

JULY 21, 2022

The Sixth Circuit recently issued a mixed opinion in a 401(k) plan investment litigation. employees who sued the company in the U.S. District Court for the Southern District of Ohio, alleging that the TriHealth 401(k) plan fiduciaries breached their duties of prudence and loyalty in connection with plan management.

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Proskauer's Employee Benefits & Executive Compensa

NOVEMBER 23, 2022

22-cv-678, 2022 U.S. 15, 2022), a Pennsylvania district court dismissed an ERISA excessive fee complaint for failing to provide enough information about alleged comparator plans that allegedly paid less for recordkeeping services. 2022) (discussed here ); Smith v. 2022) (discussed here ); and Matousek v. In Krutchen v.

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Proskauer's Employee Benefits & Executive Compensa

MAY 5, 2022

4th __, 2022 WL 1236954 (6th Cir. employees, sued the company and its investment committee under Section 502(a)(2) of ERISA on behalf of its 401(k) plan, alleging that defendants breached their fiduciary duties of prudence and loyalty with respect to the management of the plan. The case is Hawkins et al. Cintas Corp. ,

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Proskauer's Employee Benefits & Executive Compensa

FEBRUARY 3, 2022

21-cv-22986, 2022 WL 180638 (S.D. Plaintiffs, a proposed class of current and former Baptist Health employees, sued the nonprofit health care organization in the Southern District of Florida, alleging that defendants breached their fiduciary duties in their management and selection of investments for the organization’s 403(b) retirement plan.

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Best Money Moves

DECEMBER 9, 2024

Employees who feel their benefits are suited to their situation are more likely to stick with their company. As technology improves, personalized benefits will be able to cater to a persons exact struggles and new opportunities are considered every year. These benefits trends will continue going into 2025.

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McDermott Will & Emery Employee Benefits

OCTOBER 15, 2024

Act of 2022, which permits employers with a 401(k) plan or 403(b) plan to provide matching contributions to employees based on employee student loan payments. Through various questions and answers, […]

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McDermott Will & Emery Employee Benefits

OCTOBER 21, 2022

The table below compares the applicable dollar limits for certain employee benefit programs and the Social Security wage base for 2022 […]. The post IRS Announces 2023 Employee Benefit Plan Limits appeared first on EMPLOYEE BENEFITS BLOG.

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HR Professionals Magazine

MAY 24, 2022

As a team of 401(k) advisors focused on participant outcomes, we are constantly fielding financial related questions from employees seeking advice. In the DOL’s guidance, they acknowledge the wave of enthusiasm around crypto and the potential for them to become investment options in 401(k) plans. By Jim Trujillo.

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Employee Benefits

FEBRUARY 8, 2023

This raise, which also includes a 5% pool for eligible merit employees, means that staff will have received a 9% pay increase within the last year in total, including the 4% rise they had in May 2022. Last month, Delta employees earned $563 million (£465.6

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WEX Inc.

JULY 24, 2023

Meanwhile, HSAs are booming in popularity, with total assets eclipsing $104 billion in 2022. HSAs have comparable — or better — perks than a 401(k) or IRA with respect to healthcare costs, including: HSA contributions reduce taxable income. What percentage of HSA-eligible employees participate in HSAs?

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Proskauer's Employee Benefits & Executive Compensa

SEPTEMBER 21, 2023

A recent Ninth Circuit decision has generated considerable controversy amongst employee benefits practitioners by holding that plan fiduciaries engaged in prohibited transactions when they amended the plan’s existing recordkeeping contract to add brokerage and investment advisory services. The case is Bugielski v. 4th 894 (9th Cir.

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Proskauer's Employee Benefits & Executive Compensa

OCTOBER 14, 2022

20-cv-3256, 2022 WL 4639673 (E.D.N.Y. 21-cv-60, 2022 WL 4638092 (E.D. Gonzalez v. Northwell Health, Inc. , The dismissal was without prejudice, and Judge Kovner gave plaintiff 30 days to amend the complaint. Associated Banc-Corp , No.

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