Senior Benefits Analyst

Stanford University Redwood City CA

Retirement Relationship Manager

Alerus Financial East Lansing MI

Defined Benefit Consultant

EGPS, INC. Laguna Hills CA / San Diego CA

Retirement Plan and Compliance Administrator

Pango Wilmington DE

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Fixing Plan Operational Failures
February 6, 2020 WEBCAST
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New Comments and Topics

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Can a Plan Document's Arbitration Clause Subject Participants to Binding Arbitration of 502(a)(2) Claims? (PDF)

"The decision raises two very interesting questions. First, can a plan administrator's unilateral amendment of a plan document bind a participant's claims -- brought on behalf of the plan -- to binding arbitration, and second, is it legally possible to arbitrate claims of breach of fiduciary duty brought under ERISA Section 502(a)(2) by an individual on behalf of the plan?" [ Dorman v. The Charles Schwab Corp. , No. 18-15281 (9th Cir. Aug. 20, 2019; see also unpub. memo. opinion (Aug. 20, 2019); rehearing denied (Nov. 7, 2019)]

Jordan D. Mamorsky, via Journal of Compensation and Benefits

ERISApedia.com -- Save Time and Money!

Explore our Compliance ReSources ; including our Ask the Author Service . Modern on-line platform -- Intuitive search -- Continually updated -- Government Source links. We can help you. Free Trial. Contact us at: sales@erisapedia.com or 612-605-2266 

Must a Plan's Security Policies Meet the Duty of Prudence? (PDF)

"Two recent cases alleging breach of fiduciary duty under [ERISA] in connection with the distribution of participant account balances in defined contribution plans highlight the compliance and litigation risks associated with plan losses.... Benefit-plan-market participants should take the opportunity to help the DOL craft sensible guidance that balances the need to protect plan assets and the requirements of ERISA.... Guidance should recognize that participants play a role in protecting their plan benefits."

Groom Law Group. via PLANADVISER

401(k) Compliance Calendar for 2020

"[T]his simple 401(k) compliance calendar [includes] all the major 401(k) compliance deadlines you should be aware of in 2020 in one convenient page."

ForUsAll

To MEP or Not to MEP? That Is the SECURE 401(k) Question

"The passage of the Secure Act could usher in a new era of 401k plans. The MEP can open up retirement saving options for many employees of small companies. They may even change the paradigm for companies that already have 401k plans. The question many may soon be asking will be whether or not plan sponsors should go it alone or join a pool through a MEP."

Fiduciary News

Survey Results: 403(b) Plan Sponsor Priorities for 2020

15 pages. "Keeping the plan compliant and reducing fiduciary liability is overwhelmingly the top priority for 403(b) plan sponsors with more than half (54.0 percent) of respondents citing it as their top concern.... Increasing participation rates and participant deferral rates were the second and third most commonly indicated priorities, followed by offering a financial wellness program and reducing plan cost."

Plan Sponsor Council of America [PSCA]

Electronic Disclosure under ERISA: How to Effectively Use Technology without Sacrificing Compliance

Dec. 19 webinar. Gain a better understanding of how to use technology while staying compliant under ERISA. BenefitsLink discount . 

Annuity Purchase Update: December 2019 Interest Rates

"Although the average duration 7 annuity purchase interest rates slightly increased and average duration 15 rates decreased since last month, average annuity purchase interest rates increased by roughly 25 basis points this quarter. This increase in rates since September led to a corresponding decrease in annuity purchase prices of almost 2% for Annuity Plan 1 and roughly 4% for Annuity Plan 2."

October Three Consulting

Employees Should Take Full Advantage of Roth 401(k) Before Making Pre-Tax 401(k) Deferrals

"[A recent] Harvard study, current tax rates and a future that appears to require higher taxes all point to one conclusion: Workers should make Roth 401k contributions rather than traditional pre-tax 401k contributions beginning as soon as possible. If you don't currently offer Roth 401k accounts in your 401k plan, you should consider adding them, and in-plan Roth 401k account conversions as well."

Lawton Retirement Plan Consultants

Remand Directing Change in Standard of Judicial Review Is Not Sufficient Success on the Merits to Support Attorneys' Fee Award

"On remand and de novo review, the District Court ... entered summary judgment in Humana's favor. Nonetheless, [the plaintiff] filed a fee petition, asserting that ... convincing the appellate court to change the standard of review and remand her case entitled her to fees regardless of whether she ultimately won her claim for benefits.... [The Fifth Circuit] concluded that, while securing a change in the standard of judicial review was certainly a procedural success, it was not a success on the merits of [the] benefit claim." [ Ariana M. v. Humana Health Plan of Texas, Inc. , No. 18-20700 (5th Cir. Nov. 8, 2019; unpub.)]

Robinson & Cole LLP

[Official Guidance]

Text of IRS Proposed Regs: Certain Employee Remuneration in Excess of $1,000,000 under Section 162(m)

"This document sets forth proposed regulations under section 162(m) of the Internal Revenue Code, which limits the deduction for certain employee remuneration in excess of $1,000,000 for federal income tax purposes. These proposed regulations implement the amendments made to section 162(m) by the Tax Cuts and Jobs Act.... This document also provides a notice of a public hearing [on March 9, 2020] on these proposed regulations."

Internal Revenue Service [IRS]

[Guidance Overview]

IRS, Treasury Issue Proposed Regs on Compensation Deductions for Publicly Held Corporations

"The proposed regulations update the definitions of covered employee, publicly held corporation and applicable employee compensation.... The proposed regulations further explain the grandfather rule, including when a contract will be considered materially modified so that it is no longer considered 'grandfathered.' The TCJA changes apply to tax years beginning after Dec. 31, 2017, except to the extent the grandfather rule applies."

Internal Revenue Service [IRS]

Press Releases

Mercer Names Edward Lehman US Health Leader Mercer

Humana to Acquire Enclara Healthcare Humana

Keith Ranta Joins Pillsbury?s Executive Compensation & Benefits Practice in DC and Northern Virginia Pillsbury

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Most Popular Items in the Previous Issue

Is Interest on Plan Loans Double-Taxed? Plan Sponsor Council of America [PSCA]

Text of IRS Rev. Proc. 2020-10: Third Six-Year Remedial Amendment Cycle for Pre-Approved DB Plans (PDF) Internal Revenue Service [IRS]

Deadline Set for 401(k) Plan Amendments Due to New Hardship Rules RSM US