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227 Matching News Items
1.
New Challenges to Pension Risk Transfers
Trucker Huss
May 1, 2024
Trucker Huss
May 1, 2024
"Three class action complaints filed in March reveal that the plaintiffs' bar views pension risk transfers as an area of significant liability for sponsors of DB plans. The lawsuits ... potentially signal a new area of litigation in an environment where plan sponsors are increasingly interested in transferring pension risk. The plaintiffs bringing these lawsuits all decry the selection of a specific annuity provider ... as the fiduciary's wrongdoing. The three lawsuits concern risk transfers involving billions of dollars of pension liability, impacting over 100,000 participants and beneficiaries."
2.
Ninth Circuit Court of Appeals Clarifies Pleading Standards Applicable to Suits for MHPAEA Violations
Trucker Huss
May 1, 2024
Trucker Huss
May 1, 2024
"In light of the relatively low pleading standard the Ninth Circuit has set, group health plans and their sponsors, administrators and fiduciaries should pay careful attention to the internal processes they utilize in determining coverage for MH/SUD benefits as compared to M/S benefits. The Ninth Circuit's ruling may significantly impact the health care industry, especially with proposed MHPAEA regulations anticipated to be finalized this year." [Ryan S. v. UnitedHealth Group, Inc., No. 22-55761 (9th Cir. Apr. 11, 2024)]
3.
FTC's Non-Compete Rule Affecting Executive Compensation Challenged in Courts
Trucker Huss
May 1, 2024
Trucker Huss
May 1, 2024
"A change from the proposed rule is that there is an exception for existing Noncompetes with 'senior executives'. A senior executive is an individual earning more than $151,164 in the preceding year who is in a 'policy-making position'.... This narrow definition excludes many highly paid employees such as sales and investment professionals or executives without policy-making authority."
4.
J&J Lawsuit Could Signal a New Area of ERISA Class Action Litigation Against Health Plan Fiduciaries
Trucker Huss
Mar. 21, 2024
Trucker Huss
Mar. 21, 2024
"Lewandowski reinforces how important it is for health plan fiduciaries to pay close attention to their plans' costs and fees ... Retirement plan 'excessive fee' litigation has ... reshaped the entire retirement industry -- from the pricing of investments to compensation paid to service providers to insurance and legal costs. If Lewandowski gains any traction and paves a new path of ERISA fiduciary litigation, we could see the same seismic disruption in the health plan industry." [Lewandowski v. Johnson & Johnson, No. 24-0671 (D.N.J. complaint filed Feb. 5, 2024)]
5.
Notice 2024-02 Provides Guidance on Distributions to the Terminally Ill
Trucker Huss
Mar. 5, 2024
Trucker Huss
Mar. 5, 2024
"To be eligible for a Terminally Ill Distribution, an individual must be certified by a physician as having an illness or physical condition that can reasonably be expected to result in death in 84 months or less after the date of certification.... [T]he Terminally Ill Distribution provision of the Act is an exception to the 10 percent additional tax, not the distribution restriction requirements of 401(k) or 403(b) plans. For such a plan to allow Terminally Ill Distributions, it must first permit in-service distributions or hardship distributions."
6.
IRS Provides Guidance on Self-Correcting Auto-Enrollment and Auto-Escalation Failures
Trucker Huss
Feb. 20, 2024
Trucker Huss
Feb. 20, 2024
"[Notice 2024-02] generally provides that to self-correct under the Act, employers would follow the rules under the expired safe harbor of EPCRS. However, [the Notice] provides guidance on: [1] the effective date of the Act's safe harbor correction; [2] how to self-correct for failures relating to terminated employees; and [3] when corrective matching contributions must be made."
7.
IRS Notice Clarifies New Plan Automatic Enrollment Requirement
Trucker Huss
Feb. 12, 2024
Trucker Huss
Feb. 12, 2024
"[SECURE 2.0 requires] that any 401(k) plan or 403(b) plan established on or after December 31, 2024, must provide automatic enrollment.... [Notice 2024-02] discusses when a Plan is established in order to be a Grandfathered Plan. It also discusses how the new requirements affect mergers and acquisitions, multiple employer Plans, spun off Plans and the new deferral only Plans created by the Act.... [It] is the adoption date and not the effective date that governs."
8.
IRS Provides Guidance on Roth Matching or Nonelective Contributions
Trucker Huss
Jan. 30, 2024
Trucker Huss
Jan. 30, 2024
"The Employer Roth Contribution will be includible in income of the employee in the year in which it is allocated to the employee's account.... [Notice 2024-02] provides any designated Employer Roth Contributions are generally not considered wages subject to income tax, FICA or FUTA withholding ... Therefore, affected employees will likely have to voluntarily adjust withholding or pay estimated tax payments[.]"
9.
IRS Extends Deadline for SECURE 2.0 Amendments and Provides Other Guidance
Trucker Huss
Jan. 23, 2024
Trucker Huss
Jan. 23, 2024
"One of the most significant provisions in [Notice 2024-02] is an extension of the deadline for plan sponsors to adopt amendments required under SECURE 2.0.... The Notice also clarifies the Act's provision allowing employers to provide de minimis financial incentives to employees to encourage participation in a 401(k) or 403(b) plan."
10.
Self-Correction of Plan Failures Made Easier — at Least for Now
Trucker Huss
Dec. 19, 2023
Trucker Huss
Dec. 19, 2023
"Plan sponsors must ensure they have practices and procedures in place reasonably designed to facilitate compliance with the qualified plan rules. Failure to do so will prevent the plan from being eligible for SCP.... [P]lan sponsors who take advantage of the expansion of self-correction should be careful to properly document the dates when defects were discovered, all corrective actions taken, and when they occurred."
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