Individuals responsible for 401(k) retirement or welfare plan decisions know that the plan document is the first place to look for guidance when deciding a difficult administration question, such as whether a participant is...
Read MoreAdministering a 401(k) plan is a team effort, requiring the expertise of HR staff, the plan’s recordkeeper, and an ERISA attorney. When a company that sponsors a 401(k) or other retirement plan sells the business, a call early...
Read MoreAn employer that changes its medical plan from fully insured – where the insurance company sets the terms of the policy and retains the risk that claims will exceed the premiums paid – to self-funded – where the employer is...
Read MoreLike a 401(k) plan, a group health plan must comply with ERISA’s rule that prohibits a plan fiduciary from paying more than a reasonable amount for services provided to the plan. When a group health plan offers insured benefits,...
Read MoreA participant in a 401(k), 403(b), or other account-style retirement plan may name a beneficiary to receive his or her account balance after the participant’s death. A recent case, Moore v. NCR Corp. Plan Admin. Comm. (USDC N.D....
Read MoreAlthough it might not be obvious, tax law permeates most HR responsibilities – from paying an employee, to arranging for benefit coverages, to settling employment lawsuits, and paying pensions. Knowing a few key tax principles...
Read MoreWith the delay in re-opening businesses, some companies are finding that they need to terminate employees who had been placed initially on furlough or a reduced-hours assignment. When analyzing the costs that will be incurred...
Read MoreThe COVID-19 pandemic has employers strategizing on how to retain valuable employees while addressing declines in demand for the company’s products or services. Some employers have placed employees on unpaid leave status...
Read MoreThe Setting Every Community Up for Retirement Enhancement Act (“SECURE Act”), adopted in December 2019, has increased the penalty that the IRS may impose on plan sponsors who do not timely file Form 5500 (Annual Return/Report of...
Read MoreHaving recently helped a client determine if it employed on average more than 50 employees per month in a calendar year and therefore was an applicable large employer (“ALE”) subject to the Affordable Care Act (“ACA”) in the...
Read MoreAs an advisor to many 401(k) plan sponsors, I have been asked occasionally what advice I would give to a person who is relatively new to retirement plan administration. While some aspects of administration may only be learned...
Read MoreIf you are responsible for the administration of your company’s retirement plan, you probably reach out to the plan’s record-keeper and investment advisor on a frequent basis. With the extensive bundled services offered by many...
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