Retirement Plans

Prepare to Comply with the DOL’s Disclosure Regulation for Participant-Directed Individual Account Plans

Over 4 years ago, the DOL put plan fiduciaries on notice that it intended to implement new rules to enhance the transparency of fees charged both to plans themselves and participants individually. In its first step, the DOL revamped Schedule C to the Form 5500 with respect to the disclosure of service provider compensation to […]

George v. Kraft Foods Global, Inc.: The Seventh Circuit Court of Appeals Rocks the Boat Regarding Common Plan Fiduciary Practices

On April 11, 2011, the U.S. Court of Appeals for the Seventh Circuit issued an opinion in George v. Kraft Foods Global, Inc.¹ which calls into question common and seemingly non-controversial practices in the administration of ERISA plans. In doing so, the Court’s opinion threatens to increase the administrative burdens on ERISA plan fiduciaries, increase […]

IRS Revenue Ruling 2011-7 Provides Guidance Regarding 403(b) Plan Terminations

The Internal Revenue Service (the “IRS”) released Revenue Ruling 2011–7 (the “Ruling”) on February 22, 2011, to clarify tax issues with respect to the termination of 403(b) plans. In the Ruling, the IRS addresses the requirements for termination of a 403(b) plan, and the resulting tax consequences to participants. While the Ruling provides guidance on […]

Financial Crimes Enforcement Network Issues Final Regulations on Foreign Financial Reporting

In our June 2009 and April 2010 issues, we alerted readers that employee benefit plans and those involved with plan investments could be required to report foreign accounts maintained in connection with plan investments to the Internal Revenue Service (“IRS”) on Form TD F 90–22.1, Report of Foreign Bank and Financial Accounts (“FBAR”). On February […]

IRS Issues 2010 Cumulative List

The Internal Revenue Service (the “IRS”) has released the 2010 Cumulative List of Changes in Plan Qualification Requirements (the “2010 Cumulative List”). In general, the Cumulative List identifies the changes in qualification requirements that must be taken into account when an application for an opinion, advisory or determination letter is submitted and reviewed by the […]

Cash Balance and Other Hybrid DB Plans Are Here To Stay

Introduction On October 18, 2010, the IRS published final regulations, and a new set of proposed regulations, governing cash balance (“CB”) and other hybrid defined benefit pension plans. This article: reviews what hybrid plans are and how they work; reviews some of the controversy associated with hybrid plans; and briefly discusses the most recent IRS […]

Pension Plan Limitations for 2011

The Internal Revenue Service has announced the annual cost-of-living adjustments applicable to dollar limitations for pension plans and other items for Tax Year 2011. For the second year in a row none of the major pension plan limitations have increased; Including the limitations under Internal Revenue Code (“Code”) section 415 and all of the other […]

New Law Permits Conversion of Pre-Tax and Other Accounts to Designated Roth Account within 401(k), 403(b) and Governmental 457(b) Plans

The Small Business Jobs and Credit Act of 2010 (the “Small Business Act”), signed into law on September 27, 2010, will allow participants to convert non-Roth accounts in certain plans to Roth accounts within the same plan, if the plan so provides. This article explains these in-plan Roth conversion rules and what employers should consider […]

Funding Relief for Multi-Employer Pension Plans

After a short but circuitous journey through the House and Senate, pension funding relief for multiemployer pension plans devastated by the collapse of the global financial markets in the fall of 2008 became law on June 25, 2010 when President Obama signed H.R. 3962 — P.L. 111–192 — the Preservation of Access to Care for […]

Funding Relief for Single Employer Pension Plans

The Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010 (the “Act”), enacted June 25, 2010, contains provisions designed to relieve the funding obligations of employers who sponsor single employer defined benefit pension plans. The primary measure of the Act relating to pension funding gives plan sponsors additional time to […]

Proposed Regulations on Foreign Financial Reporting, and What They Mean for Employee Benefit Plans and Fiduciaries

On February 26, 2010, the Financial Crimes Enforcement Network (“FinCEN”) issued proposed regulations regarding foreign bank account reporting on Form TD F 90–22.1 (the “FBAR”). As our June 2009 issue explains, employee benefit plans and those with authority over their investment activities may be required, like other investors, to file an FBAR if plan investments […]

WHITE PAPER: A Guide to Retirement Plan Fees & Expenses

In this paper, we will discuss retirement plan fees and expenses to assist plan sponsors in achieving a greater understanding of their plan operations. Generally, retirement plan fees can be classified into three main categories, but the associated services can apply to multiple categories. For the purposes of this paper, we will categorize the fees […]

IRS Issues 2009 Cumulative List

The Internal Revenue Service (the “IRS”) has released Notice 2009–98: the 2009 Cumulative List of Changes in Plan Qualification Requirements (the “2009 Cumulative List”). In general, the Cumulative List identifies the changes in qualification requirements that must be taken into account when an application for an opinion, advisory or determination letter is submitted and reviewed […]

Eighth Circuit Reinstates 401(k) Plan Fee Lawsuit Against Wal‑Mart

Lawsuits filed against several major corporations asserting violations of ERISA based on claims of excessive fees in 401(k) plan investment options and failure to disclose revenue sharing arrangements have garnered much attention in the benefits community over the past couple of years. One of these lawsuits has recently settled, some are scheduled for trial in […]

Pension Plan Limitations for 2010

The Internal Revenue Service has announced the annual cost-of-living adjustments applicable to dollar limitations for pension plans and other items for Tax Year 2010. For the first time in over ten years, none of the major pension plan limitations have been increased, because the cost-of-living index for the quarter ended September 30, 2009 was less […]

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