Publications

IRS Makes Significant Improvements to EPCRS in Rev. Proc. 2019-19

CRAIG P. HOFFMAN, April, 2019    Effective April 19, 2019, new rules under the Employee Plans Compliance Resolution System (EPCRS) will greatly expand the types of disqualifying defects that may be corrected under the Self-Correction Program (SCP). SCP is a component of EPCRS under which certain types of disqualifying defects may be corrected without the […]

Internal Revenue Service Provides Transition Relief to Code Section 403(b) Plans for Violations of the Once-In-Always-In Rule

T. KATURI KAYE and BRIANA B. DESCH, April, 2019      The Internal Revenue Service (IRS) recently issued guidance providing transition relief to employers who have not correctly applied the “once-in-always-in” rule (the “OIAI rule”) and, as a result, have wrongfully excluded part-time employees from participating in their Internal Revenue Code (Code) Section 403(b) plans. […]

U.S. Senate Committee Eyes Lack of Guidance on ERISA Cybersecurity

ROBERT R. GOWER and FREEMAN L. LEVINRAD, April, 2019      It seems that every day, a new high-profile data breach is in the news. With increased reliance on the internet to transmit personal information, the potential for breaches has grown significantly. Defined contribution plans, which now hold over $5 trillion in assets, are by […]

Arbitrability of ERISA Fiduciary Breach Cases

JOSEPH C. FAUCHER and DYLAN D. RUDOLPH, February, 2019  This article was first published by the Journal of Pension Benefits: Issues in Administration, Design, Funding, and Compliance, Autumn 2018, Vol. 26, No. 1. Although the viability of arbitration rather than litigation in ERISA fiduciary breach claims remains to be seen, there are several considerations for employers who […]

Second Circuit Breathes New Life Into Company Stock Litigation

JOSEPH C. FAUCHER and DYLAN D. RUDOLPH, February, 2019   In offering their own company stock as a plan investment option, retirement plan fiduciaries are subject to the same duty of prudence that governs the selection, retention and removal of any other investments. Before 2014, litigation against plan fiduciaries that offered their companies’ stock as an […]

IRS Issues Proposed Regulations Modifying Hardship Distribution Rules

BRYAN CARD, February, 2019   The new year brings significant changes to hardship distributions under Section 401(k) plans and Section 403(b) plans. Following the passage of the Bipartisan Budget Act (the “Act”) in February 2018, the Internal Revenue Service (IRS) released proposed regulations in November 2018 which provide implementing guidance for the new rules and modifications […]