Benjamin F. Spater

The Drought Is Over: Recent Legislation Affecting Retirement Plans

BENJAMIN F. SPATER and SUSAN QUINTANAR, May, 2018   New legislation provides several significant modifications affecting retirement plans, effectively eliminating the legislative drought experienced in recent years. Bipartisan Budget Act of 2018 (the “Act”) Hardship Withdrawals Effective for plan years beginning after December 31, 2018, the Act liberalizes the hardship withdrawals provisions for plans that include […]

(Mild) Relief for Safe-Harbor Hardship Administration

ADRINE ADJEMIAN and BENJAMIN F. SPATER, March 2017    Provided that certain notice requirements have been satisfied, employers and third-party administrators (“TPAs”) can now allow participants requesting safe-harbor hardship distributions to provide a summary of information contained in source documents evidencing their hardship event in lieu of the source documents, as long as they maintain […]

Missing Participants: Gone but Not Forgotten

SUSAN QUINTANAR and BENJAMIN F. SPATER, December 2016 Plan administrators know all too well the practical challenges associated with the timely payment of benefits to plan participants, especially in those cases where individuals remain unresponsive to plan communications and are presumed missing. Last year, both the Department of Labor (“DOL”) and the Internal Revenue Service […]

The Final Fiduciary Rule: Top Five Takeaways for Plan Sponsors

ADRINE ADJEMIAN, ROBERT R. GOWER and BENJAMIN F. SPATER, April 2016 – On April 8, 2016, the Department of Labor (“DOL”) published the final fiduciary advice regulatory package (the “Package”). The Package includes regulations introducing a dramatically revised definition of who is considered a “fiduciary” by rendering investment advice for a fee (the “Final Rule”), […]

Revenue Ruling 2014–9 and Revised Form 5310: Uncertain Compliance Standard for Rollover Contributions

SUSAN M. QUINTANAR and BENJAMIN F. SPATER — On April 3, 2014, the Internal Revenue Service (“IRS”) issued Revenue Ruling 2014-9, which expands on previous IRS guidance addressing how a plan administrator may “reasonably conclude” that a potential rollover contribution is a qualified distribution and will not adversely affect the recipient plan’s qualified status. This […]