Your Retirement Benefits
Levy & Droney P.C.
If you are approaching age 70 you should be considering how your retirement benefits will be paid.
Recently Issued Guidance on the Automatic Rollover of Mandatory Qualified Retirement Plan Distributions
J. Rene Toadvine of Littler Mendelson, P.C.
The Department of Labor recently issued final "safe harbor" regulations relating to the automatic rollover of certain mandatory distributions from qualified retirement plans that contain a "cash out" feature. A "cash out" feature provides for an immediate distribution to a former employee of his or her vested accrued benefit under the plan when the benefit is below a certain threshold amount. The Internal Revenue Service also issued recent guidance in Notice 2005-5 and an IRS News Flash, dated February 16, 2005, that clarifies the automatic rollover rules. The following is a summary of the most salient features of these rules.
Statute of Limitations Defense--Benefits Briefs--Vol. 13, No. 2
Nixon Peabody LLP
This article outlines three steps an employer should take in reviewing a claim for benefits in order to ensure that the statute of limitations begins to run when the employer first receives the participant's paperwork.
Disclosure Requirements for Plans Subject to Erisa and Sec Rules
Pillsbury Winthrop Shaw Pittman LLP
This summary discusses how to comply with ERISA and SEC disclosure requirements for a 401(k) plan that includes an.
The Year 2000 Problem: Paying the Programmers
Benjamin I. Delancy of Thelen LLP
This article discusses a possible analysis for a corporation to follow when determining how to adequately compensate a Y2K computer programmer.
Compliance Update: The Voluntary Fiduciary Compliance Program
J. Rene Toadvine of Littler Mendelson, P.C.
The Department of Labor recently revised its Voluntary Fiduciary Correction Program (VFCP). Adopted by the U.S. Department of Labor (DOL) to encourage plan fiduciaries to comply with the provisions of ERISA by providing relief from certain penalties and enforcement actions, VFCP permits employers to proactively remedy fiduciary violations under ERISA by taking prescribed remedial actions. If a plan fiduciary complies with the requirements under VFCP, the plan fiduciary may correct certain specified fiduciary breach transactions and receive a "no action" letter from the DOL.
IRS Approves Mandatory 401(k) Contributions, if Appropriate Notice is Provided to Plan Participants
Cooley Godward Kronish LLP
This alert discusses an IRS ruling that a 401(k) plan may require mandatory 401(k) contributions to be withheld from eligible employees? compensation, if the employer gives appropriate notice to its employees and the employees have an opportunity to "elect out" of the mandatory contributions.
Annual Cost-of-Living Adjustments: 1999
Cooley Godward Kronish LLP
This alert discloses the 1998 Federal cost of living increases.
Fiduciary Responsibility in Allocating Plan Termination Expenses
Rosenman & Colin LLP
The DOL has recently issued an advisory opinion letter (Op. Let. 97-03A) that provides guidance to plan sponsors wh.
Converting To A Cash Balance Plan Can Be Risky Business
Mark Hansen of Wildman, Harrold, Allen & Dixon LLP
Over the past fifteen years, many companies have converted their traditional pension plans to cash balance plans. The Federal Reserve Board recently reported that approximately 25% of all participants in defined benefit plans and 40% of all defined benefit plan assets are in cash balance plans. Whether the decision to convert has been motivated by cost or the recognition of the current realities of the mobile workforce and the need for portable benefits, the prevalence of cash balance plans cannot be overstated.
Top 10 Ways to Beat the Clock and Prepare for Retirement
United States Department of Labor-Office of the Solicitor
This guide lists 10 things older employees can do to effectively save for retirement.
Retirement Protection Act of 1994
Bodman LLP
Determinations of Present Value Effective December 8, 1994, defined benefit plans adopted on or after that date mu.
Thelen Reid Report No. 391: Internet Tax Freedom Act Imposes Three-Year Moratorium on State and Local Government Taxation of the Internet
Thelen LLP
This report discusses the three-year moratorium placed on state and local government taxation of the internet by the Internet Tax Freedom Act.
DOL Annual Report Filing Requirements for Employee Benefit Plans
Carolyn S. Nestingen of Briggs & Morgan
Sections 103 and 104 of ERISA require the Plan Administrator of an employee benefit plan to file an annual report.
Employers at Risk for Outsourcing to Save on Employee Benefit Costs
Ford & Harrison LLP
Outsourcing work to save on employee benefit costs may become riskier for employers as a result of a recent U.S. Su.
District Court Opinion Involving San Francisco Ordinance Requiring Benefits Benefits for Domestic Partners
of Pillsbury Winthrop Shaw Pittman LLP
On April10, 1998, the Federal District Court of Northern California issued its opinion in the case of the Air Tr.
New Treasury Regulations Protect Qualified Plans From Invalid Rollovers
Andrew J. Clark of Weil, Gotshal & Manges LLP
This article discusses a new U.S. Department of Treasury regulation which went into effect on April 21, 2000. This regulation protects eligible retirement plan participants from invalid rollovers.
Annual Cost-Of-Living Adjustments: 1997
Cooley Godward Kronish LLP
This reports details the 1997 Federal cost of living adjustments.
Company Not Liable for Paying Benefits on Erroneous Statements--Law Alert--Issue 63
Nixon Peabody LLP
This update summarizes the Fitch v. Chase Manhattan Bank's decision whereby the U.S. District Court ruled that a company is not liable for a communication error on benefit statements.
Benefits Briefs--Vol. 13, No. 2
Nixon Peabody LLP
This article discusses the negative 401k election as an appropriate way to deal with employees who do not return paperwork.
ERISA & Pensions: Court Clarifies the Reach of ERISA
Elizabeth A. Venditta,Edward M. Koch and Andrew Susko of White and Williams LLP
In a ease greeted with enthusiasm by the insurance industry, the U.S. Circuit Court for the Third Circuit Court of Appeals clarified the reach of the federal Employee Retirement Income Security Act ("ERISA") in its recent decision in Leckey v. Stefano, 263 F.3d 267 (3d Cir. 2001).
IRS Issues New "Safe Harbor" Pension Distribution Notice
Bodman LLP
The Internal Revenue Code requires pension plan administrators to inform plan participants of the income tax optio.
The SPD--Does Yours Make the Grade?
Gallivan, White & Boyd, P.A.
The importance of an accurate, up-to-date and comprehensive summary plan description (SPD) cannot be emphasized en.
Fourth Circuit Decides That Counsel To an ERISA Qualified Plan May Be Sued For Malpractice
Tydings & Rosenberg LLP
In Custer v. Sweeney, 89 F.3d 1156 (4th Cir. 1996), the United States Court of Appeals for the Fourth Circuit, in a.
Small Business and Job Protection Act
Bodman LLP
Required Distributions Effective for calendar years beginning with 1997, the requirement that pension plans must c.
IRS Sides With Employer That Excluded Contract Workers From Its Qualified Retirement Plans
Mary B. Hevener of Weil, Gotshal & Manges LLP
This article reviews a recent IRS Technical Advice Memorandum ("T.A.M.") which concluded that employers can exclude contract workers from its qualified retirement plans.
Remember Top Heavy Testing
Rosenman & Colin LLP
As you may know, Section 416 of the Code penalizes a qualified plan that is "top heavy." A defined benef.
Employers May Make Deferral Contributions for Non-electing 401(k) Plan Participants
Benjamin Ferrucci of Weil, Gotshal & Manges LLP
This article reviews IRS Revenue Ruling 2000-8 which permits an employers to make deferral contributions for non-electing 401(k) plan participants.