Inside this issue we cover: IRS EXTENDS DUE DATES FOR 2015 INFORMATION REPORTING UNDER INTERNAL REVENUE CODE (“CODE”) SECTIONS 6055 AND 6056 IRS NOTICE PROVIDES ADDITIONAL GUIDANCE REGARDING VARIOUS HEALTH REIMBURSEMENT ACCOUNT (“HRA”) ISSUES TWO YEAR DELAY OF THE “CADILLAC TAX” PENSION BENEFIT GUARANTY COPRORATION (“PBGC”) PREMIUM RATES INCREASE IN 2016 DOL PROPOSES AMENDMENTS TO […]
The New York attorney general’s office and the U.S. Department of Labor Employee Benefit Security Administration (“EBSA”) recently announced that they have entered into an agreement to work together on enforcement of the Employee Retirement Income Security Act and state laws governing health insurance plans. The arrangement will help cover enforcement gaps in state and […]
Legal Considerations When Engaging an Investment Professional for a Participant-Directed Defined Contribution Plan
By Jonathan M. Cerrito & Michael R. Daum This is the third in a series of articles about legal considerations under ERISA for pension plan fiduciaries in selecting and monitoring investment professionals to assist with the investment of plan assets. Much has been made about the shift in the retirement landscape away from defined benefit […]
Defending ERISA Fiduciaries Against Claims of Failure to Diversify in a World of Multi-Manager Investments | Employee Benefits
Although they are generally lauded for increasing diversification of investments, investment managers and employee benefit plans need to be aware of the potential for ‘‘overlapping’’ and its impact in situations where ‘‘plan assets’’ are invested in multimanager investments and, in particular, fund of funds (‘‘FoF’’ or ‘‘FoFs’’) investment strategies.
On October 24, 2011, the Department of Labor, Employee Benefits Security Administration, released its final rule on investment advice. This final rule implements a statutory prohibited transaction exemption under ERISA which permits financial advisors to receive fees from providers of investment products that are recommended to participants of employee benefit plans. The final rule becomes effective December 27, 2011.
Inside this issue are updates regarding Medicare Part D Creditable Coverage Notices, Constitutional Challenges to Health Care Reform, the Impact of New York State’s Same-Sex Marriage Law on ERISA Covered Health Plans, FASB and more.
Ginger LaChapelle Presents New DOL Fee Disclosure Rule to the Albany Chapter of the New York Employee Benefits Committee | Employment Law
Ginger LaChapelle, an Associate in the Employee Benefits Department, recently presented Reviewing the DOL's Final Rule for Fee Disclosure in Participant Directed Individual Account Plans to the Albany Chapter of the New York Employee Benefits Committee.
Timothy R. Bauman, a Partner and the Chair of the Employee Benefits Department, recently authored a commentary, that was published in the Newsletter of the American Bar Association’s Employee Benefits Committee, discussing the U.S. Department of Labor’s proposed change to the definition of a “fiduciary” under ERISA…