Plans, Perks & Pay | Employee Benefits & Executive Compensation Blog

Subscribe

Blog Editors

Topics

Archives

By Jeffrey Herman on October 14, 2019 at 11:30 AM

Stack of documents with a pair of glasses sitting next to themA poorly drafted contract with a service provider can spell doom for a retirement plan in a worst-case scenario. All provider contracts should be carefully reviewed and negotiated to ensure the maximum possible protection for your retirement plan. In the September 2019 edition of 401(k) Advisor, attorney Jeff Herman addresses some of the specific concerns and provisions to watch out for in your contracts. Click here to read the full article in the publication.

Facebook Twitter LinkedIn Google+ Email
By Jeffrey Herman, Keith Herman on August 28, 2019 at 10:00 AM

Retirement accounts are a seemingly simple and effective way to protect assets from future creditors, but the subtle nuances of what is protected under Missouri law and what is protected in bankruptcy can be complex. In the July/August 2019 edition of the Journal of the Missouri Bar, attorneys Keith Herman and Jeffrey Herman analyze how you can use retirement accounts for asset protection and the potential loopholes to avoid.Retirement accounts are a seemingly simple and effective way to protect assets from future creditors, but the subtle nuances of what is protected under Missouri law and what is protected in bankruptcy can be complex. In the July/August 2019 edition of the Journal of the Missouri Bar, attorneys Keith Herman and Jeffrey Herman analyze how you can use retirement accounts for asset protection and the potential loopholes to avoid.

Facebook Twitter LinkedIn Google+ Email
By Heather Mehta on August 21, 2019 at 2:00 PM

Two wooden people on either side of a table, representing arbitrationA U.S. Court of Appeals determined that arbitration on an individual basis is the proper forum for a participant’s claim that Charles Schwab breached its fiduciary duties and engaged in prohibited transaction under the Employee Retirement Income Security Act of 1974 (ERISA) by holding proprietary funds in its 401(k) plan.

Facebook Twitter LinkedIn Google+ Email
By Heather Mehta on July 19, 2019 at 12:30 PM EST

Blood pressure monitorCertain treatments for chronic conditions can now be covered by high deductible health plans (HDHPs) as preventive care before the deductible is met. Pursuant to an executive order, a new IRS notice will allow individuals with certain conditions, such as asthma or diabetes, to obtain coverage for treatments and medications, such as inhalers and insulin, without first meeting their high deductible.

Facebook Twitter LinkedIn Google+ Email
By Heather Mehta on June 28, 2019 at 2:30 PM

Steps of the U.S. Supreme CourtOn Friday, June 28, 2019, the U.S. Supreme Court agreed to hear a case involving a hotly debated ERISA topic: standing to bring breach of fiduciary duty claims in defined benefit plans. The court will review Thole v. U.S. Bank, Nat’l Ass’n, 873 F.3d 617, 628 (8th Cir. 2017), which the Eighth Circuit decided on statutory standing grounds. In accepting the case, the Supreme Court also certified the additional issue of whether the defined benefit plan participants have demonstrated Article III standing.

Facebook Twitter LinkedIn Google+ Email
By Heather Mehta on June 14, 2019 at 10:30 AM

Supreme Court ChambersAfter more than two years since the U.S. Supreme Court issued its last decision* in a case involving the Employee Retirement Income Security Act (ERISA), the court’s next term looks to be flush with ERISA issues. On June 10, 2019, the Supreme Court granted certiorari in a Ninth Circuit case addressing the “actual knowledge” standard in the statute of limitations for fiduciary breaches. Intel Corp. Investment Policy Committee, v. Sulyma, No. 18-1116.  The Supreme Court has granted certiorari in two ERISA cases in as many weeks, and it seems likely the court may grant review in at least one other case. Below is a summary of the cases that are or may be in front of the Supreme Court in the coming term.

Facebook Twitter LinkedIn Google+ Email
By Heather Mehta on May 28, 2019 at 9:15 AM

Arrow turning around on a brick wallOn May 24, 2019, the U.S. Department of Health & Human Services (HHS) announced that it is issuing proposed revised regulations under Section 1557 of the Affordable Care Act that remove the redefinition of “sex” and certain regulatory burdens, including language taglines. The changes substantially roll back the original Obama-era regulations.

Facebook Twitter LinkedIn Google+ Email
By Heather Mehta on April 23, 2019 at 9:40 AM

Pencil draws a straight line on paper and pencil eraser removing the lineThe Internal Revenue Service has updated the Employee Plans Compliance Resolution System (EPCRS) to allow for the self-correction of more failures. EPCRS is a program that allows plan sponsors to correct errors involving qualified plans (such as 401(k) plans, profit sharing plans, defined benefit pension plans, etc.) and certain other types of plans that, if left uncorrected, could jeopardize the tax-favored status of the plan. Revenue Procedure 2019-19 expands the self-correction program to include correction of certain loan failures and more corrections via retroactive amendment.

Facebook Twitter LinkedIn Google+ Email
By Kara Krawzik on April 10, 2019 at 11:20 AM

The word "penalty" spelled out with wooden blocksRecently, the IRS has been issuing 226J letters for the 2016 tax year. IRS Letter 226J is the penalty letter sent to employers who did not comply with the employer mandate under the Patient Protection and Affordable Care Act (ACA) in their offers of health coverage to employees. Frequently these penalties can be in the hundreds of thousands to millions of dollars. However, with the advice of counsel, you may be able to reduce, if not eliminate, the penalties, and changes can be made to avoid penalties in future years. It is important to note that while the individual mandate has been eliminated effective Jan. 1, 2019, by the current administration, the employer mandate still applies.

Facebook Twitter LinkedIn Google+ Email
By Jeffrey Herman on April 2, 2019 at 2:20 PM

Group of figures surrounded by a stethoscopeThe battle over health benefits rages on. In the latest salvo, a group of states scored a major court victory against the Trump administration’s new “Association Health Plan” Final Rule, which was finalized in 2018. While this decision will have major ramifications, it is important to remember that association health plans may still be established under old rules that existed long before the final rule.

The case is styled New York v. United States Dep’t of Labor, No. CV 18-1747 (JDB), 2019 WL 1410370 (D.D.C. Mar. 28, 2019).

Facebook Twitter LinkedIn Google+ Email

This website uses cookies to improve functionality and performance. If you choose to continue browsing this website, you consent to the use of cookies. Read our Privacy Policy here for details.