In a recent federal district court decision that featured ERISA plan participants suing for breach of fiduciary duty, Moitoso v. FMR LLC, the court concluded that a jury trial is not required.. The argument for a lack of jury trial when the plan participants won the argument was that the participants’ winnings were not legal damages but an equitable surcharge, and thus they did not require a jury trial. The court did Read More

Over the 2019 calendar year, the IRS, in conjunction with the Department of Labor (DOL), issued guidance on retirement plans that was largely focused on self-correction, determination letters, hardship distributions, and multiple employer retirement plans (MEPs). The following provides an overview of retirement plan governmental guidance during 2019: Self-Correction for Loan Failures: Guidance from April 2019 Read More

403(b) retirement plans are generally provided for government and public university employees. While like 401(k) plans in some ways, these retirement plans are designed specifically for tax-exempt entities.  457 plans are often offered to government workers and nonprofit groups, and they and allow bigger catch-up contributions than their counterparts. Recently, 403(b) plans have come under fire from lawsuits Read More

Student loans remain a major issue for younger professionals. Many of these professionals now choose to prioritize student loan payments over saving for retirement, something that makes sense presently but can lead to financial consequences in the future. When businesses look for ways to attract top talent, they want to be able to address the concerns the talent has by offering benefit packages that are in line with Read More

New proposed regulations from the IRS are designed to clarify the nondiscrimination rules pertaining to Individual Coverage Health Reimbursement Arrangements (ICHRAs). Affordable Care Act (ACA) employer shared responsibility provisions apply to all Applicable Large Employers (ALEs), which are generally employers who have an average of 50 or more full-time employees during the preceding calendar year. The new proposed Read More

Multiple employer plans (MEPs) are a hot topic of conversation both in government and with the small businesses and business associations hoping to benefit from new regulations. Over the course of the past year, new legislation and regulations from the IRS and the Department of Labor (DOL) have created a number of changes for MEPs with which plan sponsors should be familiar. Department of Labor Regulations Final Read More

Many employers offer a variety of health plan options including high-deductible health plans (HDHP) coupled with health savings accounts (HSAs) that employers as well as employees can contribute to. While employees are not required to have an HSA to accompany their HDHP, it can be an excellent way to save for future healthcare costs. Recent research by the Employee Benefits Research Institute (EBRI) shows that in Read More

When an employee leaves a business, they have an opportunity to extend their insurance coverage by taking advantage of the Consolidated Omnibus Budget Reconciliation Act  (COBRA). At the time of their departure, employers are required to give notice, a fairly standard process, that the departing employee is eligible for COBRA coverage, what it would cost, and how to sign up for this coverage. Recently in Florida, Read More

Private Letter Rulings from the IRS provide useful guidance on how they view and will handle certain situations, even if identifying information is redacted from the letter. A recent redacted ruling focused on ancestry genetic testing and whether those costs are payable by a Health Flexible Spending Account (FSA). The IRS found that at least a portion of the test could be covered by funds from a Health FSA, as the Read More