Paying attention to the shifts in how the IRS interprets its regulations is an important part of benefits administration,  In recent Notice 2019-18, the IRS announced that there will be no amendments to regulations that will stop retiree lump sum windows in defined benefit pension plans and that this will not necessarily lead to a violation of minimum distribution rules. This is a shift in gears from 2015 guidance Read More

One of the key issues with respect to retirement plan distributions is proper handling of beneficiary designations. Issues that arise for retirement plan sponsors related to beneficiary designations include incomplete beneficiary designation forms, benefits being split among beneficiaries in unclear or mathematically impossible ways, or even pre-deceased beneficiaries. While your human resources department can take Read More

There are times when an individual who has a claim under ERISA is unable to bring that claim on their own. In these situations, an authorized representative of the claimant can bring the claim instead. A recent Department of Labor (DOL) Information Letter, issued at the end of February, provides clarification regarding the ability of this individual to act on behalf of the claimant. Specifically, it addressed the Read More

Businesses make plans and strategic changes throughout the year. These changes may involve ramping up or down employees, buying or merging with other businesses, or changing goals in such a way that HR needs to re-align benefits to reflect those goals. Human resources departments, meanwhile, are working to follow either a calendar or fiscal year plan of important notices, paperwork, and changes for employees. Is it Read More