Seyfarth Synopsis: On the heels of the Department of Labor’s June proposed regulation throwing cold water on plan fiduciaries’ selecting investments in the environment, social and governance (ESG) space, the agency has now offered their viewpoint on a fiduciary’s obligation — nay, ability — to vote proxies for its plan’s holdings. See here for our

Seyfarth Synopsis: On Tuesday, August 18, 2020, the Department of Labor’s Employee Benefits Security Administration (EBSA) released an interim final rule related to a new disclosure that will need to be provided as a part of defined contribution plan benefit statements. The new disclosure will show the participant’s plan benefit as a monthly amount calculated

Businesses are dealing with the effects of the pandemic on retirement plans and pensions, executive compensation, and health and welfare benefits. Workforce management issues resulting in reduction in hours, furloughs, and severance situations have required unique approaches to termination, conversion or bridging of benefits.

Our Employee Benefits & Executive Compensation attorneys have been monitoring, advising

Seyfarth Synopsis: As Seyfarth has blogged about on multiple occasions [here and here], the CARES Act provides participants in tax-qualified retirement plans the opportunity to request distributions on a tax-favored basis by self-certifying that they have been adversely impacted by COVID-19. Seyfarth has also blogged about the IRS’s recent guidance on these distributions

Seyfarth Synopsis: With the background of the COVID-19 pandemic, the PBGC published unofficial guidance for plan sponsors of single-employer plans on certain reportable events, PBGC premium payments and plan termination issues. The Q&As (found here) provide detail on when and how to report a failure to make required minimum contributions in light of the

Seyfarth Synopsis: Due to the significant economic impact of COVID-19 on businesses, many plan sponsors would like to reduce or suspend contributions to safe harbor 401(k) plans this year. Normally, mid-year changes to safe harbor contributions can only be made in narrow circumstances. In response to employer requests for relief, the IRS has issued Notice

Seyfarth Synopsis: A key component of the SECURE Act, passed at the end of 2019, was the expansion of opportunities to combine the 401(k) plan assets of multiple unrelated employers. The SECURE Act relaxed the rules on multiple employer plan’s (“MEP”) and created a new vehicle, the pooled employer plan (“PEP”) to allow employers to

Seyfarth Synopsis: In response to immediate requests from participants for tax-favored coronavirus-related distributions (“CV Distributions”) and loans, as described in more detail in our prior post, and participants who want to begin pension benefits, the IRS has issued Notice 2020-42, which provides temporary relief from the physical presence requirement for any participant election that

By Michael W. Stevens and Mark Casciari

Seyfarth Synopsis:  The Supreme Court dismissed, prior to any discovery, claims of ERISA fiduciary breach because the plan participant-plaintiffs failed to show that the alleged breaches caused them concrete injury.  As a general matter, this decision will make it more difficult for plaintiffs to claim ERISA violations in

Seyfarth Synopsis: Following up on proposed rules issued in October 2019, the Department of Labor (“DOL”) just issued final regulations addressing an employer’s or plan administrator’s ability to send certain retirement plan notices to participants electronically. These methods have generally included email or posting to an employer or plan intranet site, but now can include