Tag: ERISA

penalties

ERISA, Other DOL Penalties Increased for 2018

Maximum penalties for violating many employment and benefits laws were increased as part of an inflation adjustment rule published January 2 (83 Fed. Reg. 7) by the U.S. Department of Labor (DOL).

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disability insurance

Update Your Disability Benefits Claims and Appeals Procedures Before 2018 Deadline

HR employees typically begin planning for next year before autumn of the current year because choices about the next year’s benefits are made months before it begins. Whether you’re making many or few changes to the benefits you offer, your preparations for open enrollment provide a good opportunity to confirm that your benefits plans are […]

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Pension

11th Circuit: Employers Responsible for Extra Payments When Exiting Multiemployer Plan

Plan withdrawal liability has been in place for U.S. multiemployer plans since 1980. It includes a heavy penalty that requires employers leaving a multiemployer plan to pay their share of the plan’s vested benefits not yet covered by contributions and investment earnings. As a result, healthy companies often seek to leave multiemployer plans before their […]

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retirement

Latest DOL FAQs Clarify Some Major Concerns About Fiduciary Rule

In a related move just ahead of disclosure of the proposed amendments to the fiduciary rule (See, DOL Seeks 18-Month Delay for Complying with Fiduciary Rule Exemptions), the U.S. Department of Labor (DOL) on August 3 released another set of frequently asked questions (FAQs) about the final fiduciary rule that became applicable on June 9.

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IRS

Cafeteria Plan Forfeitures Explained By IRS

Some light was shed on the rules related to cafeteria plan forfeitures when the plan sponsor ceases operations and terminates the plan, in Information Letter 2016-0077, issued earlier this year by the Internal Revenue Service (IRS).

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hole

Is Your Cafeteria Plan Document Full of Plot Holes?

Unlike summer blockbuster movies with a large cast of key characters, benefit plan documentation has just three: the plan document under the Employee Retirement Income Security Act (ERISA), the summary plan description (SPD), and the Internal Revenue Code Section 125 cafeteria plan document.

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ERISA

Court Supports Plans’ Freedom to Craft Own Process for Beneficiary Designations

Beneficiary designations, and disputes over them, can be a disproportionate drain of time and other resources spent by administrators of tax-qualified retirement plans. The Employee Retirement Income Security Act of 1974 (ERISA) does not prescribe a particular manner by which participants in ERISA-covered plans must designate their beneficiaries.

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