Topic: Retirement Plans

US Dept. of Labor Announces Cybersecurity Guidance for Plan Sponsors, Plan Fiduciaries, Record-Keepers and Plan Participants

The U.S. Department of Labor (“DOL”) recently issued guidance on best practices for ‎maintaining cybersecurity directed to plan sponsors, fiduciaries, record-keepers and ‎participants of employee benefit plans governed by the Employee Retirement Income ‎Security Act of 1974, as amended (“ERISA”). While some prior cybersecurity guidance ‎has been issued for certain employee benefit plans governed by ERISA ‎, this is the ‎first guidance issued by the Employee Benefits Security Administration (EBSA) of the ‎DOL related to cybersecurity.‎

Read More

IRS Extends Relief Allowing Remote Witnessing Procedures for Certain Retirement Plan Elections

As the COVID-19 pandemic drags on, administrators of defined benefit pension plans continue ‎to field questions about the notary requirement related to certain participant and spousal ‎elections. For qualified retirement plans subject to the qualified joint and survivor annuity rules ‎‎(such as defined benefit pension plans), an alternative form of payment may be selected by a ‎participant if the participant’s spouse consents in writing and the spouse’s signature is witnessed ‎in the physical presence of a plan representative or a notary public.‎

Read More

Helpful New Guidance on Locating Missing and Nonresponsive Retirement Plan Participants

Retirement plans of all sizes often find themselves faced with participants or beneficiaries who are either missing or do not respond to communication. The U.S. Department of Labor (“DOL”) has long been concerned with how plans try to locate and contact these ‘missing’ participants and, more importantly, how they try to prevent participants from becoming ‘missing’ in the first place.

Read More

IRS Announces 2021 Retirement Plan Limits – Most Limits Remain Unchanged

The Internal Revenue Service announced the 2021 cost-of-living adjustments to the dollar ‎limitations for qualified retirement plans and other benefits, and the Social Security ‎Administration announced its own cost-of-living adjustments for 2021. Most of the dollar limits, ‎including the elective deferral contribution limit for 401(k), 403(b) and 457(b) plans and the ‎dollar limit for catch-up contributions (if age 50 or older), will remain unchanged from 2020 ‎limits.‎

Read More

Has Your Retirement Plan Experienced a Partial Plan Termination?

The economic uncertainty of the COVID-19 pandemic has forced many employers to furlough or layoff a significant percentage of their workforce.  These workforce reductions may inadvertently cause a “partial termination” of the employer’s qualified retirement plan triggering a requirement that all affected participants become 100% vested in their plan accounts.

Read More

Feeling Secure in Retirement: Changes Made by the Secure Act that may Affect Qualified Retirement Plans

We are now a few months into 2020 and we should all be feeling more SECURE in our ‎retirement, as a result of the “Setting Every Community Up for Retirement Enhancement Act of ‎‎2019” (“SECURE Act”). Below is a brief summary of the key changes that could impact ‎qualified retirement plans, depending on the terms of those plans and the desires of the plan ‎sponsors from a design perspective.‎

Read More

U.S. Supreme Court Remands “Stock Drop” Case Back to Second Circuit

The United States Supreme Court, in a per curiam decision, declined to address whether plan ‎participants sufficiently alleged breach of fiduciary duty claims under the Employee Retirement ‎Income Security Act of 1974, as amended (“ERISA”) against fiduciaries of an employee stock ‎ownership plan for failing to disclose inside information that ultimately led to a declining stock ‎value, remanding the case to the Court of Appeals for the Second Circuit.‎

Read More



Email the Editors

Click here to Email the Editors

Locke Lord LLP

For the latest information about our Firm visit