February 3, 2022
The Supreme Court of the United States addressed 401k trustee fiduciary obligations in Hughes v. Northwestern University. For 401k fiduciaries, both employers and investment advisors, the case reaffirms earlier requirements that fiduciaries must monitor each and every investment offering in the plan for performance, fees, and expenses, and they have an obligation to remove imprudent investments,…
March 26, 2020
BEFORE YOU ACT ON EMPLOYEE BENEFITS BECAUSE OF COVID-19 STRESSORS, CONSIDER:
If you are considering terminating your 401(k) plan to end contribution obligations.
This could have adverse consequences since the “successor plan” rule in IRS regulations currently prohibits covering the same employees in a new plan for 12 months following the termination. A plan termination also requires full vesting…
January 23, 2020
The SECURE Act1 makes sweeping changes to the required minimum distribution (“RMD”) rules for retirement accounts. Except for a few types of beneficiaries, it eliminates the most popular tax-advantaged planning feature - the ability of a retirement beneficiary to stretch RMDs over the beneficiary’s life expectancy. The elimination of the stretch fundamentally changes how beneficiaries are taxed…
January 23, 2020
The SECURE Act, signed into law on December 20, 2019, may help alleviate some of the burdens small employers face when providing retirement plans. Here are a few key things you need to know when evaluating what, if any, changes you should make to take advantage of this new legislation.
OPEN MULTIPLE EMPLOYER PLANS
While Multiple Employer Plans (or MEPs) are not new to the retirement industry, they…
December 19, 2017
New Claims Procedure for ERISA Plans: Providing Disability Benefits
In December 2016, the Department of Labor published final regulations in connection with claims procedures for plans providing disability benefits. The regulations were originally scheduled to be effective for claims filed under a plan on or after January 1, 2018, but that date has been delayed until April 1, 2018. The regulations…
May 11, 2016
The Employee Benefits Group of Jackson Kelly PLLC provides third party administrative services to numerous qualified plans. A large percentage of the plan sponsors are either partnerships or limited liability companies(LLC) electing to be taxed as partnerships. Oftentimes when we receive payroll data, we will see partners/members who are receiving both K-1’s as partners and W-2’s as…
February 3, 2022
The Supreme Court of the United States addressed 401k trustee fiduciary obligations in Hughes v. Northwestern University. For 401k fiduciaries, both employers and investment advisors, the case reaffirms earlier requirements that fiduciaries must monitor each and every investment offering in the plan for performance, fees, and expenses, and they have an obligation to remove imprudent investments,…
March 26, 2020
BEFORE YOU ACT ON EMPLOYEE BENEFITS BECAUSE OF COVID-19 STRESSORS, CONSIDER:
If you are considering terminating your 401(k) plan to end contribution obligations.
This could have adverse consequences since the “successor plan” rule in IRS regulations currently prohibits covering the same employees in a new plan for 12 months following the termination. A plan termination also requires full vesting…
January 23, 2020
The SECURE Act1 makes sweeping changes to the required minimum distribution (“RMD”) rules for retirement accounts. Except for a few types of beneficiaries, it eliminates the most popular tax-advantaged planning feature - the ability of a retirement beneficiary to stretch RMDs over the beneficiary’s life expectancy. The elimination of the stretch fundamentally changes how beneficiaries are taxed…
January 23, 2020
The SECURE Act, signed into law on December 20, 2019, may help alleviate some of the burdens small employers face when providing retirement plans. Here are a few key things you need to know when evaluating what, if any, changes you should make to take advantage of this new legislation.
OPEN MULTIPLE EMPLOYER PLANS
While Multiple Employer Plans (or MEPs) are not new to the retirement industry, they…
December 19, 2017
New Claims Procedure for ERISA Plans: Providing Disability Benefits
In December 2016, the Department of Labor published final regulations in connection with claims procedures for plans providing disability benefits. The regulations were originally scheduled to be effective for claims filed under a plan on or after January 1, 2018, but that date has been delayed until April 1, 2018. The regulations…
May 11, 2016
The Employee Benefits Group of Jackson Kelly PLLC provides third party administrative services to numerous qualified plans. A large percentage of the plan sponsors are either partnerships or limited liability companies(LLC) electing to be taxed as partnerships. Oftentimes when we receive payroll data, we will see partners/members who are receiving both K-1’s as partners and W-2’s as…
