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Articles by Dipa Sudra
Dear Prudence: DOL Proposes Safe Harbor for Defined Contribution Plans
The U.S. Department of Labor (DOL) recently issued proposed regulations providing defined contribution (DC) plan fiduciaries with a prudence-focused safe harbor for any DC plan "designated investment alternatives," including alternative assets such...
Is Your Defined Contribution Plan Ready for Alternative Assets? | JD Supra
A Trump Administration Executive Order on investments in private equity, real estate, and digital assets in defined contribution plans President Trump has issued an Executive Order ("Order") to enable defined contribution plans (e.g. 401(k) and 403(b) plans) to invest in "alternative assets," such as private equity, real estate and digital assets.
Is Your Defined Contribution Plan Ready for Alternative Assets?
A Trump Administration Executive Order on investments in private equity, real estate, and digital assets in defined contribution plans President Trump has issued an Executive Order ("Order") to enable defined contribution plans (e.g. 401(k) and 403(b) plans) to invest in "alternative assets," such as private equity, real estate and digital assets.
IRS Gives Green Light for Employee Choice Between Different Pre-Tax Benefits | JD Supra
Employees increasingly request (and expect) choice in their benefits. The Internal Revenue Service (IRS) recently released Private Letter Ruling 202434006 (PLR), which approved an employer's program allowing employees to allocate an employer contribution among the 401(k) plan, retiree health reimbursement arrangement (HRA), health savings account (HSA), or educational assistance program (offering student loan repayments).
SECURE 2.0 Medley - IRS and DOL Guidance for Plan Sponsors on Recent Changes
The Internal Revenue Service and U.S. Department of Labor recently issued guidance on various aspects of the Consolidated Appropriations Act of 2023, commonly referred to as SECURE 2.0. Below is a summary of key provisions that plan sponsors should review. IRS Guidance in Notice 2024-2 (Notice) Automatic enrollment mandate.
New IRS Guidance on Long-Term, Part-Time Employee Retirement Plan Participation | JD Supra
401(k) and 403(b) plan sponsors should review their documents in light of proposed regulations under SECURE Act rules New proposed regulations clarify how employers should implement retirement plan for long-term, part-time ("LTPT") employees. While some questions remain, the proposed regulations provide a number of welcome answers, which are summarized in this advisory.
Prudent Plan Governance Essential in Defense Against Fiduciary Breach | JD Supra
Roadmap for successful plan governance Although retirement plan excessive fee cases remain an ongoing concern for plan sponsors, the recent jury trial victory for Yale in Vellali, et. al. v. Yale University, et. al. provides hope for plans with strong, prudent plan governance. Given the pace of new excessive fee lawsuits and the verdict in Yale, plan sponsors should review their plan governance procedures as soon as possible for compliance with the roadmap below.
Prudent Plan Governance Essential in Defense Against Fiduciary Breach
Although retirement plan excessive fee cases remain an ongoing concern for plan sponsors, the recent jury trial victory for Yale in Vellali, et. al. v. Yale University, et. al. provides hope for plans with strong, prudent plan governance. Given the pace of new excessive fee lawsuits and the verdict in Yale, plan sponsors should review their plan governance procedures as soon as possible for compliance with the roadmap below.
Proposed Treasury and IRS Forfeiture Regulations Generally Affirm Existing Plan Practices
The Department of Treasury and Internal Revenue Service have issued proposed regulations regarding the use of forfeitures in qualified retirement plans. The proposed regulations are effective for plan years beginning on or after January 1, 2024, but may be relied on immediately. Plan sponsors should review their practices regarding forfeitures in anticipation of final regulations.
DOL Issues Model COBRA Subsidy Notices and FAQs | JD Supra
The U.S. Department of Labor (DOL) has issued model notices and Frequently Asked Questions (FAQs) regarding the COBRA subsidy (see COBRA Premium Subsidy guidance) made available under the American Rescue Plan Act of 2021 (ARPA). As explained in our , ARPA provides a 100 percent COBRA subsidy to eligible individuals from April 1, 2021, through September 30, 2021.
Employers Must Take Action on Temporary COBRA Subsidy by May 31, 2021 | JD Supra
The American Rescue Plan Act (ARPA) provides a 100 percent COBRA subsidy to eligible individuals from April 1, 2021, through September 30, 2021 (Assistance Period). Eligible individuals pay nothing, and employers receive a tax credit through quarterly payroll tax returns. There are no financial restrictions regarding eligibility.
DOL Offers Guidance to Reduce Missing Participants in Benefit Plans | JD Supra
The U.S. Department of Labor (DOL) has issued guidance on best practices for locating missing participants in defined benefit and defined contribution retirement plans. While the guidance does not provide a safe harbor, and may be subject to further review by the Biden Administration, plan sponsors should review the guidance and implement compliant best practices that fit their plans.
Attention ERISA Fiduciaries! DOL Now Requires Plan Investments Based Only on Pecuniary Factors | JD Supra
Many plan committees will be holding their Q4 meetings soon, and should begin reviewing compliance with recently issued final rules governing investments in plans covered by the Employee Retirement Income Security Act (ERISA). Bottom line: ERISA plan fiduciaries must focus solely on pecuniary factors in choosing plan investments and never sacrifice investment returns, take on additional investment risk, or pay higher fees to promote non-pecuniary goals.
2020 Year-End Consideration: Partial Retirement Plan Terminations Related to Personnel Reductions (Updated) | JD Supra
Update October 14: This blog has been updated to reflect current guidance about fully vested terminated participants. Many employers continue to find themselves in the position of furloughing or terminating significant portions of their workforce due to the ongoing COVID-19 pandemic.
2020 Year-End Consideration: Partial Retirement Plan Terminations Related to Personnel Reductions | JD Supra
Many employers continue to find themselves in the position of furloughing or terminating significant portions of their workforce due to the ongoing COVID-19 pandemic. As employers make personnel reductions in response to the pandemic, it is necessary to consider whether the corresponding reduction in participants in their qualified retirement plan could raise "partial termination" issues, and generate unforeseen costs. What Is a Partial Termination?
It's All About the Money! USDOL Proposed Regulations Impose Burdens on Socially Responsible Investing for ERISA Plans | JD Supra
Fueled by concerns regarding investments made for environmental, social and corporate governance, or similar considerations (ESG) in retirement plans, the U.S. Department of Labor (DOL) has proposed amendments to the investment duties regulation under the Employee Retirement Income Security Act (ERISA). If enacted, the proposed changes would confirm that plan fiduciaries must select investments based solely on monetary return factors.
DOL FINALIZES New Electronic Delivery Safe Harbor for Retirement Plans | JD Supra
The U.S. Department of Labor (DOL) has issued final regulations regarding electronic delivery of retirement plan documents required by the Employee Retirement Income Security Act (ERISA). The new rules only apply to retirement plans, so unfortunately our health and welfare plan friends just have to wait. The new regulations supplement existing rules and permit plan administrators to: (1) post retirement plan documents on a website; or (2) send retirement plan documents directly by email.
New COVID-19 Developments for Employer Sponsored Health Plans | JD Supra
Updated: May 25, 2018: JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.
COVID-19: Benefits FAQs for Health and Welfare Plans | JD Supra
Updated: May 25, 2018: JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.
IRS Concludes No Statute of Limitations Shields Employers from ACA Liability – Impacts on Family Businesses | JD Supra
Updated: May 25, 2018: JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.
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