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Articles by Sheldon Miles
Trump Executive Order Calls for Review of Alternative Assets in 401(k) Plans | JD Supra
President Trump has issued an Executive Order (EO) that could reshape how alternative assets are treated in defined contribution retirement plans. The directive requires the Department of Labor (DOL) to revisit its past guidance on private equity and other nontraditional investments. Although Executive Order 14330 makes no immediate changes, it has the potential to lead to a clarifying of fiduciary standards and could open the door to broader use of alternatives in 401(k) lineups.
SECURE 2.0: A Summary of Key Changes Impacting Employer-Provided Retirement Plans | JD Supra
President Biden is expected to sign the 2023 Consolidated Appropriations Act (CAA) this week. The law, which passed the House and Senate on Dec. 23 and Dec. 22, respectively, contains significant changes to employer-provided retirement plans and individual retirement plans, referred to in the CAA as SECURE 2.0 Act of 2022 (SECURE 2.0). These provisions largely build upon the changes made under the SECURE Act, which was signed into law on Jan. 1, 2020.
In ERISA Excessive Fee Cases, the Pendulum May Be Swinging Back In Favor of Plan Sponsors | JD Supra
A new decision from the U.S. Court of Appeals for the 7th Circuit in a so-called “excessive fee” case is good news for plan sponsors, particularly following the Supreme Court’s ruling earlier this year in Hughes v. Northwestern University, 142 S. Ct. 737 (2022). With that case still on remand before the 7th Circuit, the appellate court decided to narrowly apply the holding from Hughes in Andrew Albert v. Oshkosh Corporation et al and allow for past precedent to continue to apply.
New IRS Compliance Program Should Be On Every Plan Sponsor’s Radar | JD Supra
The IRS announced in its June 3 Employee Plans Newsletter a new 90-day Pre-Examination Compliance Pilot Program. Under the program, which is in effect, the IRS will notify an employer that it intends to audit the employer’s retirement plan while also providing that employer with 90 days to identify any potential compliance failures and to correct those failures.
SCOTUS Revives ERISA Participants’ Excessive Fee Claims Against University | JD Supra
The U.S. Supreme Court ruled in favor of participants in the Northwestern University retirement plans, breathing life again to their breach of fiduciary duty claims under the Employee Retirement Income Security Act (ERISA).
Benefit Statement Changes Begin In September. Is Your Plan Administrator Ready? | JD Supra
Effective September 18, 2021, plan administrators of ERISA-covered defined contribution plans must update their benefit statements to display each participant’s account balance expressed as both a single life annuity and a qualified joint and survivor annuity.
American Rescue Plan Act: Employee benefits changes you should know
On Thursday, March 11, 2021, President Biden signed the American Rescue Plan Act of 2021 (ARPA) into law after the bill was passed by the 117th Congress of the United States. The ARPA promises $1.9 trillion in federal spending for COVID-19 relief, including significant changes to employer-provided benefit plans. Below is an overview of these changes to COBRA, dependent care assistance, and retirement plans that employee benefit advisors, plan advisors and plan sponsors need to know.
Vaccine Incentives - You Have Questions, We Have Answers | JD Supra
More than a year into the COVID-19 pandemic, employers are happy to be more focused on vaccine issues than on issues relating to furloughs and layoffs. As record numbers of vaccinations take place daily, many employers have been asking what they can or should do to encourage their employees to become vaccinated. Federal regulators have weighed in on questions regarding incentives, though the guidance has not always been as clear and definite as one might hope.
American Rescue Plan Act of 2021: Top Employee Benefits and Executive Compensation Provisions | JD Supra
On March 11, 2021, President Joe Biden signed the American Rescue Plan Act of 2021 (ARPA). The ARPA is the latest installment of COVID-19–related stimulus packages passed by Congress in the last 12 months. Similar to the Families First Coronavirus Response Act (FFCRA) and the Coronavirus Aid, Relief, and Economic Security Act (CARES) Act, the ARPA contains a number of employee benefit plan and executive compensation provisions, which are highlighted below.
Reductions In Force And Partial Plan Terminations: Another Potential 2020 ‘Gotcha'
United States: Reductions In Force And Partial Plan Terminations: Another Potential 2020 ‘Gotcha' 18 December 2020 by Timothy G. Verrall and Sheldon Miles Ogletree, Deakins, Nash, Smoak & Stewart To print this article, all you need is to be registered or login on Mondaq.com.
Reductions in Force and Partial Plan Terminations: Another Potential 2020 ‘Gotcha’ | JD Supra
Employers in all industries have faced unprecedented business challenges during 2020, and responding to those challenges has often entailed adjustments to the size and composition of workforces through targeted or broader-based reductions in force. As we finally face the end of this seemingly interminable year, it is important to consider some of the less-obvious consequences of reductions in force on tax-qualified retirement plans.
401(k) Plan Sponsors—Do You Need To Start Tracking Hours For Your Part-Time Employees? - Employment and HR - United States
To print this article, all you need is to be registered or login on Mondaq.com. At the end of 2019, President Donald Trump signed into law the Setting Every Community Up for Retirement Enhancement (SECURE) Act, which included a number of changes to employer-sponsored retirement plans. One change involved expanding the ability of long-term, part-time employees to make 401(k) deferral contributions.
401(k) Plan Sponsors - Do You Need to Start Tracking Hours for Your Part-Time Employees? | JD Supra
At the end of 2019, President Donald Trump signed into law the Setting Every Community Up for Retirement Enhancement (SECURE) Act, which included a number of changes to employer-sponsored retirement plans. One change involved expanding the ability of long-term, part-time employees to make 401(k) deferral contributions.
401(k) Plan Sponsors—Do You Need to Start Tracking Hours for Your Part-Time Employees? | LexBlog
At the end of 2019, President Donald Trump signed into law the Setting Every Community Up for Retirement Enhancement (SECURE) Act, which included a number of changes to employer-sponsored retirement plans. One change involved expanding the ability of long-term, part-time employees to make 401(k) deferral contributions.
IRS Updates Payroll Tax Deferral FAQs Following Enactment of the Paycheck Protection Program Flexibility Act of 2020 | JD Supra
Following the enactment of the Paycheck Protection Program Flexibility Act of 2020, the Internal Revenue Service (IRS) updated its frequently asked questions (FAQs) to state that employers whose Paycheck Protection Program (PPP) loan has been fully or partially forgiven are now eligible to defer the deposit of the employer portion of Social Security tax.
IRS Updates Payroll Tax Deferral FAQs Following Enactment of the Paycheck Protection Program Flexibility Act of 2020
Following the enactment of the Paycheck Protection Program Flexibility Act of 2020, the Internal Revenue Service (IRS) updated its frequently asked questions (FAQs) to state that employers whose Paycheck Protection Program (PPP) loan has been fully or partially forgiven are now eligible to defer the deposit of the employer portion of Social Security tax.
IRS Updates FAQs to Expand Eligibility for Employee Retention Credits Under the CARES Act | JD Supra
On May 7, 2020, the Internal Revenue Service (IRS) and the Department of the Treasury revised their frequently asked questions (FAQs) guidance on the Employee Retention Credit to allow employers that do not pay wages, but continue to cover the health plan expenses for laid-off or furloughed employees, to qualify for retention credits.
IRS Updates FAQs to Expand Eligibility for Employee Retention Credits Under the CARES Act
On May 7, 2020, the Internal Revenue Service (IRS) and the Department of the Treasury revised their frequently asked questions (FAQs) guidance on the Employee Retention Credit to allow employers that do not pay wages, but continue to cover the health plan expenses for laid-off or furloughed employees, to qualify for retention credits.
You Can’t Have Your Cake and Eat It Too - IRS Clarifies Loan Terms for PPP | 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.
Solving a Chronic Problem: IRS Expands Preventive Care to Include Certain Chronic Conditions | 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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