Tag Archives: Employee benefits

Employers Must Send Notice of Pension Transfers Related to Takeovers

Even if those administering your plan are familiar with the ERISA notice and disclosure requirements, it’s worth remembering the importance of notification during the series of benefits transfers that can occur from corporate takeovers. Not doing so, even if the…

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GAO Urges DB Sponsors to Add Information for Participants Considering Lump-Sum Offers

Packets being given to retirees and separated, vested employees considering taking an immediate lump-sum distribution from their former employer’s defined benefit retirement plan rather than continuing lifetime income benefits routinely lack some key information needed to make an informed decision,…

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Changes to Forms 5500 Ring in the New, Keep Some of the Old

Preparing employer benefit plans’ annual filings to federal agencies can be detailed and time-consuming. A review of recent changes to the 2014 Form 5500 series indicates this process could become even more laborious for some plans, as the government seeks…

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GAO Recommends New Destinations for Forced 401(k) Transfers

Distributing abandoned small accounts in the 401(k) plans of participants who have left the company is a necessary evil for plan sponsors, to keep the plan focused on managing larger, active holdings and controlling costs. Despite the benefits for the…

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Health Care Reform Mandates: Impending Dates

The next three months are crunch time. Employers have to get moving on several deadlines, most of them required under health care reform. Some reform rules should have taken effect in 2014, but were subject to the year-long delay instituted…

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More IRS Guidance on ACA’s Health Coverage Reporting Rules

IRS on Aug. 29 issued two sets of questions and answers about reporting on health coverage for large employers under Section 6056 and for all employers under Section 6055 of the reform law. Section 6056 reporting is required by “applicable large employers” that provide…

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Texas, California Participants Top 401(k) Plan Loan Use

A study by Fidelity Investments of 13 million 401(k) investors across U.S. metropolitan regions pinpointed the cities where plan loans are most heavily used. The analysis found the greatest percentage of participants with outstanding plan loans, at 33 percent, in…

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Court Allows ERISA Plan to Deny Coverage to Same-Gender Spouse

A self-insured employer that explicitly excludes same-gender spouses from health plan coverage did not violate ERISA’s benefit interference or fiduciary breach provisions by having such exclusionary language, a federal district court in New York ruled. A same-gender couple had argued that, in…

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ABB Excessive Fees Ruling Affirmed, Fidelity Cleared of Float Interest Charge by 8th Circuit

A series of new decisions in Tussey v. ABB Inc. handed down by the 8th U.S. Circuit Court of Appeals on March 19 brought good news about allegations of excessive fees for all parties — the suing retirement plan participants,…

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Notre Dame University Denied Contraception Injunction

The 7th Circuit in a 2-1 ruling refused to grant a preliminary injunction to Notre Dame University, which would have freed the university from participating in reform’s requirement to provide contraceptives at no cost to all women. In so doing the court criticized…

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