If a defined benefit plan is terminated, payment of certain benefits are guaranteed through the Pension Benefit Guaranty Corporation. “The ERISA is a crucial piece of legislation for anyone involved in managing or participating in employee benefit plans, particularly retirement planning,” said John ...
The article explores the shift from defined benefit plans to defined contribution plans, as well as the various provisions and requirements of these plans. BLS has collected data on retirement benefits, including participation rates and plan details, since the late 1970s, providing ...
Employers in New York, Connecticut and Vermont should revisit their employee benefit plan documents if they believe that any of their plans may have an arbitration clause for the resolution of Employee Retirement Income...moreClass Action & MDL Roundup 2023 Q3 - Catching the Class Action Waive(r...
This CLE webinar will provide ERISA counsel, plan sponsors, and employers with an analysis of pension-linked emergency savings accounts (PLESAs) under the SECURE Act 2.0. The panel will discuss new DOL and IRS guidance, PLESA requirements outlined in the SECURE Act 2.0, permissible fees, investm...
Because cash balance plans are defined benefit plans, they aresubject to ERISA's joint and survivor annuity and spousal consent requirements. 7 As a result, cash balance plan benefits must be available to participants in the form of an annuity. ...
setting out the limits on benefits and contributions for 2024. As expected, the limits rose, but not as steeply as last year. Maximum deferrals under a 401(k) or 403(b) plan rose from $22,500 to $23,000, while maximum benefits under a defined benefit plan rose from $265,000 to $...
Advising on benefit claims, denials, and appeals Advising on prohibited transactions and exemptions Assisting plan sponsors and administrators in complying with ERISA, IRC, ACA, HIPAA, COBRA, and USERRA requirements Assisting in the administration of Qualified Domestic Relations Orders (QDROs) and Qua...
participation requirements with which pensions may be offered to workers, ERISA guarantees workers who meet spec-ified minimum age and seniority requirements, and whose employers have pension plans, that they will definitely be able to receive a pension if they survive until the plan's early ...
employee benefit plans the right to bring suit “to recover benefits due to him under the terms of the plan, to enforce his rights under the terms of the plan, or to clarify his rights to future benefits under the terms of the plan.” ...
ERISA Fidelity Bond Requirements As outlined in the Employee Retirement Income Security Act, ERISA bonds are required by law for employers with employee benefit plans to protect the plan participants (beneficiaries). Every person that handles funds must be bonded at least 10% of the amount of ...