In Advisory Opinion 2013-03A (http://www.dol.gov/ebsa/regs/AOs/ao2013-03a.html), the Department of Labor addresses what are commonly referred to as ERISA “budget accounts” or “fee recapture accounts.” In the Advisory Opinion, the DOL describes these accounts and discusses the plan asset and prohibited transaction issues related to them.
What is an ERISA Account?
ERISA accounts are accounts
Two decisions issued by the United States Supreme Court on June 26, 2013 expand same-sex marriage rights and carry significant implications for employee benefit plans and employers sponsoring the plans. In United States v. Windsor, No. 12-307 (June 26, 2013), the Court ruled that Section 3 of the Defense of Marriage Act of 1996
The Department of Labor, Health and Human Services and the Treasury collectively published new FAQs regarding the requirement to provide a summary of benefits and coverage (SBC) under the Affordable Care Act (ACA) (http://www.dol.gov/ebsa/faqs/faq-aca14.html#footnotes).
The FAQs include an updated SBC template and an updated sample completed SBC (available at cciio.cms.gov and www.dol.gov/ebsa/healthreform).
On July 30, 2012, the Department of Labor issued FAB 2012-02R as a revised version of FAB 2012-02 (issued May 7, 2012), which supplements the participant-level fee disclosure regulation and how it may be implemented. (See our prior post regarding FAB 2012-02.)
Q&A 30 of FAB 2012-02 generated significant controversy as it appeared to introduce
Now that the July 1, 2012 deadline has passed for ERISA “covered service providers” to inform “responsible plan fiduciaries” about the services performed for their retirement plans and the investment management, recordkeeping, and other fees charged to those plans, it is time for employers and other plan fiduciaries to take action.
First, plan fiduciaries must
On May 29th, the IRS issued proposed regulations relating to property transferred in connection with the performance of services under Section 83 of the Internal Revenue Code. http://www.ofr.gov/OFRUpload/OFRData/2012-12855_PI.pdf . Most employers are familiar with these rules in the context of the taxation of restricted stock grants and option grants. Under Section 83, property
On May 7, 2012, the DOL published Field Assistance Bulletin 2012-02 (the “FAB”) providing additional guidance and clarification for employers and other plan fiduciaries regarding the participant-level fee disclosure regulation (29 CFR 2550.404a-5) applicable to participant-directed individual account plans (e.g., 401(k) and 403(b) plans; see our earlier article regarding these regulations). The FAB is also
Under Department of Labor Regulations, plan administrators of individual account plans such as 401(k) plans and most 403(b) plans must provide all participants who are eligible to direct investments in the plan with certain investment and fee information (see http://www.dol.gov/ebsa/newsroom/fsparticipantfeerule.html for more information). The plan administrator is the employer sponsoring the plan unless the employer
IRS Notice 2010-6 previously provided guidance concerning how to make payment of nonqualified deferred compensation that is subject to the signing of a release complaint with Section 409A.
Essentially, it provides that a plan may not allow an employee to delay or accelerate the timing of a payment as a result of the employee’s actions