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On April 3, 2025, the Department of Labor issued Field Assistance Bulletin No. 2025-02 (the FAB), providing initial guidance and updated models for defined benefit plan Annual Funding Notices that comply with the notice...
Despite efforts by plan sponsors and third-party administrators/plan recordkeepers to communicate to defined contribution retirement plan participants the importance of designating a beneficiary to receive any remaining vested account balance upon their death, some...
It is axiomatic that a person who has fiduciary responsibility with respect to an ERISA benefit plan must monitor the performance of any plan service provider or other person to whom it has delegated...
Since we last discussed environmental, social, and corporate governance (“ESG”) developments in the context of ERISA retirement plans (see our post here ), ESG litigation has taken a rather unexpected turn. Although the plan...
“Solo 401(k)” is a marketing term used for a 401(k) plan that is adopted by a sole proprietor or an incorporated business with no employees other than the owner. These plans offer a greater...
In the context of medical coverage, the terms “Preventive Services” and “Preventive Care” are often used interchangeably. The two terms, however, have very different meanings. Understanding the difference can have significant implications for plan...
On Labor Day, September 2, 1974, Gerald Ford signed the Employee Retirement Income Security Act (“ERISA”) into law. ERISA governs the employee benefit plans (i.e., retirement and welfare plans) of most private employers in...
Many employers are facing challenges in incorporating high-cost GLP-1 medications, such as Mounjaro, Ozempic, Rybelsus, Trulicity, and Wegovy, into their group health plans, as they must balance the cost to the group health plan...
The Departments of Labor, Health and Human Services, and the Treasury, with the Office of Personnel Management (the “Departments”) jointly released FAQs About Consolidated Appropriations Act, 2021 Implementation Part 69 (“FAQs Part 69”) on...
Retirement plan fiduciaries have a new option for handling small benefit payments owed to missing participants and beneficiaries thanks to a temporary enforcement policy announced by the Department of Labor (“DOL”) earlier this month...