Faegre Drinker’s Post

Today, employees are more likely than ever to seek new employment opportunities and change jobs. These employees may leave a company before becoming fully vested in their qualified retirement plan benefits – which may result in forfeiture of their unvested benefits. What is a retirement plan sponsor supposed to do with the forfeited amount? More importantly, what is the plan sponsor allowed to do with these forfeited amounts? John Fogerty and Betsy Olson of Faegre Drinker in JD Supra write that this is an important question, as the use of forfeitures can raise compliance questions under both ERISA and the Internal Revenue Code requirements for qualified retirement plans. Their position can be found here: https://lnkd.in/ekrtQAxe #compliance #erisa #irs #plansponsors #retirementplans

Want to learn more about ERISA? I'll be teaching Introduction to Employee Benefits and Pensions as part of the Tulane Law School Masters of Jurisprudence in Labor and Employment this coming spring (2025). Would love to have you in my class!

The Importance of Governance in Retirement Plans! Another great article by Ferenczy Benefits Law Center. This is a good example of just how responsible plan sponsors are for their plan and of course, there is an added twist, this time it's Barbie and Ken. Even if you don't like Barbie (or Ken), this is a fun read with a lot of great points. If you think you are just an employer who sponsors a plan..."end of story"...read this and think again; you are more responsible than you may think. https://lnkd.in/eyKT_4Jz

🚀 News Update 🚀 The Department of the Treasury and the IRS dropped game-changing proposed regulations! 📅 Effective January 1, 2024, these new rules define how long-term part-time employees are treated in qualified retirement plans. 🌟 Get the scoop on eligibility, vesting, and administration for 401(k) plans here >>

Most businesses today need to offer a solid benefits package. Failing to do so could mean falling behind in the competition to hire and retain talent in today’s tight job market. When it comes to retirement benefits, however, smaller companies may struggle with the financial and administrative burdens of sponsoring their own plans. The good news is, thanks to the Setting Every Community Up for Retirement Enhancement Act of 2019, a relatively new solution is available: pooled employer plans (PEPs). Continue reading: https://lnkd.in/gaNm-Cz9 #FMD #RetirementBenefits #Benefits

Plan sponsors, watch out for changes to retirement plan eligibility and Form 5500 reporting caused by the SECURE Act. 401(k) plan eligibility is expanded to include long-term, part-time employees, complicating reporting requirements. Ensure you're in compliance with these shifts to avoid penalties and audit issues:  https://lnkd.in/eVU_RYy9 Need assistance navigating these changes? Visit Ryan & Wetmore for guidance: https://lnkd.in/dDuESknf   #RetirementPlanning #SECUREAct #IRSForm5500 #RyanAndWetmore #ComplianceSupport

Stay informed about the latest updates on workplace retirement plans with our guide for Global Employer Services. It covers over 90 positive changes that have been made post-SECURE 2.0 ACT. These changes include incentives for contributions and simplified error corrections. You'll also get insights on ESOPs, IRS concerns, and practical advice for navigating evolving policies. #retirementplanning #SECUREAct #ESOPS

I have learned so much from Simon Chan and Celine Chiovitti on how traditional retirement is evolving around the world. For many, retirement is seen as the final chapter of life—a culmination of years of hard work and savings. But what if retirement wasn’t an end but rather a beginning filled with new opportunities? Discover modern retirement solutions to support the 100-year life in my latest blog for the International Foundation of Employee Benefit Plans (IFEBP). #futureofwork #longevity #100yearlife #retirementsolutions

Qualified retirement programs rely on the determination of highly compensated employees and key employees for nondiscrimination testing. Check out my article below, which outlines the determination and discusses common pitfalls.

With its 50th anniversary approaching, Brad Knowles explores the Employee Retirement Income Security Act, shedding light on its impact and complexities in managing retirement plans. From fiduciary duties to navigating legal landscapes, dive deep into this crucial aspect of employee benefits. Stay informed, stay compliant. #ERISA #RetirementPlanning #FiduciaryResponsibility #EmployeeBenefits