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DISCLAIMER: This blog is published for general information only - it is not intended to constitute legal advice and cannot be relied upon by any person as legal advice.  U.S. Treasury Regulations require us to notify you that any tax-related material in this blog (including links and attachments) is not intended or written to be used, and cannot be used, for the purpose of avoiding tax penalties, and may not be referred to in any marketing or promotional materials.  While we welcome you to contact our authors, the submission of a comment or question does not create an attorney-client relationship between the Firm and you. 

Entries in Plan Administration (65)

Monday
Jul152019

Plan Sponsors: You Should Have a Model QDRO

ERISA Section 206(d)(3)(G)(ii) requires sponsors of qualified retirement plans to maintain written procedures for the administration of qualified domestic relations orders (“QDROs”), and the plan administrator has an obligation to ensure that a domestic relations order received by the plan is “qualified” before making the payments or taking other actions contained in the order.  While a plan sponsor is not required to maintain a model QDRO for its retirement plans, the development of a model QDRO can make QDRO administration more efficient and produce better results for both the affected participant and the alternate payee. 

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Wednesday
Apr242019

Revenue Procedure 2019-19: Enhancements to EPCRS are Great News for Plan Sponsors

Newly published Revenue Procedure 2019-19 modifies and supersedes prior IRS guidance regarding the Employee Plans Compliance Resolution System (EPCRS) to allow plan sponsors to self-correct an expanded number of problems that may affect retirement plan operations or documents. The new guidance, which took effect April 19, 2019, provides a significant opportunity for plan sponsors to correct loan defaults and other minor operational failures without going through the expensive and often time consuming voluntary correction program (VCP) procedure.

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Tuesday
Mar262019

Form 1094 and Form 1095 Reporting for Expatriate Employees

Every IRS Form 1094/1095 filing season (roughly January and February of each year), we receive questions on reporting for expatriate employees.  The most common questions: do we need to furnish a Form to expat employees working in the U.S. (sometimes called “inpats”) who are covered under a regular or expat plan, and if so which Form?  The rule is fairly straightforward: in general any employee who works in the U.S. at least 30 hours per week or is covered by self-funded minimum essential coverage should receive a Form 1095-C, regardless of whether he or she is an expat or covered by an expat plan.  But like any rule under the ACA, the general answer is complicated by exceptions and differences in employer size and plan type.

Filing Requirement for Applicable Large Employers

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Tuesday
Feb192019

ERISA Preemption of State Slayer Statutes: Does it Matter?

Over the last decade, courts around the country have been asked to decide whether ERISA preempts state slayer statutes – state laws that prohibit a murderer from collecting benefits as the beneficiary of the victim’s estate or as the surviving spouse of the victim under an insurance policy or benefit plan.  Courts have come down on both sides of the issue – some finding that ERISA preempts the state law, others holding that the state law governs.

And some courts have decided that the question is moot because, even if the state’s slayer statute is preempted, federal common law prohibits a killer from being rewarded for his or her crime as a beneficiary so the outcome is the same.  This post will review the current state of the law regarding slayer states as they relate to ERISA plans, and offer some comfort to employers who find themselves having to deal with the issue.

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Tuesday
Dec112018

Proposed Regulations on 401(k) Hardship Withdrawals

Last month, the Treasury Department issued highly anticipated proposed regulations governing hardship withdrawals from 401(k) plans.  The proposed regulations address recent statutory changes made to the hardship withdrawal rules under Code Section 401(k), including:

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