Some notice requirements are simply just one more administrative burden for the sponsor of a qualified retirement plan. For section 403(b) plans, ensuring that your employees have an effective opportunity to make elective deferrals is imperative. One benefit a 403(b) plan has over a 401(k) plan is that it does not have to comply with certain ...
A broken promise is a terrible thing. Historically, defined benefit pension benefits were the holy grail of promises in the retirement plan world. But, things have changed, especially for multiemployer pension plans after the passing of the Kline-Miller Multiemployer Pension Reform Act of 2014 (“MPRA”). MPRA does not offer these plans a ...
While Congress continues to battle over how to reform health care reform, employers must continue to comply with the Affordable Care Act, including the employer shared responsibility or pay or play provisions. In order to avoid penalties, large employers must provide “affordable” minimum value coverage to all full-time employees. Prior ...
Generally, a plan administrator’s decision to deny a claim for benefits is subject to the de novo standard of review with no deference given to the plan administrator by the courts. However, after the 1989 U.S. Supreme Court’s decision in Firestone, such determinations are reviewed under the highly deferential standard of abuse of ...