Late last year, the Department of Health and Human Services (HHS) issued its first HIPAA settlement agreement involving a ransomware attack. In the press release announcing the settlement, HHS stated that they began investigating Doctors’ Management Services, a Massachusetts-based medical management company, in April 2019 after ...
If you were born before 1951, remember that you must take your required minimum distributions (RMDs) from funds held in individual retirement arrangements (IRAs) and other retirement plans before the end of the year.
RMDs are amounts that account owners must withdraw each year once they reach their required beginning date, currently age 72. RMDs ...
A handful of new ERISA litigation cases (including McManus v. Clorox Co., N.D Cal. No. 4:23-cv-05325) are taking aim at forfeiture accounts and trying to pull them into the never-ending list of ways in which retirement plan fiduciaries have purported to breach their fiduciary duty to plan participants.
The recent lawsuits argue that even ...
It’s that time of year again when calendar year 401(k) plans must send annual retirement plan notices. As you work with your service providers to make sure all notices are sent, now may be a good time to reacquaint yourself with the more common notices and related 401(k) plan documents that must be provided to employees. Mistakes can happen ...
The IRS released its annual update for the cost-of-living adjustments for 2024. Similar to the adjustments made last year, there are widespread increases for 2024. As you can see from our chart below, almost all IRS limits were affected by this year’s cost-of-living adjustments, with the exception of catch-up contributions.
Now that the ...
If you are serving as a fiduciary for your employer’s retirement plan, you have a duty under the Employee Retirement Income Security Act (ERISA) to act prudently. Engaging in prudent behavior is only the first step a plan fiduciary should take, however. Equally important is for the plan fiduciary to be able to demonstrate at a future date when ...
For most Americans, their retirement plan savings accounts are likely one of their largest and most important assets. And yet many do not give these accounts the attention they deserve when it comes to naming and updating their beneficiary designations for the accounts.
Unfortunately, in almost all cases when problems arise with respect to a ...
Well, it was good while it lasted. On September 27th, the Departments of Labor, Health and Human Services, and the Treasury (collectively, the Departments) issued new FAQs regarding implementation of provisions of The Transparency in Coverage Final Rules (TiC Final Rules). As noted in previous insight blogs, the TiC Final Rules require ...
In efforts to expand access to retirement savings programs for more Americans, the SECURE Act and SECURE 2.0 both included new rules that will require plans to allow long-term part-time (LTPT) employees to make elective deferrals into a 401(k) plan if they meet certain minimum hours requirements. This post updates our earlier post on the subject as ...
While many provisions of SECURE 2.0 apply to various types of retirement plans, including 403(b) plans, this update will focus on those provisions of the Act that apply only to 403(b) plans. Please check out our prior blog posts for other SECURE 2.0 provisions that impact 403(b) plans as well as other types of retirement plans.
Effective for ...