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Plan participants not precluded from bringing suit under ERISA for losses to their individual plan accounts

  • Reed Smith LLP
  • -
  • USA
  • -
  • February 21 2008

In a much-anticipated opinion, the U.S. Supreme Court Feb. 20, 2008 ruled unanimously that ERISA permits individual participants in defined contribution plans, such as 401(k) plans, to bring suit against plan fiduciaries under section 502(a)(2) of ERISA for losses to their individual accounts that result from breaches of fiduciary duty

State aid available for DROP participants who are actively employed

  • Reed Smith LLP
  • -
  • USA
  • -
  • August 31 2009

The Supreme Court has recently declined to review the Commonwealth Court’s 2008 holding that a municipality properly included officers that had entered into a deferred retirement plan in the municipality’s calculation for state pension aid

DOL releases model annual funding notice and related guidance

  • Reed Smith LLP
  • -
  • USA
  • -
  • February 19 2009

On February 10, 2009, the Department of Labor (“DOL”) released Field Assistance Bulletin 2009-01 (“FAB 2009-01”), which provides guidance on the required annual funding disclosure obligations of defined benefit plans

COBRA relief under the American Recovery and Reinvestment Act of 2009

  • Reed Smith LLP
  • -
  • USA
  • -
  • February 17 2009

The American Recovery and Reinvestment Act of 2009 (the "2009 Recovery Act") amends portions of the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended ("COBRA"), and the health care coverage continuation provisions of the Public Health Safety Act ("PHSA"

Court of Appeals rules against plaintiffs in excessive fees and revenue-sharing case

  • Reed Smith LLP
  • -
  • USA
  • -
  • February 24 2009

Beginning in late 2006, a number of complaints were filed against 401(k) plan sponsors and plan service providers, charging fiduciary breaches in connection with the allegedly high level of fees being paid on plan investments that were then shared with plan service providers, a practice referred to as 'revenue sharing

Plan administrators can implement optional pension withholding to offset reduced withholding under new IRS withholding tables

  • Reed Smith LLP
  • -
  • USA
  • -
  • May 18 2009

As part of the American Recovery and Reinvestment Act, the Making Work Pay Credit (the "Pay Credit") provides single and married taxpayers with a tax credit on their earned income in 2009 and 2010

IRS releases updated rollover safe harbor notices

  • Reed Smith LLP
  • -
  • USA
  • -
  • September 17 2009

The IRS announced two revised safe harbor rollover notices that are deemed to be compliant with the qualified retirement plan rollover notice requirements under Internal Revenue Code ("Code") Section 402(f

Proposed cafeteria plan regulations to become final in 2009

  • Reed Smith LLP
  • -
  • USA
  • -
  • January 7 2009

On Aug. 3, 2007, the IRS issued proposed cafeteria plan regulations

Two recent court decisions add burdens and create uncertainties regarding compliance with unclaimed property laws

  • Reed Smith LLP
  • -
  • USA
  • -
  • January 12 2009

Two recent state court decisions Fitzgerald v. Young America Corporation, et al. and Vondjidis v. Hewlett Packard Corporation have raised the bar for companies seeking to comply with the unclaimed property laws of the various states and territories

Reminder: 403(b) operational compliance required effective Jan. 1, 2009

  • Reed Smith LLP
  • -
  • USA
  • -
  • January 16 2009

Public schools, universities and other tax-exempt organizations often sponsor Code Section 403(b) retirement plans, which are also referred to as “tax-sheltered annuities” or “tax-deferred annuities

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