In this issue:
Part Two: What to do if you have missing or nonresponsive participants Amanda J. Dernovshek, Julie L. Hamlet and Mindi M. Johnson
In Part One of this series, we discussed recent guidance issued by the U.S. Department of Labor (“DOL”) about handling missing and nonresponsive participants. In this article, we will provide a summary of the steps that plan administrators should follow when dealing with missing or nonresponsive participants.
Since plan administrators have a fiduciary duty to ensure that benefits are paid to the correct participants, a procedure related to locating missing and nonresponsive participants is essential...
Amanda J. Dernovshek, Julie L. Hamlet and Mindi M. Johnson
In March of this year, the American Rescue Plan Act (“ARPA”) was enacted. A piece of that legislation included a 100% COBRA subsidy for certain assistance eligible individuals (“AEIs”). The subsidy period began on April 1, 2021 and extends through September 30, 2021 (the “Subsidy Period”). The legislation also provides that employers will be required to pay for the COBRA coverage upfront and will thereafter be entitled to a refundable tax credit against their quarterly Medicare taxes...
Amanda J. Dernovshek and Taylor A. Gast
On April 14, 2021, the U.S. Department of Labor’s (“DOL’s”) Employee Benefits Security Administration (“EBSA”) issued its first cybersecurity best practices guidance for retirement plans. The EBSA guidance has been highly anticipated as the frequency and cost of data breaches affecting employee benefit plans continues to rise. The EBSA guidance focuses on actions that plan sponsors, plan fiduciaries, record-keepers, and plan participants can take.
Specifically, the three-part guidance provides: (1) tips for hiring third party service providers with strong cybersecurity practices, (2) cybersecurity program best practices, and (3) online security tips for employee benefit plan participants...
For the past year, Foster Swift attorney Patricia Scott has hosted the virtual 'Second Wednesday Morning Break' program. On the second Wednesday of each month, Patricia interviews a fellow Foster Swift attorney on a new topic that is trending in their respective law practice.
Some of the previous topics include:
These virtual sessions are free to attend, questions may be asked during each program and recordings of each session are linked to on the firm's Finance practice page.
Please consider joining us for a future Second Wednesday program!
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