Protecting Veterans: COVID-19 Vaccines and More
It is estimated that 7 million veterans will want to receive the COVID-19 vaccination from the Department of Veterans Affairs (VA). Plans are underway! Getting Started The VA will begin COVID-19 vaccinations with frontline health…
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401(k) Class Action Suits on The Rise: Protect Yourself and Your Plan
Benefits lawyers are currently experiencing a flood of lawsuits related to 401(k) plans. Plan sponsors need to closely follow ERISA regulations and ensure protection for retirement plans—and themselves. Challenging 401(k) Plan Fees An analysis by…
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The 401(k) Partial Termination Rule: Have You Invoked It?
Navigating the pandemic continues to force companies to make tough choices, including temporarily or permanently reducing the workforce. Plan sponsors need to assess the ramifications for 401(k) plans. Understanding the IRS Partial Termination Rule…
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The Importance of Communicating About Employee Benefit Plans
Employees lack trust in benefit plans. As a business owner—and plan sponsor, take action to respond to their needs. A great first step: provide more information. What Do Employees Want to Know About Benefit Plans?…
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Who Needs to Save for Retirement?
All of us! Even before the financial challenges brought on by COVID-19, retirement saving for workers in the US was insufficient—and in fact, worsening. For example, data from 2014-2017 shows that only 40% of employers…
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Identify Theft—Are Your Benefit and Retirement Plans Safe?
Identity theft has been on the rise—and that means plan sponsors have to up their cybersecurity efforts. According to AARP: Identity theft occurs when someone obtains someone else’s personal information, such as a Social Security…
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Hiring Outside Advisors Does Not Remove Plan Sponsor Fiduciary Liability
Plan sponsors have a lot of responsibility as fiduciaries when managing an employee benefit plan. They have to make sure that the plan assets are invested properly, employees are given adequate information about benefits, employees…
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Omnicom Slammed with Fiduciary Breach
A former worker of Omnicom Group, Inc. is suing the company and plan fiduciaries, accusing them of ERISA violations while managing the firm’s employee benefit plan. The complaint, filed on July 31 in a U.S. District…
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Wisconsin Sees Spike in ERISA Class Action Claims
In the past few months, Wisconsin, among other states, has seen a rise in class litigations involving breach of fiduciary duty claims under the Employee Retirement Income Security Act of 1974, or ERISA. These types…
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