EBSA Gives Filing Relief for ERISA-Related Deadlines
The Employee Benefit Security Administration (EBSA) just launched deadline relief and recommendations related to the current impact of the COVID-19 pandemic, including expanding “good faith” application of electronic delivery. According to the EBSA’s “Disaster Relief…
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New Legislation Will Temporarily Raise Contribution Limits
Rep. Patrick McHenry, a republican of North Carolina serving on the House Financial Services Committee, introduced the Securing Additional Value for Every Retirement Saver (SAVERS) Act in order to temporarily raise contribution limits for defined…
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COVID-19 Layoffs come with Plan Sponsor PBGC Reporting Obligations
The recent pandemic has forced the hand of numerous establishments across the United States to release employees from their current positions. With over 26 million Americans now filing for unemployment in as little as five…
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House Approves Bill to Help Pay Retirement Benefits
On April 23, the House of Representatives approved a $484 billion COVID-19 stimulus bill which incorporates funding that can be utilized to help pay retirement benefits. The novel legislation, titled the Paycheck Protection Program and…
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Record Keeper, Plan Sponsor Sued for Fiduciary Breach in 401(k) Account Hack
A suit has been filed, alleging “actions in allowing an unknown individual to prey on and steal hundreds of thousands of dollars form the retirement savings of the Plaintiff.” The case was filed on behalf…
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Putnam Settles for $12.5 Million in ERISA Case
In recent ERISA litigation headlines, there was a monumental divide between the nation’s courts in determining who exactly bears the burden of proof in a lawsuit. The original case, Brotherston v. Putnam Investments, LLC was…
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California and New Jersey Extend COVID-19-Related Deadlines
Citing the magnitude of the current pandemic, New Jersey has prolonged the deadline for contemplating its suggested fiduciary rule. The Garden State’s novel uniform fiduciary standard was declared on April 15, 2019; nonetheless, under the…
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Plan Sponsor Cybersecurity Responsibilities
If you are a plan sponsor, you set up retirement plans for your employees. Retirement benefit plan administrators harbor personal information of employees, like social security numbers and email addresses, in myriad electronic records. Plan…
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What Types of Insurances Cover COVID-19 Losses?
In light of the recent coronavirus outbreak, more and more people are dealing with insurance-related problems handling the outbreak of the disease. What types of losses are you covered under insurance that could possibly stem…
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