Key Takeaways The Employee Benefit Security Administration (EBSA) of the US Department of Labor (DOL) recently released its Fact Sheet: EBSA Restores Nearly $1.4 Billion to Employee Benefit Plans, Participants, and Beneficiaries: ebsa-monetary-recoveries.pdf One of the targets of their investigation is “missing participants”. The DOL refers to that program as
Take a quick dive into the exciting world of ERISA with Faegre Drinker benefits and executive compensation attorneys Fred Reish and Brad Campbell. In this quick-hit series of updates, Fred and Brad offer a high-level view of current trends and recent ERISA developments. See the newest episode, The Fiduciary Rules
Lessons Learned from Litigation #1—the Anthem Case This is the eighth of the series about Best Practices for Plan Sponsors. Plan sponsors should be aware of the latest trends in fiduciary litigation in order to develop practices to manage the risk of being sued and, if sued, of being liable.
Plan Success by the Numbers (Part 1) This is the seventh of the series about Best Practices for Plan Sponsors. Most companies have budgets for their business operations . . . and then regularly compare budget-to-actual. In other words, they compare their actual expenses to the budgeted amounts to see
Why Wait Until After You are Sued? This is the sixth of the series about Best Practices for Plan Sponsors. I am surprised that, after all of the fiduciary litigation against 401(k) plan sponsors, many plan sponsors and their committees have not taken the basic steps to minimize the risk of
Fiduciary Training: The Need for Basics This is the fifth of the series about Best Practices for Plan Sponsors. In three earlier posts—Best Practices for Plan Sponsors #2, #3, and #4—about the Sacerdote v. New York University decision, I discussed the good and the bad of the NYU plan committee and
What is the Baseline for A Committee to Act in the Best Interest of its Participants? (Part 3) This is the fourth of the series about Best Practices for Plan Sponsors. In my last two posts (Best Practices for Plan Sponsors #2 and Best Practices for Plan Sponsors #3), I discuss
What is the Baseline for A Committee to Act in the Best Interest of Its Participants? (Part 2) This is the third of the series about Best Practices for Plan Sponsors. This is my second article about the case of Sacerdote v. New York University. As I discussed in my last
What is the Baseline for A Committee to Act in the Best Interest of Its Participants? (Part 1) This is the second of the series about Best Practices for Plan Sponsors. The recent decision in the case of Sacerdote v. New York University is a classic story of the good and
Projection of Retirement Income This is the first of the series about Best Practices for Plan Sponsors. “Best Practice” is above and beyond the legal requirements. Best Practices are not mandated; they are elected. While the most obvious Best Practices are automatic enrollment and automatic deferral increases, I want to
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