The U.S. Department of Labor (DOL) published a proposed regulation on October 14, 2021, that would clarify how fiduciaries of private sector employee benefit plans should apply ERISA’s fiduciary duties of prudence and loyalty when making investment decisions and exercising shareholder rights. In part, the DOL’s changes to its “Investment Duties” regulation (29 C.F.R. §
On June 14, 2021, the Department Labor (“DOL”) issued Information Letter 06-14-2021 to address whether ERISA requires plan fiduciaries to produce audio recordings and transcripts of telephone conversations between plan insurers and claimants.
The issue arose from a plan insurer’s denial of a claimant’s request for an audio recording. When it denied the request, the…
The Internal Revenue Service released updates to its Employee Plans Compliance Resolution System (“EPCRS”) in Revenue Procedure 2021-30. Key changes to the EPCRS include:
- Extending the self-correction period for significant operational failures from two to three years, effective July 16, 2021;
- Eliminating the requirement that retroactive plan amendments for self correction benefit all plan
Employee benefits professionals have faced many challenges in 2020.
The following update provides highlights of key developments that employers and other plan sponsors should consider as 2021 approaches. Read the full article.
The U.S. Departments of Labor, Treasury, and Health and Human Services have issued a joint notice that modifies certain benefit plan notice, reporting, and election deadlines imposed by ERISA and the Code. In addition, DOL’s Employee Benefits Security Administration and the Pension Benefit Guaranty Corporation, have issued additional short-term relief. The following update summarizes these…