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Monthly Archives: February 2012

SEC Advises on Say-on-Pay Presentation on Proxy Card

Posted in Plan Administration

While I don’t normally get an opportunity to include matters relating to executive compensation, it is an important component of employee benefit package in many companies.  Robert Fields and Sarah Ivy, two of our executive compensation attorneys here at the firm, have shared the following with me, so I am passing it on: In 2010, the Securities and… Continue Reading

Fiduciary Found Liable for Not Timely Honoring Rollover Request

Posted in Court Cases, Plan Administration, Retirement Plans

Plan fiduciaries are frequently faced with difficult decisions regarding plan administration and it is important for them to know not only what the plan says, but also what the potential penalties are for not following the plan.  And sometimes, strict adherence to "form over substance" can create a fiduciary breach.  Such was the case in… Continue Reading

Final Rules Issued on Summary of Coverage Document: Start Your Compliance

Posted in Plan Administration, Welfare Plans

You may recall that, under PPACA, plans were to start providing uniform "summaries of coverage" and uniform definitions by March 23, 2012.  This compliance date was delayed pending publication of final rules.  Well now they are here.  The final rule and guidance documents are now available.  Under the final rule, plans with plan years that start September 23, 2012 or later will have… Continue Reading

401(k) Fee Disclosure Deadline Delayed But Rules Added

Posted in Plan Administration, Retirement Plans

Gearing up for the April 1, 2012 fee disclosure deadline?  Well, yesterday the Department of Labor released final regulations under Section 408(b)(2) of ERISA, requiring retirement plan service providers to disclose information about their services and fees to plan sponsors.  They then delayed the application of the rules until July 1, 2012 to give plan sponsors more time… Continue Reading

Dependent Audits and Dis-enrollment: Yes You Can!

Posted in Court Cases, Plan Administration, Welfare Plans

With PPACA comes potential coverage of dependents to age 26.  But how do you confirm dependent status and what can you do with non-cooperative participants?  Many plans are undertaking to conduct "dependent audits" to make sure covered dependents are actually eligible for coverage.  But what happens when you find someone on the plan who should… Continue Reading