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Recently Issued Guidance on the Automatic Rollover of Mandatory Qualified Retirement Plan Distributions ( May 2005 )
The Department of Labor recently issued final "safe harbor" regulations relating to the automatic rollover of certain mandatory distributions from qualified retirement plans that contain a "cash out" feature. A "cash out" feature provides for an immediate distribution to a former employee of his or her vested accrued benefit under the plan when the benefit is below a certain threshold amount. The Internal Revenue Service also issued recent guidance in Notice 2005-5 and an IRS News Flash, dated February 16, 2005, that clarifies the automatic rollover rules. The following is a summary of the most salient features of these rules. -
Health Savings Accounts — Are They The Cure For Employers' High Medical Plan Costs? ( September 2004 )
Employers are searching for new medical plan options to allow them to better manage runaway medical costs, which have in recent years outstripped inflation. Employers are also searching for vehicles that will force employees to become better consumers of medical services and that will permit employees to take some responsibility for their retiree medical costs. -
Converting To A Cash Balance Plan Can Be Risky Business ( September 2003 )
Over the past fifteen years, many companies have converted their traditional pension plans to cash balance plans. The Federal Reserve Board recently reported that approximately 25% of all participants in defined benefit plans and 40% of all defined benefit plan assets are in cash balance plans. Whether the decision to convert has been motivated by cost or the recognition of the current realities of the mobile workforce and the need for portable benefits, the prevalence of cash balance plans cannot be overstated. -
ERISA & Pensions: Court Clarifies the Reach of ERISA ( September 2001 )
In a ease greeted with enthusiasm by the insurance industry, the U.S. Circuit Court for the Third Circuit Court of Appeals clarified the reach of the federal Employee Retirement Income Security Act ("ERISA") in its recent decision in Leckey v. Stefano, 263 F.3d 267 (3d Cir. 2001). -
IRS Eases Requirements for 401(k) Safe Harbors ( April 2000 )
This article summarizes the IRS's new requirements which ease the 401(k) safe harbor rules. -
Cooley Alert: Essential Retirement and Welfare Plan Updates ( June 2000 )
This alert summarizes the recent retirement and welfare plan updates. -
Educational Institutions Law Alert: IRS Audit Agenda Targets 403(b) Plans ( October 2000 )
The Internal Revenue Service has recently announced that it will continue to commit substantial resources toward th. -
Employee Benefits Regulatory Update ( October 2000 )
The Internal Revenue Service, the Department of Labor and the Department of Health and Human Services have issued r. -
Do You Really Save Money Using a "Prototype" Retirement Plan? ( February 2000 )
This article reviews the different types of retirement plans that are available as well as summarizes the advantages and disadvantages of each. -
Saying Too Much: Court Turns Retirement Incentive Offer Into Guaranteed Lifetime Retiree Health Benefits Plan ( August 2000 )
This article highlights a 10th Circuit decision that ruled in favor of an employee that was given a retirement incentive offer. The court held that the letter created a new obligation under an ERISA welfare benefit plan.