New Lawsuit Alleges Mismanagement of Prescription Drug Benefits by ERISA Fiduciaries

A lawsuit filed on February 5, 2024 against Johnson and Johnson and its health plan fiduciaries (U.S.D.C. – New Jersey, 24-cv-00671) is a good reminder that the fiduciary duties that exist under the Employee Retirement Income Security Act of 1974 (“ERISA”) do not just apply to qualified retirement plans.  They apply to ERISA health and…

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New guidance answers questions for retirement plan sponsors

In late December 2023, the Internal Revenue Service provided additional guidance in the form of questions and answers (“Q&As”) with respect to certain key qualified retirement plan provisions of the Consolidated Appropriations Act, 2023, known as the SECURE 2.0 Act of 2022 (“SECURE 2.0”). For 401(k) plan sponsors, here are a few items of interest:…

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Employee Benefit Rules – the Gifts That Keep on Giving

As employers look back at 2023 and ahead to 2024, there are so many compliance-related items to consider relating to their employee benefit plans.  The rules employers are supposed to be complying with keep growing and growing – they literally are the gifts that keep on giving (and changing).  Here are some of the key…

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IRS guidance provides breathing room for implementing SECURE 2.0 Act catch-up contribution rule

As you probably already know, qualified retirement plans are permitted, but are not required, to allow participants who are age 50 or older to make additional elective deferrals (including designated Roth contributions), known as “catch-up” contributions.  For most plans, the catch-up contribution limit for 2023 is $7,500. Last year, President Biden signed into law far-reaching…

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401(k) Matching for Student Loan Payments Finally Arrives

In this economic environment, employers are doing almost anything to attract and retain a quality workforce. Improving the suite of employee benefit offerings, sometimes without incurring major new expenditures, is top of mind for many. Enter SECURE 2.0, which includes a long-awaited 401(k) feature that has sparked employer interest for years. What is it? The…

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Important, New, Year-End Changes Impacting Employers and their Employee Benefit Plans

While many were out last week finishing up their last-minute Christmas shopping, Congress passed the highly-anticipated retirement plan legislation known as “SECURE Act 2.0” and the U.S. Departments of Labor, Health and Human Services, and Treasury (the “Departments”) issued good-faith relief from the troublesome prescription-drug reporting that is otherwise due December 27, 2022.  There are…

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ERISALINC provides legal insight, news, and commentary from McAfee & Taft's Employee Benefits & Executive Compensation attorneys.

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