Benefits Law

401(k) plans collect a lot of valuable personal information about employees. And under ERISA, you have a fiduciary duty to protect plan assets. But what exactly is a plan asset? Is employees’ personal information a plan asset? If it is, your third-party providers can’t profit from it. According to a federal trial court, employees’ data isn’t a plan asset.
Here’s something you should almost never do: Ask older employees when or whether they’re planning to retire. On the other hand, here’s something you can do if you need employees in a pinch: Tap the expertise of your retirees.
Educational assistance will also benefit employees who’ve been on long furloughs and need to polish up their skills. The tax code lets you do this in two ways: An easy way and a hard way.
What is balance billing, and how does it run afoul of the Consolidated Appropriations Act?
Who is eligible for the subsidy, and who isn’t?
The IRS has now answered both questions for DCAPs with plan years other than a calendar year.
One of the reasons 401(k) plans are vulnerable to phishing and scamming is because the Department of Labor hasn’t issued any cybersecurity standards. The DOL has begun to rectify this deficiency by issuing fact sheets for employers and employees.
The Department of Labor has dedicated a web page to the American Rescue Plan Act’s 100% COBRA subsidy. It’s also released a ton of guidance on the subsidy, and just in time. The 100% subsidy kicked in April 1. There’s a lot to unpack, so let’s get started.
It turns out that the COBRA subsidy in the American Rescue Plan Act isn’t all that straightforward.
Current employees who default on paying back 401(k) plan loans can’t have their 401(k) balances reduced or offset to cover the default until there’s a distributable event, like their termination. Once a distributable event occurs, you offset the balance of the loan and distribute the rest to employees.