On November 22, 2022, the U.S. Department of Labor (“DOL”) announced a final rule (the “2022 Final Rule”) that allows plan fiduciaries to consider climate change and other environmental, social, and governance (“ESG”) factors when selecting retirement investments and exercising shareholder rights, such as proxy voting, for ERISA-governed plans.
Continue Reading DOL’S Final Rule Gives ERISA Fiduciaries Green Light to Consider ESG Factors When Selecting Investments

Under ERISA, a plaintiff must file a lawsuit within six years of an alleged breach of fiduciary duty, or within three years if the plaintiff had “actual knowledge” of the breach. There has been a longstanding split among the circuits regarding what constitutes “actual knowledge” for purposes of determining whether ERISA’s three-year limitations period should apply. On February 26, 2020, the Supreme Court settled this issue in Intel Corp. Investment Policy Committee v. Sulyma, 140 S. Ct. 768 (2020). 
Continue Reading Actual Knowledge under the Supreme Court’s Intel Decision: Can the DOL’s New Electronic Disclosure Regulations Bridge the Divide?

The IRS has issued final regulations amending the hardship distribution rules for qualified retirement plans, including 401(k) and 403(b) plans, as well as for 457(b) plans. The final regulations are substantially similar to the proposed regulations that were issued in November 2018, but provide a few clarifications.  Plans that have been complying with the proposed regulations will satisfy the final regulations.
Continue Reading IRS Issues Final Regulations Relaxing 401(k) Hardship Distribution Rules

On October 29, 2018, the Internal Revenue Service, Department of Labor and Department of Health and Human Services jointly released proposed regulations in response to President Trump’s executive order calling for an expansion of the ability of employers to offer health reimbursement arrangements to their employees and to allow HRAs to be used in conjunction with nongroup coverage.
Continue Reading Proposed Regulations Expand Availability of Heath Reimbursement Arrangements