Benefits Notes |

Employee benefits are an important part of every employees' total compensation package. The continuously evolving landscape in the areas of health care reform, retirement plan design, and executive compensation makes it difficult for employee benefits professionals to keep up with relevant developments. The employee benefits attorneys at Stinson Leonard Street provide human resources professionals, plan fiduciaries, actuaries, accountants, and others in the industry with practical and cost-effective assistance as they navigate through the complex laws, regulations and guidance that govern employee benefits plans. This blog highlights key developments in the employee benefits field and items of interest to our clients. Our Bloggers →

Latest Fiduciary Guidance Posts

The U.S. Supreme Court Upholds Plan Sponsor’s Recovery of Participant Damages Award

By Jeffrey Cairns | April 17, 2013

ERISA and Other Benefits Litigation, Fiduciary Guidance, Health Plan, Welfare Plans On April 16, 2013, the U.S. Supreme Court issued its opinion in U.S. Airways, Inc. v. McCutchen http://www.supremecourt.gov/opinions/12pdf/11-1285_i4dk.pdf finding in favor of U.S. Airways in its quest to recover $66,866 in medical expenses incurred by its employee as a result of a traffic accident. McCutchen was a...

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Ninth Circuit Decides Selection of Retail Mutual Funds Was a Breach of Fiduciary Duty

By Jeffrey Cairns | April 1, 2013

ERISA and Other Benefits Litigation, Fiduciary Guidance, Retirement Plans On March 21, 2013 the Ninth Circuit Court of Appeals issued its opinion in Tibble v. Edison International, http://cdn.ca9.uscourts.gov/datastore/opinions/2013/03/21/10-56406.pdf in which the Court ruled that the plan fiduciaries of the Edison 401(k) Savings Plan (the “Plan”) had breached their fiduciary duty by...

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Target Date Retirement Funds – Tips for Plan Fiduciaries

By Angela Bohmann | March 6, 2013

Fiduciary Guidance, Retirement Plans Many plan sponsors have selected so-called “target date” funds as the default investment under the plan sponsor’s 401(k) or other qualified plan. A target date fund is one that includes investments in different asset classes (e.g., stocks, bonds, money market) where the balance among the asset classes becomes...

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TPA is a Fiduciary Under ERISA

By Angela Bohmann | September 7, 2012

Fiduciary Guidance, Health Plan A recent Sixth Circuit Court of Appeals decision considered whether a third party administrator of a self-funded medical plan was a fiduciary under ERISA. Under ERISA, fiduciaries owe strict duties of loyalty and prudence to plan participants and beneficiaries and can be personally liable for losses if they are not....

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IRS Announces Suspension of the Lost Participant Letter Forwarding Program

By Jeffrey Cairns | September 5, 2012

Fiduciary Guidance, Retirement Plans             On August 31, 2012, the IRS issued Rev. Proc. 2012-35 and a related press release announcing that effective immediately, the IRS will no longer forward letters on behalf of plan sponsors or administrators of qualified retirement plans to assist in locating missing participants and beneficiaries...

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Reminder: Retirement Plan Fee Disclosures Received? –Review and Pass it Along

By Jeffrey Cairns | August 13, 2012

Fiduciary Guidance, Retirement Plans Defined contribution plan fiduciaries were required to receive fee disclosures from covered service providers by July 1, 2012 pursuant to final regulations under ERISA §408(b)(2). See Blog Posts. http://benefitsnotes.com/2012/05/labor-issues-qas-on-required-fee-disclosures-to-participants/ ...

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Department of Labor Withdraws Controversial Guidance On Self-Directed Brokerage Accounts in 401(k) Plans

By Jeffrey Cairns | August 6, 2012

ERISA and Other Benefits Litigation, Fiduciary Guidance, Retirement Plans On May 7, 2012 the Department of Labor issued a set of questions and answers via Field Assistance Bulletin FAB No. 2012-02 (http://www.dol.gov/ebsa/regs/fab2012-2.html) concerning the new fiduciary fee disclosures in Labor Regulations §2550.408(b)-2 and participant fee disclosure requirements outlined in Labor...

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DOL Publishes Submission Procedures for Employers to Report Delinquent Service Providers

By Angela Bohmann | July 31, 2012

Fiduciary Guidance, Retirement Plans As we have blogged before (here and here), certain service providers to qualified plans are required to provide plan administrators with fee disclosures. The initial disclosures were due July 1, 2012. The Department of Labor has now published a new mailing address and web based procedures for employers and plan...

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Labor Issues Q&As on Required Fee Disclosures to Participants

By Jeffrey Cairns | May 9, 2012

Fiduciary Guidance, Retirement Plans             Once the ERISA Section 408(b)(2) fee disclosures are made from covered service providers to plan fiduciaries, plan fiduciaries are required to relay fee information relating to designated investment alternatives to plan participants.  The Department of Labor issued final regulations in 2010...

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408(b) (2) Disclosures – That Wasn’t So Bad Was It?

By Jeffrey Cairns | April 24, 2012

Fiduciary Guidance, Health Plan, Welfare Plans Last week I received copies of the first new fiduciary fee disclosures required by final Department of Labor Regulations under ERISA Section 408(b) (2).  Fee disclosures were received from Fidelity Investments and Prudential Financial, providers to two client retirement plans.  The details of the required...

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