McDermott Will & Emery will be holding the next invitation-only Benefits Innovators Roundtable series in our New York office on May 19, 2015. These roundtables offer senior, experienced professionals an opportunity to discuss employer-provided benefits best practices with peers and experienced McDermott employee benefits lawyers. Previous events in this series have led to spirited discussions on a broad range of cutting-edge topics.
This session’s topics will include:
Lawsuits by health service providers
Hot issues in data privacy
Brainstorming sessions on: the U.S. Supreme Court’s 2015 term (including King v. Burwell), legislative proposals, 401(k) issues and recent U.S. Department of Labor actions.
If you are interested in attending, please contact Donna Baker.
New guidance by the U.S. Department of Labor provides defined contribution plan administrators with additional flexibility to extend the 12-month period to a 14-month period for distribution of the required annual fee disclosure to plan participants and beneficiaries.
On Thursday, December 11, 2014, Chicago partner, Todd Solomon will speak at the Illinois Fiduciary Summit at Hyatt Lodge at McDonald’s Campus. Joined by additional keynote speakers from Wells Fargo and Crowe Horwath, Todd will discuss various topics important to retirement plan committee decision makers, including:
Top 10 Fiduciary Pitfalls 401(k) & 403(b) Plan Sponsors Need To Avoid
Fiduciary Obligations & Reducing Your Liability
How to Measure Plan Success
Evaluating Service Providers & Maximizing Vendor Negotiations
Outlook on the Bond Market and Recent On Goings at PIMCO
This event free of charge to McDermott clients and is certified for three hours of CPA/CPE credit and HRCI/SPHR/PHR general credit.
Studies show that over 40% of large employers now include a Roth 401(k) feature in their defined contribution plan. New legislation in early 2013, and new IRS guidance issued late in December of 2013, expand the availability of in-plan Roth conversions. While 401(k) record keepers gear up to implement this new feature, now is a good time to take stock of Roth 401(k) and understand whether this is a good feature that should be added to your plan or whether the new expanded in-plan Roth conversions make sense as a next step for your plan.
Panelists will cover Roth 401(k) basics and the new guidance as well as discuss the successful utilization of the Roth feature in one employer’s plan that has a 99% employee participation rate. In addition, the experts will also provide helpful tips on how to successfully communicate the confusing Roth concepts to your plan’s participants.
Event speakers include:
Nancy Gerrie, Partner, Employee Benefits Practice Group, McDermott Will & Emery Kathleen Davis, Benefits Manager, Sargent & Lundy
The American Taxpayer Relief Act of 2012 (the “fiscal cliff” bill) allows employers to amend 401(k), 403(b) and governmental 457(b) plans to permit participants to convert pre-tax account balances to Roth account balances. Previously, such conversions were permitted only when the pre-tax amounts could be distributed.
The new 401(k) participant fee disclosure rules issued by the U.S. Department of Labor require plan administrators with calendar year plans to send disclosures to plan participants by August 30, 2012. The top 10 things to consider in complying with the new rules are described in this publication in Q&A format.
Employers sponsoring 401(k) or 403(b) plans should give immediate consideration to recently enacted legislation that allows participants to convert their retirement accounts in such plans to Roth accounts in 2010 and avoid some of the plan sponsor concerns that existed under prior law. With a potential increase in individual income tax rates looming in 2011, plan sponsors may be under pressure from executives and other plan participants to permit such conversions prior to the end of the year.
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