BW INSIGHTS

ERISA FIDUCIARY DUTIES AND CYBERSECURITY

By Caleb J. Brus & Cynthia Boyle Lande | 09.26.2024

The intersection of fiduciary duties under the Employee Retirement Income Security Act (“ERISA”) and cybersecurity has become increasingly prominent in our digital world. ERISA fiduciaries are responsible for managing retirement plans prudently and solely in the interest of participants and beneficiaries. As cyber threats grow, ensuring the... Read More

IRS Issues Guidance on Matching Contributions for Student Loan Payments

By Maggie Simonson Schild & Cynthia Boyle Lande | 09.16.2024

Background On August 19, 2024, the IRS issued Notice 2024-63 (the “Notice”) to provide highly anticipated interim guidance on Section 110 of Secure 2.0 Act (“Secure 2.0”), which was enacted in 2022. Secure 2.0 amended the definition of matching contributions to allow an employer to make matching contributions beginning in 2024 to 401(k), 403(b),... Read More

DOL FIDUCIARY RULE STAYED INDEFINITELY

By Caleb J. Brus & Cynthia Boyle Lande | 07.29.2024

A federal judge in Texas has temporarily blocked the Department of Labor’s (“DOL”) “Retirement Security Rule” (the Fiduciary Rule) ahead of its September 23, 2024, effective date. BACKGROUND ON THE FIDUCIARY RULE The DOL has been on a fourteen-year quest to replace a fiduciary definition in place since 1975. The saga began in 2010, but fierce... Read More

Recent Challenges to Plan Forfeitures

By Caleb J. Brus | 05.24.2024

Recent lawsuits are challenging 401(k) plan sponsors’ use of forfeitures to reduce employer contributions. Such practice is a long-standing precedent permitted by the Internal Revenue Service “IRS.” Plaintiffs in these suits claim that the decision on how to apply forfeitures is a fiduciary determination. The plaintiffs further allege it is a... Read More

Understanding ERISA Fiduciary Duties

By Caleb J. Brus | 05.17.2024

The Employee Retirement Income Security Act (“ERISA”) is a federal law that sets minimum standards for most voluntarily established retirement and health plans in private industry. ERISA provides protection for individuals in such plans. Central to ERISA is the concept of fiduciary duty, which mandates that those managing and controlling plan... Read More

Final DOL Fiduciary Rule

By Caleb J. Brus & Cynthia Boyle Lande | 04.26.2024

On April 23, 2024, the Department of Labor (“DOL”) released its new fiduciary investment advice rule titled the “Retirement Security Rule” (the “Fiduciary Rule”). The Final Rule is scheduled to take effect September 22, 2024. The changes to exemptions PTE 2020-02 and PTE 84-24 will have an additional one-year transition period where exemptive... Read More

2020 NAIC Fall Meeting Summary

By BrownWinick | 12.22.2020

The National Association of Insurance Commissioners (NAIC) held its final 2020 meeting virtually over four days: 12/2-4 and 12/7-9. Following the activist agenda from the Summer meeting, this meeting was unremarkable. New officers were elected, and a few issues were decided but overall, it was non-controversial. 2020 NAIC Fall Meeting Summary Some... Read More

Financing Renewable Energy Projects

By BrownWinick | 01.29.2019

BrownWinick's Energy Practice Group is proud to have been asked to contribute to the Iowa Chapter for the new American Bar Association treatise on Financing Renewable Energy Projects: A Global Analysis and Review of Related Power Purchase Agreements. It is a valuable resource for developers seeking to develop projects anywhere in the world. This... Read More