US Department of Justice Challenges California’s Requirement of Small Employers to Establish Retirement Programs

A number of states enacted laws either encouraging or requiring small employers to participate in a state retirement program if they do not sponsor one. California, Oregon and Illinois have such programs in place and are enrolling workers. New York, Maryland and Connecticut legislatures appear close to enacting such programs. The concern is that, because many small employers do not offer a retirement plan, about … Continue reading US Department of Justice Challenges California’s Requirement of Small Employers to Establish Retirement Programs

Retirement Reform in 2019 is Possible but Unlikely. Three Senators Delay Passage of the SECURE Act

In May of 2019, the U.S. House of Representatives passed, by a near unanimous vote (417 – 3), the “Setting Every Community up for Retirement Enhancement Act” (The “SECURE Act”). With such strong support in the House, it was believed that this bill had an excellent chance of becoming law this year. However, as the end of the current legislative session approaches, the chances of … Continue reading Retirement Reform in 2019 is Possible but Unlikely. Three Senators Delay Passage of the SECURE Act

Proposed DOL Rule Makes Electronic Delivery the Default Method for Plan Participant Required Notices

Electronic delivery has become the norm in the 17 years since the Department of Labor promulgated its safe harbor rules for electronic delivery of required notices under ERISA.  It is estimated that eliminating paper notices altogether across the industry would reduce administrative costs by $750 million annually. According to the US Census Bureau, almost 80 percent of households now have a desktop, laptop and/or a … Continue reading Proposed DOL Rule Makes Electronic Delivery the Default Method for Plan Participant Required Notices