2024 ERISA Facts

Frank J Bitzer, Nicholas Ferrigno

• Publisher: The National Underwriter Company
• Year: 2023
• Print ISBN: 9781588528230
• eBook ISBN: 9781588528247
• Topic: Business
• Subtopic: Corporate Finance
• Index: Business

Employee Retirement Income Security Act (ERISA) is known as one of the most complicated federal laws, but it is one of the most important laws regarding employee benefits. 2024 ERISA Facts provides simple explanations for nearly 900 of the most common ERISA-related questions. Anyone involved in the administration of ERISA-based retirement plans should have this book; it's the perfect resource for a wide range of employee benefits professionals, including ERISA attorneys, TPAs, CPAs, Employee benefits consultants or specialists, Corporate counsel, and IFEBP members.

Organized in a convenient question & answer format to help you find the information you need, ERISA Facts features:

• Over 800 easy-to-read Q&As that comprehensively cover all aspects of ERISA requirements and practices
• Practical advice for any professional who is required to comply with ERISA rules, including in-house HR professionals and third-party advisers
• Detailed explanation of who is an ERISA fiduciary and what requirements fiduciaries must meet
• Breakdown of potential sources of fiduciary liability
• Class and Statutory exemptions explained
• Investment guidelines for ERISA-compliant plans

New in the 2024 Edition:

• SECURE Act 2.0 changes, including
  • DOL's establishment of a national online searchable database to enable employers to locate “missing” plan participants, and plan participants to locate retirement funds
  • Section 346 of the SECURE Act 2.0, which directs the DOL to establish an Employee Ownership Initiative to promote employee ownership at the state level
  • The requirement directing the DOL to clarify “fair market value”
  • Guidance regarding MEPs, PEPs and pooled plan providers, including the expanded eligibility to sponsor a MEP or PEP to 403(b) plans
• A new section on the DOL's recommended best practices for ERISA plans and cybersecurity as well as guidance regarding cybersecurity service providers
• A new section on the proposed rules to strengthen the Mental Health Parity and Addiction Equity Act
• A new section on the PBGC Special Financial Assistance Program (SFA)
• Update on the July 7, 2023 CMS series of FAQs that address limitations on cost sharing under the Affordable Care Act
• The DOL's final amendments to the investment duties regulations to clarify the application of the fiduciary duties of prudence and loyalty to selecting investments
• The February 23, 2023 changes to the Form 5500 Annual Return/Report of Employee Benefit Plan and Form 5500-SF Short Form Annual Return/Report of Small Employee Benefit
• A discussion of how the DOL is focusing its efforts on returning money to plans and their participants adversely affected by improper administrative practices or the mishandling of plan funds
• Update on the Tenth Circuit's decision in Pharm. Care Mgmt. Ass'n v. Mulready, where the court held that ERISA Section 514 preempts provisions of an Oklahoma law regulating pharmacy benefit managers (PBMs)
• The August 2023 IRS news release warning businesses and tax professionals to be aware of a range of compliance issues associated with ESOPs.

Key Topics

• Fiduciary responsibilities under ERISA
• ERISA-regulated plan administration issues
• Health insurance issues (HIPAA, COBRA, etc.)
• Responsibilities related to plan investments and fiduciary liability
• Compliance and disclosure rules
• Expanded coverage of Prohibited Transactions and Exemptions
• Detailed explanations of voluntary compliance programs
• Real-world advice on enforcement trends

Table of contents

• Title
• Copyright
• About Think Advisor
• DEDICATION
• FOREWORD
• ABOUT THE AUTHORS
• ABBREVIATIONS
• COMPLETE LIST OF QUESTIONS
• PART I: ESTABLISHMENT AND ADMINISTRATION
• PART II: HEALTH BENEFIT ISSUES
• Part III: FIDUCIARIES
• PART IV: FIDUCIARY DUTIES
• PART V: PROHIBITED TRANSACTIONS
• PART VI: FIDUCIARY LIABILITY ISSUES
• PART VII: STATUTORY, CLASS, AND INDIVIDUAL EXEMPTIONS
• PART VIII: FIDELITY BONDING, FIDUCIARY LIABILITY INSURANCE, AND EXCULPATORY PROVISIONS
• PART IX: INVESTMENT ISSUES
• PART X: TAFT-HARTLEY, Multiple Employer and Pulled Employer Plans
• PART XI: MULTIPLE EMPLOYER WELFARE BENEFIT ARRANGEMENTS
• PART XII: Pension Benefit Guaranty Corporation
• PART XIII: CIVIL COMPLIANCE AND ENFORCEMENT ISSUES
• PART XIV: CRIMINAL ENFORCEMENT
• Appendix A: MODEL NOTICES
• Appendix B: VFC PROGRAM CHECKLIST AND SAMPLE VFC PROGRAM NO ACTION LETTER
• Appendix C: SAMPLE AUTOMATIC ENROLLMENT AND DEFAULT INVESTMENT NOTICE
• TABLE OF CASES
• TABLE OF ERISA SECTIONS TO USC SECTIONS
• TABLE OF ERISA SECTIONS TO IRC SECTIONS
• TABLE OF IRC SECTIONS TO ERISA SECTIONS
• TABLE OF ERISA SECTIONS CITED
• TABLE OF IRC SECTIONS CITED
• Index
• Back Page