Higher education retirement plan settlements highlight need for regular compliance reviews

On May 21, 2021, the U.S. District Court for the Southern District of New York granted preliminary approval of a $13 million class-action settlement agreement (the Settlement) between the Trustees of Columbia University’s Voluntary Retirement Savings Program (Columbia Plan or Plan) and affected plan participants. The Columbia Plan is a 403(b) plan, a type of qualified retirement plan similar to a 401(k) but sponsored by tax-exempt and government entities.

U.S. Department of Labor announces cybersecurity guidance for ERISA plans

On April 14, 2021, the U.S. Department of Labor (DOL), for the first time ever, released cybersecurity guidance for retirement plan sponsors, service providers, and participants. With approximately $9.3 trillion in retirement plan assets nationwide, it is important that retirement plan sponsors, trustees, and any other service providers with discretion or control over retirement plan assets (collectively, “fiduciaries”) review the DOL guidance and ensure that there are policies and controls in place to protect retirement plan assets from cyberattacks.

Attorneys Sarah Ivy and Stephen Fleury give presentation on COVID-19 guidance for employers

Saxton & Stump attorneys Sarah K. Ivy and Stephen J. Fleury, Jr. recently presented on COVID-19 guidance and practical ways for providers to protect their employees and business. The webinar event was hosted by Pennsylvania Advocacy and Resources for Autism and Intellectual Disability (PAR).

The effect of COVID-19 on employer-sponsored health plans: a comprehensive guide

Businesses across the country are grappling with the effects of the shutdown of operations resulting from the COVID-19 pandemic. Employers have been left with a number of questions regarding health care coverage continuation, employer assistance payments, the employer penalty under the Affordable Care Act, and health plan coverage for COVID-19 testing and treatment.

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