The Benefit of Benefits

…Because Compensation Is More Than Wages

Latest from The Benefit of Benefits

The deadlines for amending many retirement plans for recent changes in the law under the CARES Act and SECURE Act have been extended to December 31, 2025 (governmental qualified or 457(b) plans or a 403(b) plan for public school employees deadline is generally within 90 days after the legislative body with authority to amend the plan closes the third regular

On September 29, the House of Representatives passed the Mental Health Matters Act (Act) which included the provisions of another bill previously introduced, the Employee and Retiree Access to Justice Act (ERAJA).  While the Act principally deals with health plans and expanding access to mental health and substance abuse services, ERAJA amends ERISA in two important ways that will lead

There has been much press coverage on how the Inflation Reduction Act provides billions in funding for IRS enforcement.  Some stories say that the IRS will be hiring 87,000 new agents to audit taxpayers over the next 10 years.  This is disputed but there is no doubt that there is $80 billion in funding to the IRS under the Act.

On August 26, 2022, Governor Newsome signed legislation that amends the statute governing CalSavers, California’s mandatory payroll reduction IRA savings plan to lower the threshold number of employees required to subject a California employer to the law from five to one on December 31, 2025.  Currently, employers with five or more employees that do not offer a retirement plan to

On August 3, 2022, the IRS issued Notice 2022-23 which extended the deadline for Employers to adopt certain amendments to their qualified plans, 403(b) plans, and governmental plans, resulting from recent legislation including the  Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act), the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), and the Bipartisan American

On July 26, Democratic Senators Dick Durbin, Elizabeth Warren, and Tina Smith sent a letter to Fidelity Investments CEO, Abigail Johnson, asking why Fidelity would allow plan sponsors to offer Bitcoin as an investment for plan participants.  The Senators said, “it seems ill-advised for one of the leading names in the world of finance to endorse the use of such

On June 2, ForUsAll Inc.  filed suit against the United States Department of Labor (DOL) in federal district court in D. C., over its latest soft guidance issued in March on the use of cryptocurrency investments (Crypto) in plans.  Compliance Assistance Release No. 2022-01)   Last June, ForUsAll Inc. became one of the first providers to begin offering Crypto funds

A California employer with 5 or more employees that does not provide a retirement plan must register with CalSavers, the state’s mandated payroll deduction IRA program by June 30, 2022.  Additionally, a bill has passed the California Senate, SB 1126, and is being considered by the Assembly that would lower the threshold number of employees to 1 non-owner employee.  I

I’ll admit I don’t completely understand Cryptocurrencies or “Crypto” for short.  And without wanting to sound immodest, I’m not unintelligent or inexperienced in the world of investments or employee benefits, business, or the law.  Therefore, I will not try to explain it or how it works in this brief blog articles, there are plenty of other articles you can find

In what appears to be the first Appellate Court decisions on what plaintiffs need to allege to defeat a motion to dismiss for failing to state a cause of action in an excessive fees case since the Supreme Court decided Hughes v. Nothwestern, (See Justices Make Short Work of Northwestern University’s  Fiduciary Defense) the Ninth Circuit has reversed two