Category Archives: Retirement

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Non-Qualified Retirement Plans & Divorce: You May be Able to Honor DROs, But Should You?

Honor
You probably already know that employers are required to honor qualified domestic relations orders (commonly referred to as “QDROs”) regarding the division of qualified retirement plan benefits (such as 401(k) balances) when an employee gets divorced. However, many employers mistakenly assume that they must also honor domestic relations orders (“DROs”) related to nonqualified retirement plans … Continue reading this entry

Complying with Hardship Withdrawal Rules Makes Retirement Plan Administration Easy (Well, Easier, Anyway)

Retirement
In a February 2018 article, my colleague Kathleen Dreyfus Bardunias encouraged retirement plan sponsors to implement annual “operational checkups” in order to ensure their plans were administered in compliance with the plan’s terms and applicable law. That article described various retirement plan administration errors that review might uncover, including: failing to timely deposit employee contributions, … Continue reading this entry

An Annual Retirement Plan “Check-Up” May be Just What the Doctor Ordered!

Retirement
February is Heart Health Month, which always reminds me to schedule my annual doctor checkup. This got me thinking that the need for ongoing “checkups” and maintenance applies not just to our health, but to our homes, cars, and even to your company’s retirement plans!  That’s right—if you work with your employer’s tax-qualified retirement plans, … Continue reading this entry

Unlike Diamonds, You Cannot Presume Retiree Medical Benefits Are Forever

Employer
Last week, the United States Supreme Court issued a decision that gives unionized employers in Michigan, Ohio, Tennessee, and Kentucky greater ability to modify medical benefits they provide to retirees pursuant to current and prior collective bargaining agreements. Employers in these states were previously subject to the unique case law from the United States Court of … Continue reading this entry