Introduction What are required minimum distributions? A required minimum distribution (“RMD”) is the minimum amount that must be withdrawn from your retirement account each year when you reach age a certain age. These rules apply to practically all retirement plans, including defined benefit plans, IRAs, SEP IRAs, SIMPLE IRAs, 401(k) plans, 403(b) plans, 457(b) plans, and other defined contribution plans. While the rules affect almost every type of plan, they...

In late June, the U.S. Supreme Court issued an opinion on a case that could potentially save health insurance plans thousands of dollars. The case came from the Sixth Circuit Court of Appeals and involved a dispute between a health insurance plan and a dialysis center. In a succinct seven-page opinion the 7-2 majority upheld the Plan’s decision to treat all dialysis claims as out-of-network and rejected the dialysis...

During its most recent session, the U.S. Supreme Court released two opinions on cases that impact ERISA health & welfare plans. One of those cases, Dobbs v. Jackson, took center stage and remains in the national conversation today. In that case, the U.S. Supreme Court overturned Roe v. Wade and allowed States to regulate abortion. While the decision did not directly implicate ERISA health and welfare plans, many fiduciaries and...

The Department of Labor (“DOL”) has issued updated guidance on fiduciary issues related to the investment of plan assets and the pendulum has swung back in the other direction. The saga began back in 2020 after the DOL published a final rule which limited the ability of fiduciaries to consider, environmental, social, and corporate governance (i.e., “ESG”) issues when making investment decisions with plan assets. Under this rule, fiduciaries...

On January 10, 2022, the Biden administration suddenly announced that health plans and insurers must begin covering the cost of over-the-counter (“OTC”) COVID-19 tests by January 15, 2022. The three federal agencies mostly responsible for overseeing this process are the Departments of Health and Human Services, Treasury, and Labor (i.e., the “Joint Agencies”). Since the January 10^th announcement, the Joint Agencies have released two FAQs aimed at addressing questions...

The IRS released updated 2022 annual limits for retirement plans and Individual Retirement Accounts (“IRAs”). These limits, which are updated each year, impact all retirement plans (both defined contribution and defined benefit) and IRAs (both Traditional and Roth) and are crucial in plan administration and proper tax reporting. The following summary highlights some of the changes for 2022. Retirement Plan Limits

	2022 Limit	2021 Limit	Change
Maximum... Continue reading… How Far Does Withdrawal Liability Extend? Local 705 International Brotherhood of Teamsters Pension Fund v. Pitello Posted on November 2, 2021 Employers often ask how far withdrawal liability extends? Does it include other business entities owned by the same company? What about property those other entities own? On July 7, 2021, the Seventh Circuit decided in Local 705 International Brotherhood of Teamsters Pension Fund v. Pitello that withdrawal liability can reach affiliated trades or businesses that are under “common control” with the withdrawing employer, including any real estate owned by... Continue reading… Zirbel v. Ford Motor Company – Benefit Overpayment Decision Upheld in the Sixth Circuit Posted on October 19, 2021 Incompetent Board of Trustees is not a defense. Benefit overpayment cases having been trending across the country. One of the latest was heard by the Sixth Circuit Court of Appeals in Ohio. In Zirbel v. Ford Motor Company, the appeals court upheld the Ford retirement plan’s decision on a benefit overpayment mistakenly paid to an ex-spouse of a participant. In this case, Donna Zirbel received a $351,000 retirement-benefits payment from... Continue reading… The IRS Gives Defined Benefit Plans Two New Options to Address Overpayment Posted on August 31, 2021 Mistakes are a fact of life and administering a pension plan is no different. In fact, the average pension plan is full of landmines that can create potential problems, most notably the accuracy of plan data, benefit calculations, and accrual computations. That is why the IRS created the Employee Plans Compliance Resolution System, or “EPCRS,” to help plan sponsors proactively address and correct any mistakes or errors they encounter. Recently,... Continue reading… Department of Labor Dials Back ESG Investing Regulations Posted on December 1, 2020 The Department of Labor has issued its final rules on the investment duties of fiduciaries under the Employee Retirement Income Security Act (“ERISA”). These rules differed from the proposed rules issued over the summer which required additional responsibility for retirement plans who wanted to consider environmental, social, or governance factors in their investing (known as “ESG” investments). This is of particular concern to Taft-Hartley Plans, who often include investment... Continue reading… Website developed in accordance with Web Content Accessibility Guidelines 2.0. If you encounter any issues while using this site, please contact us: 419.535.0075 Return home Call our office 419.535.0075 Perrysburg, OH × Home Practice Areas Taft-Hartley/Multiemployer Benefit Plans Single Employer Benefit Plans About The Firm Michael E. Heffernan Jonathan J. Winters Jeremy T. Rodriguez Jonathan Dinan Ashley D. Fosgate Jakob F. Wenman J. Connor Dunn Joseph J. Allotta Larry D. Farley Mitchell E. Garner Blog Contact