Introduction On May 18, 2009, the Internal Revenue Service (the “IRS”) issued new proposed regulations that allow plan sponsors of Internal Revenue Code (“Code”) Section 401(k) or 403(b) safe harbor plans to reduce or suspend non-elective contributions mid-year if they are experiencing a “substantial business hardship.” Prior to the proposed regulations, a plan sponsor could … Continue Reading
LaRue v. DeWolff, Boberg & Associates, Inc., 552 U.S. 248, 128 S. Ct. 1020 (2008) James LaRue directed DeWolff, his former employer, to make certain changes to the investments in his individual 401(k) account, but DeWolff failed to effect those changes as directed. LaRue alleged that DeWolff breached its fiduciary duty to him under ERISA … Continue Reading
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