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Innovative Solutions for Your
ERISA & Employee Benefit Plans

MONDRESS MONACO PARR LOCKWOOD PLLC

 

MMPL is a Seattle, Washington law firm of highly skilled attorneys representing ERISA and employee benefit plans and trust funds, their sponsors, fiduciaries and trustees, and institutional service providers throughout the Pacific Northwest and nationwide. Since the firm’s entire practice is concentrated on employee benefits law, we offer comprehensive and experienced tax, fiduciary and trust, ERISA compliance, and litigation counseling. Learn more.

LEGAL DEVELOPMENTS IMPACTING RETIREMENT PLANS 2017 YEAR-END UPDATE

In August 2017, a Ninth Circuit district court held a plan fiduciary violated its continuing duty to monitor plan investments under ERISA when it did not replace retail-class mutual funds with lower cost institutional-class funds. (This is the latest proceeding in the Tibble case, where the court held that an ERISA fiduciary has a continuing duty to monitor investments. The ruling effectively extends ERISA’s six-year statute of limitations so long as an investment remains a plan asset, notwithstanding when [...]

LEGAL DEVELOPMENTS IMPACTING HEALTH AND WELFARE PLANS 2017 YEAR-END UPDATE

The Tax Cuts and Jobs Act was signed into law in December 2017. The Act eliminated the individual mandate of the Affordable Care Act (ACA) beginning in 2019. And so individuals will no longer owe a tax penalty for failure to have health coverage.  Also under the Act, employers can no longer deduct commuting and transportation benefits (e.g., parking, bus and train passes), but employees may continue to exclude them from income.  And employees cannot exclude bicycle commuting benefits [...]

CHANGES TO THE IRS DETERMINATION LETTER PROGRAM FOR INDIVIDUALLY DESIGNED PLANS

In 2015, the IRS announced a dramatic curtailment of its determination letter program for individually designed plans. Previously, plan sponsors were permitted to submit their plans for review by the IRS every five years in order to obtain a determination letter stating the plan was qualified under the tax code. If a plan timely adopted interim amendments during the remedial amendment cycle, then it would have until the end of the remedial amendment cycle to correct any qualification failures.  [...]