2024 ERISA Facts

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Discover simple explanations for over 800 common questions on one of the most complicated, but important, federal laws regarding employee benefits: the Employee Retirement Income Security Act (ERISA).

Employee Retirement Income Security Act (ERISA) is known as one of the most complicated federal laws, but it is one of the most important laws regarding employee benefits. 2024 ERISA Facts provides simple explanations for nearly 900 of the most common ERISA-related questions. Anyone involved in the administration of ERISA-based retirement plans should have this book; it's the perfect resource for a wide range of employee benefits professionals, including ERISA attorneys, TPAs, CPAs, Employee benefits consultants or specialists, Corporate counsel, and IFEBP members.

Organized in a convenient question & answer format to help you find the information you need, ERISA Facts features:

  • Over 800 easy-to-read Q&As that comprehensively cover all aspects of ERISA requirements and practices
  • Practical advice for any professional who is required to comply with ERISA rules, including in-house HR professionals and third-party advisers
  • Detailed explanation of who is an ERISA fiduciary and what requirements fiduciaries must meet
  • Breakdown of potential sources of fiduciary liability
  • Class and Statutory exemptions explained
  • Investment guidelines for ERISA-compliant plans

New in the 2024 Edition:

  • SECURE Act 2.0 changes, including
    • DOL's establishment of a national online searchable database to enable employers to locate “missing” plan participants, and plan participants to locate retirement funds
    • Section 346 of the SECURE Act 2.0, which directs the DOL to establish an Employee Ownership Initiative to promote employee ownership at the state level
    • The requirement directing the DOL to clarify “fair market value”
    • Guidance regarding MEPs, PEPs and pooled plan providers, including the expanded eligibility to sponsor a MEP or PEP to 403(b) plans
  • A new section on the DOL's recommended best practices for ERISA plans and cybersecurity as well as guidance regarding cybersecurity service providers
  • A new section on the proposed rules to strengthen the Mental Health Parity and Addiction Equity Act
  • A new section on the PBGC Special Financial Assistance Program (SFA)
  • Update on the July 7, 2023 CMS series of FAQs that address limitations on cost sharing under the Affordable Care Act
  • The DOL's final amendments to the investment duties regulations to clarify the application of the fiduciary duties of prudence and loyalty to selecting investments
  • The February 23, 2023 changes to the Form 5500 Annual Return/Report of Employee Benefit Plan and Form 5500-SF Short Form Annual Return/Report of Small Employee Benefit
  • A discussion of how the DOL is focusing its efforts on returning money to plans and their participants adversely affected by improper administrative practices or the mishandling of plan funds
  • Update on the Tenth Circuit's decision in Pharm. Care Mgmt. Ass'n v. Mulready, where the court held that ERISA Section 514 preempts provisions of an Oklahoma law regulating pharmacy benefit managers (PBMs)
  • The August 2023 IRS news release warning businesses and tax professionals to be aware of a range of compliance issues associated with ESOPs.

Key Topics

  • Fiduciary responsibilities under ERISA
  • ERISA-regulated plan administration issues
  • Health insurance issues (HIPAA, COBRA, etc.)
  • Responsibilities related to plan investments and fiduciary liability
  • Compliance and disclosure rules
  • Expanded coverage of Prohibited Transactions and Exemptions
  • Detailed explanations of voluntary compliance programs
  • Real-world advice on enforcement trends
Additional Information
SKU 1170024B
Publication Date November 3, 2023
ISBN 978-1-58852-823-0
Page Count 1280
Author Frank A. Bitzer and Nicholas W. Ferrigno, Jr.
Edition 2024
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Frank J. Bitzer, Esq., FACEBC

Frank J. Bitzer, Esq., FACEBC, is Director of Legal and Compliance, Midwest for Marsh-McClennan Health and Employee Benefits practice. Mr. Bitzer is a graduate of the University of Cincinnati College of Education and received his Juris Doctorate from the University of San Diego School of Law in 1988. Mr. Bitzer has particular experience in both civil and criminal fiduciary matters pursuant to ERISA, having previously served as a Journeyman level Investigator with the United States Department of Labor – Employee Benefits Security Administration. Mr. Bitzer is the Past Chair of the Cincinnati Bar Association Employee Benefits Committee. He has been named a Cincinnati Leading Lawyer by Cincy Magazine in 2008, 2010, 2011, 2012, and 2013. He has also been recognized as a Super Lawyer for the State of Ohio by Cincinnati magazine and Law & Politics magazine in 2009, 2010, 2011, 2012, and 2013. In addition, he is a Fellow in the American College of Employee Benefits Counsel.

Mr. Bitzer is a featured speaker of The National Underwriter Company Speakers Bureau and has made presentations on ERISA fiduciary matters to organizations across the United States. He is a contributor of articles to the Journal of Pension and Benefits, Spencer’s Research Reports, The Pension Actuary, Pension Plan Administrator and other publications. Mr. Bitzer also provides expert witness testimony in litigation matters focusing on ERISA. He is a member of the American Society of Pension Professionals & Actuaries and a former member of Government Affairs Committee, Sub-Committee on Department of Labor Enforcement. He is a member of the Internal Revenue Service Great Lakes Region Tax Exempt and Government Entities Joint Council, the International Foundation of Employee Benefit Plans, and the Cincinnati Bar Association-Employee Benefits Committee.

In addition to this text, Mr. Bitzer is a co-author of Benefits Facts, The Insider’s Guide to DOL Plan Audits, Quick Reference to ERISA Compliance – The Coverage and Nondiscrimination Answer Book, and The Pension Answer Book – Forms and Worksheets, published by Wolters Kluwer.

The original edition of this book and the first ten annual updates were co-authored by Nicholas W. Ferrigno, Jr., Esq.

Nicholas W. Ferrigno, Jr., Esq.

Nicholas W. Ferrigno, Jr., Esq., was a Member and Chairman of the ERISA Controversy Team of the law firm of Greenebaum Doll & McDonald PLLC with offices in Covington, Frankfort, Lexington, and Louisville, Kentucky; and Cincinnati, Ohio. Mr. Ferrigno received his B.S. (Finance) from the University of Rhode Island and Juris Doctorate (cum laude) from the Salmon P. Chase College of Law, Northern Kentucky University. Mr. Ferrigno had particular experience in ERISA fiduciary and compliance matters, having previously served with the U.S. Department of Labor - Employee Benefits Security Administration.