Law.com Subscribers SAVE 30%

Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.

Employment Law StrategistLJN NewslettersNewsSections

Employee Benefits Administration Goes High Tech ' Almost

By Neal S. Schelberg and Ted Tywang

Employee benefit plans have many reporting, disclosure, filing, record retention and participant interaction obligations under ERISA and the Internal Revenue Code, the scope and breadth of which have only increased in recent years. By most accounts, utilizing new technology for paperless plan administration dramatically reduces the costs and burdens of complying with these requirements and is more environmentally friendly than traditional hard copy administration. It is hardly surprising, then, that employee benefit plans' use of, and interest in, electronic media has exploded over the past decade. According to a 2009 survey conducted by the Profit Sharing/401k Council of America, over 90% of all plans surveyed offered balance inquiries and investment changes online. Further, more than three-quarters of the plans allowed for plan inquiries via the Internet, more than two-thirds gave participants the opportunity to make contribution changes online, and well over half offered online enrollments. And these numbers have likely increased since this survey.

There are numerous methods by which employee benefit plans can furnish information electronically to participants and beneficiaries. The most common method is through a continuous access website, often requiring secure login, to which plans post documents and information. For content generally available to the public, plans may use a public continuous access website or a variety of other methods, including plain text emails or attachments. Some plans utilize a private computer network known as an intranet to communicate with participants and beneficiaries. Despite the numerous advantages of these methods, plans are only able to utilize them to the extent permitted by the U.S. Department of Labor (DOL )and the Internal Revenue Service (IRS) regulations.

This premium content is locked for Entertainment Law & Finance subscribers only

  • Stay current on the latest information, rulings, regulations, and trends
  • Includes practical, must-have information on copyrights, royalties, AI, and more
  • Tap into expert guidance from top entertainment lawyers and experts

For enterprise-wide or corporate acess, please contact Customer Service at [email protected] or 877-256-2473

Read These Next
The Article 8 Opt In Image

The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.

Major Differences In UK, U.S. Copyright Laws Image

This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.

Beach Boys Songs Written Decades Ago Triggered Current Quarrel With Lawyers Image

There's current litigation in the ongoing Beach Boys litigation saga. A lawsuit filed in 2019 against Nevada residents Mike Love and his wife Jacquelyne in the U.S. District Court for the District of Nevada that alleges inaccurate payment by the Loves under the retainer agreement and seeks $84.5 million in damages.

Strategy vs. Tactics: Two Sides of a Difficult Coin Image

With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.

Warehouse Liability: Know Before You Stow! Image

As consumers continue to shift purchasing and consumption habits in the aftermath of the pandemic, manufacturers are increasingly reliant on third-party logistics and warehousing to ensure their products timely reach the market.