On April 20, 2023, McDermott’s Alden Bianchi was a speaker at the ERISA Industry Committee’s 2023 Annual Spring Policy Conference, which was held at the National Press Club in.
Employers seeking to offer employees innovative compensation, benefits programs are weighing paying employees in cryptocurrency. Benefit plan fiduciaries have been cautioned to consider if they should be available as plan investments.
self
There are almost 600,000 U.S. 401(k) plans. These plans
collectively cover more than 100 million participants. They have
nearly $6 trillion in assets. Two principal laws governing
these plans, the Internal Revenue Code (the Code ) and
the Employee Retirement Income Security Act (ERISA), set out a
series of rules that are mind-numbingly complex. In or about 2007,
a plaintiff class action law firm sued a dozen very large 401(k)
plans of name-brand employers generally alleging plan
mismanagement. What started as a trickle of lawsuits
morphed into a torrent in the years that followed, and there is no
sign of the trend abating. Plan sponsors have responded by focusing
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