Allen Steinberg : Perspectives

Employee benefit plans—especially retirement and health care—have become an increasingly important part of the employment relationship. For employers, these plans represent an important part of the total compensation package, a tool for retention and recruitment, and a growing financial and compliance burden. For employees, these plans represent a key part of their overall financial security and wellbeing, a financial burden, and a source of complexity and frustration. In effect, it’s complicated. Our firm is dedicated to helping employers manage these complexities and focus on the important things.

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Allen Steinberg

02.12.2025 10.49 CST

The Minnesota paid family and medical leave law introduces major payroll, tax, and retirement plan implications for employers. Learn how taxable payments, premium structures, and compensation definitions affect your benefit plans—and what steps to take before 2026.

Minnesota Paid Leave Law: A Law of Unintended Consequences

Minnesota’s paid family leave law affects payroll, taxes, and retirement plans. Learn key employer responsibilities and compensation impacts for 2026.

family leave Minnesota Paid Leave

The Minnesota Paid Family and Medical Leave Law, effective January 1, 2026, introduces statewide paid leave benefits similar to those in other states. Beyond HR and payroll administration, the law creates important tax and retirement plan considerations. Employer-paid premiums, taxable benefit payments, and distinctions between state-run, private-insurance, and self-insured paid family and medical leave coverage all affect how income is reported and whether it counts as retirement plan compensation. Employers should review definitions of compensation in their benefit plans, consider whether plan amendments are needed, and begin preparing now to avoid unintended inclusion or exclusion of PFML-related payments.

ryanne

09.09.2025 10.28 CDT

SEC penalizes Empower and Vanguard for inadequate managed account disclosures

Empower and Vanguard Penalized for Undisclosed Conflicts

On August 29, the SEC issued orders against units of Empower and Vanguard for inadequate and misleading disclosure regarding the firms’ conflicts of interest in promoting their managed account products.

conflicts of interest Disclosure SEC

The SEC has issued orders against Empower and Vanguard for inadequate and misleading disclosure regarding the sales of the firms’ managed account products.

ryanne

22.08.2025 09.32 CDT

The President directs DOL to reconsider its position on alternative assets in DC plans.

Doors to Swing Open for Alternative Investments

The President directs DOL to reconsider its position on alternative assets in DC plans.

Fiduciary Responsibility investments

Private equity and crypto investments may soon be coming to a plan near you.

ryanne

05.06.2025 10.08 CDT

Congress and regulators ease plan corrections. This is welcome relief.

Expanded Self-Correction Options: A New Era of Flexibility

Congress and regulators ease plan corrections. This is welcome relief.

Correction error self-correction

Congress and regulators ease plan corrections. This is welcome relief.

ryanne

29.04.2025 09.40 CDT

The Supreme Court interprets ERISA to allow fiduciary claims to proceed based solely on allegations that a transaction occurs between a plan and a party in interest for goods or services, and places the burden on plan fiduciaries to prove that the fees paid are reasonable.

Tide of ERISA Litigation to Continue

A new Supreme Court ruling may further open the door to ERISA fiduciary claims.

Fiduciary prohibited transaction Supreme Court

Supreme Court decision simplifies allegations needed for plaintiffs’ claims of fiduciary misconduct to proceed.