Examining Top Hat Plan Participation and Reporting

Barry Downey will be providing testimony, as an invited witness, to the DOL’s ERISA Advisory Council on October 22, 2020, from 4:15 to 5:15 p.m. (ET). The topic of the meeting is “Examining Top Hat Plan Participation and Reporting”, and is in response to the January 2020 report issued by the U.S. Government Accountability Office (GAO). The GAO Report recommended that the DOL determine (1) whether its reporting requirements for top hat plans should be modified to provide additional information, (2) whether employers are inappropriately including rank-and-file employees in top hat plans, and (3) whether the DOL should provide specific instructions for companies to follow to correct eligibility errors that occur when rank-and-file employees are found to be participating in top hat plans. The Council’s stated objective for the meetings being held on this topic “is to determine whether guidance is needed to define a ‘select group of management or highly compensated employees’ and whether enhanced reporting would be helpful and appropriate”.

This is a public meeting. Anyone wishing to register for, and listen to, the meeting can register for the October 22 meeting though the following link:

https://www.dol.gov/agencies/ebsa/about-ebsa/about-us/erisa-advisory-council

Following the meeting, written testimony is posted at this same link under the heading “Witness Testimony” near the bottom of the page

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