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Jay Jensen

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Jay Jensen is an associate in the Labor Department and a member of the Employee Benefits & Executive Compensation Group.

Jay’s practice focuses on the design, compliance, and administration of single employer and multiemployer pension and welfare plans.  He helps plan sponsors navigate plan mergers, spin-offs, and terminations, obtain determination letters and compliance statements from the Internal Revenue Service, and implement trust and custodial agreements and other plan-related contracts.

Before joining Proskauer, Jay was a staff attorney in the Tulane University Office of the General Counsel, advising on a broad range of legal issues, including labor and employment, non-profit taxation, regulatory compliance, data privacy, and general business transactions.

Jay received his J.D. from Tulane University Law School, where he trained as a student attorney in the Civil Rights and Federal Practice Clinic and received best speaker and brief awards competing in appellate moot court.

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In the wake of the horrific wildfires in Los Angeles (which are ongoing as of today), employees based in the Los Angeles area may have questions about available support from employer-sponsored 401(k) plan accounts and other impacts on benefits.  Below are some considerations for employers about making 401(k) plan funds available to employees and related…

Approximately one year after Congress enacted the SECURE 2.0 Act of 2022 (“SECURE 2.0”), the IRS issued Notice 2024-02, which addresses SECURE 2.0 implementation issues and extends the plan amendment deadline.  Although Notice 2024-02 offers helpful guidance for employers and plan administrators, it does not include hotly anticipated guidance on SECURE 2.0 overpayment and…

On Friday, the IRS released Notice 2023-62, which addresses certain pressing implementation issues related to the SECURE 2.0 requirement that catch-up contributions for participants with FICA wages of more than $145,000 during the prior calendar year from the employer maintaining the plan must be made on a Roth basis.

In welcome news for plan sponsors, the guidance announces a two-year “administrative transition period” for implementation of this requirement, which was otherwise set to take effect on January 1, 2024.  The notice confirms that, despite a drafting quirk in the SECURE 2.0 statute which suggested that catch-up contributions would be discontinued after 2023, catch-up contributions will continue to be available.  The notice also outlines future guidance that Treasury and the IRS intend to issue on other Roth catch-up requirement topics.

ERISA Section 4010 requires a contributing sponsor of certain single-employer pension plans, as well as the sponsor’s controlled group members, to provide controlled group, financial, and actuarial information to the PBGC each year.  The requirement generally applies when one or more plans within a controlled group has a funding target attainment percentage for 4010 purposes…