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DOL’s New Cybersecurity Guidance

On April 14, 2021, the United States Department of Labor (the “DOL”) issued for the first time guidance to retirement plan sponsors, fiduciaries, record keepers, service providers and plan participants guidance on...more

COVID-19 and Employee Benefits #3: Considerations for Compensation Committees

Even as senior management rapidly shifts priorities in the face of layoffs, volatile stock prices and sharp declines in cash flow, compensation committees must come to terms with the impact of the coronavirus (COVID-19)...more

COVID-19 And Employee Benefit Plans, Part 2: CARES Act

The new Coronavirus Aid, Relief, and Economic Security Act (CARES Act), signed into law March 27, 2020, offers relief for employers and employees enduring the financial pressures of the coronavirus pandemic. Specific...more

Facial Recognition Bill to Require Explicit Consent by Individuals

What is this bill? A new bill introduced in the U. S. Senate on March 14, 2019 would require companies to obtain explicit user consent before facial recognition data could be collected and shared. The bill is known as the...more

IRS Updates Retirement Plan Correction Program

The Internal Revenue Service recently issued Revenue Procedure 2018-52 (the 2018 RP) to provide revised procedures for its Employee Plans Compliance Resolution System (EPCRS) — the system through which plan sponsors can...more

Cybersecurity & Retirement Plans

It seems that most employees and plan participants “think” their retirement money and data are not at risk. This is due, in part, because:- there are few published incidents of breaches or potential hacks...more

The New Tax Rules for Executive Compensation and Employee Benefits

On Dec. 22, President Trump signed into law the 2017 Tax Act, the most comprehensive set of changes to the Internal Revenue Code since 1986. Some of the changes affect executive compensation and employee benefits. Because...more

ISS Updates Proxy Voting Guidelines for U.S. Public Companies

Last month, Institutional Shareholder Services (ISS) updated its proxy voting guidelines for the upcoming proxy season. The updates, summarized in part below, are effective for shareholder meetings on or after Feb. 1, 2018....more

DOL Finalizes 18-Month Fiduciary Rule Delay, Extends Enforcement Policy

The Department of Labor (DOL) on Nov. 29 finalized additional delays to major aspects of its fiduciary rule by formally extending, by 18 months, certain transition period deadlines and applicability dates. Consequently, in...more

Major Impact on Employee Benefits

The House GOP tax reform bill introduced Nov. 2, 2017, would have a major impact on employee benefits, including executive compensation, qualified retirement plans, fringe benefits and tax-exempt organizations. If adopted,...more

DOL Proposes 18-Month Fiduciary Rule Delay; Issues New Guidance

Last week, the Department of Labor (DOL) announced additional delays to major aspects of its fiduciary rule by proposing to extend certain transition period deadlines and applicability dates by 18 months. If finalized, full...more

Labor Department’s Fiduciary Rule Impacts Investment Managers

The fiduciary rule issued by the Department of Labor (DOL) is one of the major developments in employee benefits law in recent years. The rule aims to reduce and regulate conflicts of interest related to paid investment...more

DOL Asks Public for More Input on Fiduciary Rule and Exemptions

Last week, the Department of Labor (DOL) issued a request for information (RFI) in the form of 18 questions regarding its fiduciary rule and related prohibited transaction exemptions (PTEs). The RFI was issued approximately...more

No Delay of DOL Fiduciary Rule’s June 9 Applicability Date; Additional Guidance Issued

Earlier this week, Secretary of Labor Alexander Acosta indicated in a Wall Street Journal op-ed article that there will be no further delay as to the parts of the fiduciary rule issued by the Department of Labor (DOL) that...more

DOL Finalizes 60-Day Delay of Fiduciary Rule Applicability

On April 7, the Department of Labor (DOL) formally adopted its previously proposed 60-day delay of the applicability date of its fiduciary conflict-of-interest rule and related prohibited transaction exemptions (PTEs). The...more

DOL Issues Temporary Enforcement Policy for Fiduciary Rule

Last week, the Department of Labor (DOL) announced a temporary enforcement policy related to its recently proposed 60-day delay of the April 10, 2017 applicability date of its fiduciary conflict-of-interest rule and related...more

DOL Proposes 60-Day Delay of Applicability Date for Fiduciary Rule

On March 1, the Department of Labor (DOL) proposed a 60-day delay of the April 10, 2017 applicability date of its fiduciary conflict-of-interest rule and related prohibited transaction exemptions (PTEs). The delay was...more

ERISA Advisory Council Issues 2016 Report on Benefit Plan Cybersecurity

“Cyber threats cannot be eliminated but they can be managed. Cyber experts say that it is not a question of if you will have a cyber-attack, rather it is a question of when. The next question is what you are going to do about...more

Retirement Plans Incur Data Breaches; ERISA Council Addresses Cyber Risks

Until relatively recently, retirement plans have not made the news as targets of data breaches. This is somewhat surprising, given the wealth of participants’ personal data stored online by these plans. This past summer,...more

ISS Updates Pay-for-Performance Methodology: A Welcome Development

On Nov. 8, 2016, Institutional Shareholder Services (ISS) announced changes to its pay-for-performance methodology for U.S., Canadian and European companies broadening the financial measures that it will consider in its...more

DOL Issues First Wave of Fiduciary Rule Guidance

Last week, the U.S. Department of Labor (DOL) issued long-awaited guidance in the form of answers to 34 frequently asked questions (the FAQs) on its final rule (the Rule) for determining when a party is a fiduciary, by virtue...more

Can the ACA Employer Health-Insurance Mandate Be Avoided by Reducing Employees’ Hours? McGuireWoods Healthcare Reform Guide:...

This is the 56th in a series of WorkCite articles concerning the Patient Protection and Affordable Care Act and its companion statute, the Health Care and Education Reconciliation Act of 2010 (referred to collectively as the...more

SEC finalizes CEO Pay Ratio Rules

As noted in this McGuireWoods alert, the SEC recently finalized the CEO pay ratio disclosure requirements under Section 953(b) of the Dodd Frank Act. The biggest piece of news in connection with the final rules is the delayed...more

SEC Finalizes CEO Pay-Ratio Rule with Delayed Effective Date

On Aug. 5, 2015, the Securities and Exchange Commission (SEC) adopted a final rule implementing the CEO pay-ratio disclosure requirements of Section 953(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act....more

IRS Determination Letter Program for Qualified Retirement Plans to Be Significantly Curtailed

In Announcement 2015-19 (Announcement), the Internal Revenue Service (IRS) has indicated that it is eliminating the staggered five-year determination letter (DL) remedial amendment cycles for individually designed...more

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