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The new regulatory references regime in the UK

The UK's Financial Conduct Authority and the Prudential Regulation Authority are introducing a new tool to enhance the accountability regime being rolled out in the financial services sector. On 7 March 2017, the new...more

Referrals are about helping, not making you $$$$

The retirement plan industry is very close knit. Everyone knows who does great work and the few that don’t. Word travels fast about the good, the bad, and the ugly in this business....more

Pensions Alert: Green Paper on Defined Benefit Schemes

Last week the DWP published its much-anticipated Green Paper on security and sustainability in Defined Benefit (DB) pension schemes (Paper) which considers various issues and ideas about the regulation of private sector DB...more

Five Employment Issues Under the New Administration That Financial Services Employers Should Monitor

Employers in the financial services industry should diligently monitor upcoming changes under the Trump administration. Although it is unlikely that that President Donald J. Trump will “dismantle” the Dodd-Frank Wall Street...more

IRS Allows 401k Plan Safe Harbor and ADP ACP Corrective Contributions to be Funded from Forfeitures

We are pleased to bring you some good news for 401(k) plans from the IRS. The IRS just issued a proposed regulation that allows safe harbor contributions to a 401(k) plan, or employer contributions used to correct a...more

It's Not Just a Box: Understanding How "Ban-the-Box" Laws Go Beyond Your Employment Application

In 1998, Hawaii became the first state to “ban the box,” prohibiting private employers from inquiring about a candidate’s criminal history until the employer has made a conditional offer. It was not for another 12 years...more

The Rosenbaum Law Firm Review - February 2017

Why an Employer Should Sponsor A 401(k) Plan. Lots of good reasons. As an employer, a big reason for setting up a retirement plan is because it's an employee benefit and it can be used to recruit and retain...more

NY Payroll Debit Card Regulation Declared Invalid

A New York regulation establishing conditions for the payment of wages by direct deposit or debit card scheduled to take effect on March 7, 2017, has been invalidated and revoked by the state's Industrial Board of Appeals...more

*UPDATE* New York State Department of Labor’s Direct Deposit and Debit Card Notice Regulations Held Invalid and Revoked

As we previously reported here, the New York State Department of Labor (“NYSDOL”) issued final regulations in September 2016 imposing new notice and consent requirements on employers who pay wages via direct deposit and debit...more

Employment Law This Week: DC’s Paid Leave Law, NYSDOL Regulations Revoked, Outsourcing Violated the NLRA, HHS Regulations Affect... [Video]

We invite you to view Employment Law This Week® - a weekly rundown of the latest news in the field, brought to you by Epstein Becker Green. We look at the latest trends, important court decisions, and new developments that...more

SEC Whistleblower Program May Be Facing Congressional Cutback

According to a memo circulating amongst Republican-party leaders as of February 13th, Republicans in the House of Representatives are planning to propose a significant curtailment of the U.S. Securities and Exchange...more

Employer Commits Willful Violation of Fair Credit Reporting Act By Including Waiver In Statutorily Mandated Disclosure

In Syed v. M-I, LLC, the Ninth Circuit held that including waiver of potential claims language in the same document as the statutorily required Fair Credit and Reporting Act disclosure was a violation of FCRA. In sum, the...more

Bank Whistleblower Suits Highlight Limits of Employee Confidentiality Agreements

Employers increasingly face the difficult scenario of employees who misappropriate company data in the pursuit of whistleblower claims alleging misconduct by the employer. Such cases can present a complex mix of regulatory,...more

Sometimes Plan Sponsors just want to throw you off their “scent”

When you meet retirement plan sponsors just at different networking events and they find out that you’re a retirement plan provider, they may volunteer that their retirement plan is in perfect shape. As we know as retirement...more

USDOL Prevails in Kansas in Another Decision on Fiduciary Rule

On February 17, 2017, a federal district Court in Kansas upheld the U.S. Department of Labor’s conflict of interest rule and related exemptions in a suit brought by Market Synergy Group, Inc. This ruling on the merits follows...more

The Trump Administration’s (De)Regulatory Program: What It Means for Business

The Trump Administration has, through executive action, sought to bring far-reaching changes to the nation’s regulatory infrastructure. These efforts may be cheered by those who view the country as being over-regulated, and...more

President Trump Issues Presidential Memorandum Mandating Reconsideration of the Fiduciary Rule

President Trump issued a Presidential Memorandum requiring the US Department of Labor to reconsider its proposed “fiduciary rule,” which subjects many of the investment recommendations from financial advisors to retail...more

Read the plan document

Being an ERISA attorney for a couple of third party administration (TPA) firms when I first started helps you develop a sense of humor because there are too many people I was associated with who had absolutely zero training...more

Chris Lazarini Examines Employee v. Independent Contractor Issue

Bass, Berry & Sims attorney Chris Lazarini examined a case in which the plaintiff claimed to be an employee of Northwestern Mutual and therefore protected under New York's minimum wage and overtime laws; Northwestern argued...more

REVOKED: New York Appeals Board Invalidates Payroll Debit Card and Direct Deposit Regulations

On February 16, 2017, the New York State Industrial Board of Appeals (“Board”) revoked the payroll debit card and direct deposit regulations (“Regulations”) that were adopted by the New York State Department of Labor...more

New York Industrial Board of Appeals Rescinds Payroll Debit Card and Direct Deposit Regulations

Seyfarth Synopsis: Regulations that would have restricted New York employers’ ability to pay employees via payroll debit cards have been struck down by an administrative review tribunal within the State Department of Labor....more

Why you have nothing to fear about government being in the retirement plan business

As a retirement plan provider, competition is a big thing and the last thing you want is a competitor with unlimited pockets. So you’d be fearing state government being in the auto-IRA business and then eventually, the...more

D.C. Circuit Grants En Banc Review on the Constitutionality of the CFPB Leadership Structure

CFPB Director Richard Cordray has a little more job security this week than last week. On February 16, 2017, the U.S. Court of Appeals for the District of Columbia granted the CFPB’s request for an en banc review of its...more

Ask the TPA about their administrators’ training

If I want to get a new doctor or an attorney, I certainly want to know their background. Same with a financial advisor, I don’t want the next Bernie Madoff. When you hire a professional, you want to know their credentials....more

New York State Industrial Board of Appeals Revokes Regulations on Methods of Wage Payments Set to Take Effect on March 7

On February 16, 2017, the New York State Industrial Board of Appeals (IBA) issued a Resolution of Decision invalidating and revoking the regulations regarding methods of payment of wages. The IBA decided that the regulations...more

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