Finance & Banking, Labor & Employment Law, Administrative Law

CalPERS To Consider External Investment Resource Disclosure Rule

by Keith Paul Bishop | Allen Matkins Leck Gamble Mallory & Natsis... on 2/13/2013

Last August the Investment Committee of the California Public Employees’ Retirement System (CalPERS) approved revisions to its External Investment Resource Conflict of Interest Policy. A week later, I asked the Office of...more

CFPB Powers Could Be Invalidated Following Ruling on NLRB Recess Appointments

by Timothy S. Crisp, Ryan Parsons | Foley & Lardner LLP on 1/29/2013

On January 25, 2013, the U.S. Court of Appeals for the D.C. Circuit ruled that President Obama’s purported “recess appointments” to the NLRB last year are constitutionally invalid....more

Deadline Approaches for Gainful Employment Disclosures

by Brian Doyle, Paul G. Lannon | Holland & Knight LLP on 1/18/2013

Institutions of higher education that receive Title IV funding must properly disclose certain information concerning course offerings that are or may be considered gainful employment programs by the U.S. Department of...more

Employers Should Use Revised FCRA Disclosure for Employees and Job Applicants

by Keith Barnett, Thomas Bundy, III, Knox Dobbins, Peter Farley, Jaliya Stewart Faulkner, Allegra Lawrence-Hardy, Jason Stone, Mark Thibodeaux, Annette Tripp, Gail Westover | Sutherland Asbill & Brennan LLP on 1/16/2013

Employers who use consumer reports as part of their decision-making process in the hiring, promotion or firing of employees should note the attached “A Summary of Your Rights under the Fair Credit Reporting Act” issued by the...more

New and Improved Retirement Plan Correction Program Includes Crucial 403(b) Relief

by David Rosner, C. John Wentzell, Jr. | Ogletree, Deakins, Nash, Smoak & Stewart,... on 1/16/2013

On December 31, 2012, as Times Square in New York was getting ready to drop the crystal ball, the Internal Revenue Service (IRS) dropped long-awaited guidance regarding retirement plan corrections in the form of Revenue...more

IRS Updates Employee Plans Compliance Resolution System

by Kary Crassweller, Lisa Loesel, Mary Samsa | McDermott Will & Emery on 1/14/2013

The Internal Revenue Service (IRS) recently updated the Employee Plans Compliance Resolution System (EPCRS), the comprehensive system of correction programs for sponsors of qualified retirement plans. The components of EPCRS...more

New Federal Agency Rings In The New Year With New FCRA Background Check Forms

by Katherine Rand | Pierce Atwood LLP on 1/14/2013

Employers that use third parties to perform background checks on applicants or employees must start using new Fair Credit Reporting Act (FCRA) forms immediately. The new Consumer Financial Protection Bureau, which is...more

American Taxpayer Relief Act of 2012: Tax Implications for U.S. Taxpayers Living Abroad

by Henry Bupel, Matthew Kohley, Jenny Longman | Patterson Belknap Webb & Tyler LLP on 1/11/2013

Although the American Taxpayer Relief Act of 2012 (“Fiscal Cliff Legislation”) passed last week does not contain any sweeping changes targeted at U.S. taxpayers living abroad, a number of provisions are relevant to such U.S....more

Conducting Workplace Investigations

by Phyllis C. Katz | Sands Anderson PC on 1/11/2013

Recently, when advising a client who was investigating a complaint of sexual harassment, I had the opportunity to revisit the EEOC’s Enforcement Guidance: Vicarious Employer Liability for Unlawful Harassment by Supervisors...more

D.C. Court of Appeals may soon invalidate President Obama’s NLRB recess appointments: implications for CFPB

by Alan S. Kaplinsky | Ballard Spahr LLP on 1/10/2013

Earlier today, we reported on the panel discussion of the lawsuit filed by State National Bank of Big Spring that took place at the ABA Committee on Consumer Financial Services in Naples, Florida during a session entitled...more

CII Submits Rule 10b5-1 Rulemaking Petition to the SEC

by Robert L. Kohl | Katten Muchin Rosenman LLP on 1/10/2013

On November 28 the Council of Institutional Investors (CII), an association of public, corporate and union pension funds and other employee benefit plans, submitted a letter to Securities and Exchange Commission Chairman...more

New Law Expands “In-Plan” Roth 401(k) Conversions

by Nancy Gerrie, Elizabeth Savard, Joseph Urwitz | McDermott Will & Emery on 1/10/2013

The American Taxpayer Relief Act of 2012 (the "fiscal cliff" bill) allows employers to amend 401(k), 403(b) and governmental 457(b) plans to permit participants to convert pre-tax account balances to Roth account balances. ...more

Employers Must Use Revised FCRA Notices

by Jeri Abrams, Joseph Fischetti | Lowenstein Sandler LLP on 1/10/2013

Employers that use the services of a consumer reporting agency (e.g., a third-party vendor) to conduct background checks on their prospective or current employees must now use an updated “Summary of Rights” form to notify...more

Background Checks: Updated “Summary of Consumer Rights” Required Under Fair Credit Reporting Act

by Timothy Sarsfield | Thompson Coburn LLP on 1/9/2013

Start the new year out right by using the updated “Summary of Consumer Rights” form, required as of January 1, 2013, to comply with the Fair Credit Reporting Act (“FCRA”). Even if you updated your form earlier in 2012, you...more

Hidden Due Diligence Risk In Mergers, Acquisitions And Investments: Independent Contractor Misclassification Oftentimes Overlooked...

by Lisa B. Petkun, Richard J. Reibstein, Andrew J. Rudolph | Pepper Hamilton LLP on 1/9/2013

Many due diligence reviews in mergers, acquisitions and investments have ignored the issue of independent contractor (IC) misclassification liability. This is a difficult exposure to identify unless the legal team digs below...more

Annual Notices for ISOs and ESPPs due January 31, 2013

by Ropes & Gray LLP on 1/9/2013

Each January, companies that grant incentive stock options (ISOs) are required to provide notices to current and former employees who exercised ISOs during the preceding calendar year. Similar notices must be given to current...more

Employment And Labor Insight: Year In Review - Are Your Employment Procedures, Practices And Policies In Compliance?

by Leonard, Street and Deinard on 1/9/2013

As we enter 2013, we would like to update you on the importance of reviewing your application, background check procedures, employment policies and employee handbook for compliance with the changing laws in these areas....more

2013 Filing and Notice Deadlines for Qualified Retirement and Health and Welfare Plans

by King & Spalding on 1/9/2013

Employers and plan sponsors must comply with numerous filing and notice deadlines for their retirement and health and welfare plans. Failure to comply with these deadlines can result in costly penalties and excise taxes. To...more

Department of Labor Proposed Amendment to Underwriter Exemption

by Orrick - Structured Finance Group on 1/8/2013

On December 28, 2012, the Department of Labor published a proposed amendment to the definition of the term “Rating Agency” under Section III.X of the individual Prohibited Transaction Exemptions (otherwise known as the...more

Legal Alert: The Fix Is In: IRS Updates Retirement Plan Correction Programs

by Margaret C. Barker, Adam Cohen, Carol McClarnon, Jamey Medlin, Alice Murtos, Joanna Myers, Vanessa Scott, W. Mark Smith, William Walderman, Carol Weiser | Sutherland Asbill & Brennan LLP on 1/8/2013

The Internal Revenue Service (IRS) provided some alternative entertainment on New Year’s Eve by releasing the long-awaited updated Employee Plans Compliance Resolution System (EPCRS) revenue procedure on December 31, 2012....more

A Soft Landing From The Fiscal Cliff For Employee Benefits

by Vicki M. Nielsen, David Rosner | Ogletree, Deakins, Nash, Smoak & Stewart,... on 1/7/2013

Well, Congress in the season of giving has provided plan sponsors and participants with multiple beneficial opportunities to start 2013. Congress passed the American Taxpayer Relief Act of 2012 (H.R. 8), also known as the...more

Fiscal Cliff Bill Includes Commuter Tax Benefits

by Patricia Moran | Mintz Levin - Employment, Labor & Benefits on 1/7/2013

The American Taxpayer Relief Act of 2012 (the “Act”), signed on January 3, increases the pre-tax contribution that commuters may make towards van pools as well as transit passes....more

IRS (Finally) Releases Updated Voluntary Correction Procedures, Including 403(b) Corrections

by Leonard, Street and Deinard - Employee... on 1/7/2013

On December 31, 2012 the Internal Revenue Service (IRS) released Revenue Procedure 2013-12 which replaces existing Revenue Procedure 2008-50, the procedure for voluntary correction of qualified retirement plan errors. The...more

Union Friendly - Using Collectively Bargained Pension Plans to Maximize Pension Contributions for Closely Held Business Owners

by Gerald Nowotny on 1/7/2013

Overview - In the “old days” business owners and employees were able to have good pension plans that did not depend upon the fate of the stock market, i.e. defined benefit plans. We have all heard the stories of New...more

Legislative Update Report No. 2012-24 -- Dec 30, 2012

by Osler, Hoskin & Harcourt LLP on 1/4/2013

In This Article: Federal Government; Alberta; British Columbia; Manitoba; New Brunswick; Newfoundland; Northwest Territories; Nova Scotia; Nunavut; Ontario; Prince Edward Island; Québec/Quebec; Saskatchewan; and...more

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Finance & Banking › Labor & Employment Law › Administrative Law