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Read need-to-know updates, commentary, and analysis on Labor & Employment issues written by leading professionals.

DOL revises guidance regarding exercise of shareholder rights by ERISA fiduciaries

by Thompson Coburn LLP on

At the end of 2016, the U.S. Department of Labor (DOL) issued Interpretive Bulletin 2016-1 which provides updated guidance regarding fiduciary obligations with respect to corporate stock held by employee benefit plans that...more

The Time is Right to Contact Recordkeepers About Hardship Substantiation

If your 401(k) plan recordkeeper has not talked to your company lately about hardship distributions, it may be time to reach out to the recordkeeper. The short story is that the IRS recently issued an internal memorandum...more

Update: NYSDOL Appeals Decision to Invalidate Regulation for Employers Who Use Direct Deposit and Payroll Debit Cards

As expected, the New York State Department of Labor (DOL) recently appealed the decision of the New York Industrial Board of Appeals invalidating the DOL regulations concerning employers who use direct deposit or payroll...more

What to Watch for From the New SEC Chairman

Last Thursday, Jay Clayton was officially sworn in as the new Chairman of the Securities and Exchange Commission. As the new Chairman takes office, here are a few things we’re keeping an eye on...more

DOL Finalizes Delay of Fiduciary Rule

by Tucker Arensberg, P.C. on

The DOL has finalized regulations extending the applicability date from April 10 to June 9, 2017, for the new “Fiduciary Rule,” which defines who is a fiduciary under ERISA and the tax code. The new regulations will be...more

Administrative Exhaustion As a Defense to Statutory ERISA Claims?  Not So Much

by Seyfarth Shaw LLP on

Seyfarth Synopsis: The Sixth Circuit becomes the seventh circuit court to not require administrative exhaustion for statutory ERISA claims (as opposed to denial of benefit claims), while two circuit courts still do. In...more

Sixth Circuit: ERISA Exhaustion Not Required in Plan Amendment Suit

The Sixth Circuit held that retirement plan participants were not required to exhaust their administrative remedies prior to bringing a claim alleging that a plan amendment violated ERISA....more

Ninth Circuit Joins Second Circuit in Adopting Broad Definition of “Whistleblower” Under The Dodd-Frank Act

by Dechert LLP on

A divided panel of the U.S. Court of Appeals for the Ninth Circuit recently ruled in Somers v. Digital Realty Trust Inc. that the Dodd-Frank Act’s definition of “whistleblower” includes not only those who disclose information...more

New York Regulations on Wage Payment Methods Declared Invalid

As we previously reported, on September 7, 2016, the New York State Department of Labor (“NYSDOL”) published final regulations on the methods by which employees must be paid, including with respect to direct deposit of wages...more

California Supreme Court Upholds Public Retirement Boards' Fiduciary Role When Adjudicating Disability Retirement Applications

by Nossaman LLP on

In a victory for the San Bernardino County Employees’ Retirement Association (“SBCERA”) and the nineteen other county retirement systems administered under the County Employees Retirement Law of 1937 (Gov. Code, § 31450 et...more

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

by Seyfarth Shaw LLP on

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

New York State Regulations Governing Payroll Debit Cards (Scheduled to Become Effective March 7) Held Invalid and Revoked

by Jackson Lewis P.C. on

The NYSDOL issued final regulations in September 2016, significantly restricting the use of payroll debit cards and imposing disclosure and consent requirements for direct deposit. The regulations were to become effective on...more

New York Pay Card Regulations Revoked, March 7, 2017 Implementation Halted

by Messner Reeves LLP on

New regulations governing the use of payroll debit cards (also known as “pay cards”) in New York will not go into effect as planned on March 7, 2017. Yesterday, the New York Industrial Board of Appeals granted the petition of...more

President Trump Directs DOL to Review the Fiduciary Rule and Consider Modifications or Revocation

On February 3, 2017, President Trump directed the Department of Labor (“DOL”) to review the fiduciary rule adopted in April 2016 (the “Fiduciary Duty Rule”) and consider whether the Fiduciary Duty Rule should be modified or...more

A Sharpening of the Pensions Regulator's Claws

by White & Case LLP on

The Pensions Regulator ("TPR") has wide-ranging statutory powers to intervene in the running of work-based pension schemes. The most prominent of these are the so-called "moral hazard powers". To date, TPR has used these...more

CFTC Proposes Amendments to Whistleblower Awards Process and Anti-Retaliation Authority

by Morgan Lewis on

The amendments would make the CFTC’s whistleblower awards process more uniform with the SEC’s program and would enable the CFTC to bring enforcement actions against employers that retaliate against whistleblowers....more

Eighth Circuit Refuses to Open Golden Parachute for Bank Exec

A new decision from the Eighth Circuit Court of Appeals reaffirms the challenge presented by the Federal Deposit Insurance Corporation (FDIC) "golden parachute" prohibitions for boards of directors of banks in "troubled...more

Lawsuits Filed Challenging The USDOL’s Final Fiduciary Rules

On April 6, 2015, the U.S. Department of Labor released its Final Rule addressing when a person providing services to an employee benefit plan or individual retirement account (IRA) is considered to be providing investment...more

Financial Services Weekly News - June 2016 #2

by Goodwin on

Regulatory Developments - CFPB Proposed Rule to Limit Payday Lending and Other High Cost Loans - On June 2, the Consumer Financial Protection Bureau (CFPB) proposed a rule designed to limit payday loans, auto title...more

DOL Sued over Fiduciary Rule

by Ary Rosenbaum on

One of the questions that I am repeatedly asked is whether the Department of Labor overreached their rulemaking capability by applying their new fiduciary rule to Individual Retirement Accounts (IRAs). I always tell people...more

Federal Reserve Bank Ruled a Federal Supervisory Agency Under the BSA

by Seyfarth Shaw LLP on

In a case of first impression, a district court held that a regional Federal Reserve Bank was a supervisory agent as defined by the Bank Secrecy Act (“BSA”). The BSA requires the reporting of any suspicious activity that may...more

UK Financial Regulatory Developments - April 2016 #17

by Dentons on

ABI consults on language for retirement options - ABI is consulting on a draft guide to simplifying language on retirement choices to ensure customers understand their choices – and generally to improve use of terms...more

SOX Whistleblower Receives $250,000 Award Related to State Wage Act Complaints

The ARB recently concluded that a former program manager was entitled to recover more than $250,000 in back pay and benefits under Section 806 of SOX based on his discipline and constructive discharge. The ARB clarified that...more

Judge Garland’s ERISA Jurisprudence Reflects His Methodical and Moderate Reputation

by Seyfarth Shaw LLP on

With President Obama’s recent nomination of Judge Merrick B. Garland of the U.S. Court of Appeals for the D.C. Circuit to the U.S. Supreme Court, we thought our loyal readers would be interested to learn a little about Judge...more

ARB Rejects SOX Claim of Employee Who Threatened Co-Worker

On February 18, 2016, the ARB dismissed a former employee’s whistleblower retaliation claim under Section 806 of SOX, concluding that he failed to show that his protected activity contributed to the decision to terminate his...more

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