Labor & Employment Finance & Banking

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News & Analysis as of

Another Attempt to Control Rising Pension Costs in Pennsylvania Thwarted

In City of Allentown, the Pennsylvania Supreme Court ordered the City to implement an interest arbitration award which contained (among modifications to wages, sick leave, vacation, pension and overtime) a minimum staffing...more

There will be a morning after

I was pleased to attend the NAPA 401(k) Summit helping my friends at Alliance Benefits Group at their booth. One vibe that I got from the event was a common one. The fear of the fiduciary rule and the fear of tax reform...more

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

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

IRS Synchs Excise Tax to DOL's Enforcement Policy on Fiduciary Rule

The IRS released guidance this week announcing that it will not apply IRC § 4975 excise taxes (15% on prohibited transactions) and related reporting requirements “with respect to any transaction or agreement to which the...more

The IRS Provides Updated Guidance on Hardship Distributions

The Internal Revenue Service (IRS) recently issued updated audit guidelines for its agents regarding the substantiation requirements for hardship withdrawals from 401(k) and 403(b) plans. This guidance is welcome news for...more

Compliance into the Weeds-Episode 33, Enhancing Culture [Video]

In this episode, we take a look at a recent speech given by NY Fed Chairman William Dudley in London where he addressed improving corporate culture. Dudley provided three recommended steps. First, a bank must decide on its...more

Embezzlement of 401(k) Deferrals by COO of Architecture Firm is (Doubly) Costly

On March 22, 2017, the U.S. Court of Appeals for the Second Circuit ruled against Christine Bodouva that her restoration of funds to her Company’s 401(k) Plan should be offset against the District Court’s order for forfeiture...more

U.S. Supreme Court Invalidates Non-Consensual Structured Dismissal Deviating from Bankruptcy Priority Scheme

The U.S. Supreme Court ruled on March 22, 2017, in Czyzewski v. Jevic Holding Corp., that without the consent of affected creditors, bankruptcy courts may not approve "structured dismissals" providing for distributions that...more

Legal Issues Business Leaders Need to Know in 2017

Expanding wage and hour obligations will continue to be a top concern for employers in 2017. As most employers are aware, in May 2016, the United States Department of Labor issued its long-awaited final rule regarding the...more

US Department of Labor Proposes Extension to Fiduciary Rule Applicability Date

The US Department of Labor proposed to extend the applicability dates of the fiduciary rule and related exemptions, including the Best Interest Contract Exemption, from April 10, 2017 to June 9, 2017....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

Employment Law This Week: Missing Comma Affects Case, Sexual Orientation Discrimination, DOL Budget Cuts, New Complaint Filing... [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

Absolute Priority Remains Absolute – US Supreme Court Holds Structured Dismissals Cannot Violate Priority Rules

In a highly anticipated bankruptcy opinion, the United States Supreme Court, in Czyzewski v. Jevic Holding Corp., held that courts may not approve structured dismissals providing for distributions that deviate from the...more

Briefs Filed in CalPERS v. ANZ Securities

On February 27, 2017, the California Public Employees’ Retirement System (“CalPERS”) filed its brief with the Supreme Court, requesting that the Court reverse the decision of the Second Circuit and abrogate the Second...more

The RFP Process has to be real

Years ago, as a naïve associate at a semi-prestigious law firm, I got the short end of the stick to attend a quarterly Taft-Hartley meeting in Staten Island. If you ever have to drive from Long Island to Staten Island, you...more

Pay the Piper: Restitution Payment to Victims Does Not Offset Mandatory Forfeiture to Government

In United States v. Bodouva, 16-3937 (March 22, 2017) (Katzmann, C.J., Pooler and Lynch, J.), the Court held in a per curiam order that a defendant convicted of embezzlement must forfeit the full amount of her illicit gains...more

The Small Stuff That Plan Sponsors Should Sweat Out

It’s often said that you shouldn’t sweat the small stuff. The problem is that many times, a retirement plan sponsor ignores the small stuff, and that small stuff leads to bigger problems. This article is about small details...more

Deadline for Plan Sponsors to Submit Qualification Amendments with the Puerto Rico Treasury is Fast Approaching

Employers that sponsor an employee retirement plan in Puerto Rico must review plan amendments and/or restatements adopted during 2016 to determine whether they need to submit their plan documents to the Puerto Rico Department...more

IRS Sets Deadline for Retroactive Fixes to 403(b) Retirement Plan Documents

In January 2017, the IRS published Revenue Procedure 2017-18 which set March 31, 2020 as the last day to take advantage of the remedial amendment period under Revenue Procedure 2013-22 to retroactively fix defects in 403(b)...more

SEC Registered Investment Advisers—A Review of 2016 and a Look at What’s Ahead for 2017

As we near the seventh anniversary of the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), private equity and hedge fund advisers are subject to an ever-increasing degree of supervision...more

District Court Grants Motion To Dismiss Because FCRA Plaintiff Failed To Allege Concrete Injuries

On March 1, 2017, the United States District Court for the District of Minnesota granted a motion to dismiss a lawsuit predicated on alleged violations of the Fair Credit Reporting Act (“FCRA” or the “Act”). If a person...more

DOL Announces Temporary No Enforcement Policy of Fiduciary Rule

Earlier this month, the Department of Labor (DOL) proposed a 60-day delay of the April 10, 2017 effective date of its (much debated) fiduciary rule. The fiduciary rule – a vestige of the Obama Administration – was thought to...more

European Labour & Employment Update - March 2017

New rules have come into force concerning employees' rights to disconnect from digital devices outside normal working time. From 1 January 2017, all relevant employers must negotiate on the employees' right to have periods...more

Germany: Termination for Breach of US Regulatory Rules Not Permissible, European Labour & Employment Update

The New York State Department of Financial Services ("NYDFS") required Commerzbank to terminate the employment of a Germany-based employee on the basis that he played "a central role" in the breaching of US sanctions...more

Ohio State and Federal Courts Find No Standing to Assert Technical Violations of the FCRA’s Background Check Disclosure...

Ohio courts have recently weighed in on a hotly litigated issue related to procurement of background checks on current or prospective employees: do employees have standing to sue employers where the employer fails to provide...more

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